PREFORMED LINE PRODUCTS CO MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q)
This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the readers of our consolidated financial statements better understand our results of operations, financial condition and present business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, our unaudited consolidated financial statements and related notes included elsewhere in this report.
The management report is organized as follows:
• Overview • Preface • Results of Operations •
Application of critical accounting policies and estimates
•
Working capital, liquidity and capital resources
PREVIEW
Preformed Line Products Company (the "Company", "PLPC", "we", "us", or "our") was incorporated inOhio in 1947. We are an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators, information (data communication), and other similar industries. Our primary products support, protect, connect, terminate, and secure cables and wires. We also provide solar hardware systems, mounting hardware for a variety of solar power applications, and fiber optic and copper splice closures. PLPC is respected around the world for quality, dependability and market-leading customer service. Our goal is to continue to achieve profitable growth as a leader in the research, innovation, development, manufacturing, and marketing of technically advanced products and services related to energy, communications and cable systems and respond to key infrastructure priorities around the world, including bolstering grid reliability, strengthening grid resilience to climate events, upgrading aging infrastructure, enhancing communication networks and transitioning to renewable energy. We have 30 sales and manufacturing operations in 22 different countries. We report our segments in four geographic regions:PLP-USA (including corporate), TheAmericas (includes operations inNorth and South America withoutPLP-USA ), EMEA (Europe ,Middle East &Africa ) andAsia-Pacific , in accordance with accounting standards codified inFinancial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280, Segment Reporting. Each segment distributes a full range of our primary products. OurPLP-USA segment is comprised of ourU.S. operations manufacturing our traditional products primarily supporting our domestic energy, communications and special industries products. Our other three segments, TheAmericas , EMEA andAsia-Pacific support our energy, communications and special industries products in each respective geographical region. The segment managers responsible for each region report directly to the Company's Chief Executive Officer, who is the chief operating decision maker, and are accountable for the financial results and performance of their entire segment for which they are responsible. The business components within each segment are managed to maximize the results of the entire operating segment and the Company rather than the results of any individual business component of the segment.
We evaluate segment performance and allocate resources based on several factors based primarily on sales and net income.
PREFACE
The following discussion describes our results of operations for the three months endedMarch 31, 2022 and 2021. Our consolidated financial statements are prepared in conformity withU.S. generally accepted accounting principles (GAAP). Our discussions of the financial results include non-GAAP measures (e.g., foreign currency impact) to provide additional information concerning our financial results and provide information that we believe is useful to the readers of our consolidated financial statements in the assessment of our performance and operating trends. While the ongoing COVID-19 pandemic has not had a material effect on our overall results, it has continued to create challenges for us in countries that have significant outbreak mitigation strategies, namely, countries in ourAsia-Pacific business segment, which led to temporary project postponements and has continued to impact results in this segment. We are continuing to actively monitor the impact of COVID-19 on current and future periods and actively manage costs and our liquidity position to provide additional flexibility while still supporting our customers and their specific needs. We cannot predict the duration or scope of the COVID-19 pandemic or the magnitude of its impact on our business and results of operations. In addition, the impact of COVID-19 could potentially exacerbate other risks discussed, any of which could have a material adverse effect on the Company. We continue to assess all challenges related to COVID-19 and plan accordingly. The extent of any future impact is dependent upon several factors including those described in the 18 --------------------------------------------------------------------------------
Company’s Annual Report on Form 10-K for the fiscal year ended
Overall customer demand has remained strong, which is reflected in net sales of$138.2 million for the three months endedMarch 31, 2022 , an increase of$20.7 million year-over-year. However, we have also experienced significant commodity and transportation cost inflation that has impacted our profit margins. To mitigate the ongoing inflationary pressures, we implemented several price increases in theU.S. and internationally in 2021 and again in 2022. Due to the large volume in our order backlog, we continue to experience tailwinds from these 2021 increases into 2022, however, continued cost inflation in these areas may require further price adjustments to maintain profit margin, and any price increases may have a negative effect on demand. The geopolitical environment has created challenges in the operating environment particularly in easternEurope . Due to the ongoing conflict inUkraine and overt hostilities shown byRussia in the conflict, the Company determined to wind down its Russian operations inMarch 2022 . TheRussia operations did not have a material impact to the consolidated financial statements with net sales of$0.1 million and$0.2 million for the three-month periods endingMarch 31, 2022 and 2021, respectively, and annual sales of$1.0 million for the 2021 fiscal year. As a result of the decision to wind-down operations, asset impairment, one-time termination benefits and other impacts were recorded in the period endingMarch 31, 2022 , as outlined below. Our consolidated financial statements are subject to fluctuations in the exchange rates of foreign currencies in relation to theU.S. dollar. The fluctuations of foreign currencies during the three months endedMarch 31, 2022 had a$2.5 million unfavorable effect on net sales. There was an unfavorable effect of$0.2 million on net income for the three months endedMarch 31, 2022 . On a reportable segment basis, the impact of foreign currency on net sales and net income for the three months endedMarch 31, 2022 was as follows: Foreign Currency Translation Impact Three Months Ended March 31, 2022 Net Sales Net Income (Thousands of dollars) The Americas $ (136 ) $ 106 EMEA (1,668 ) (363 ) Asia-Pacific (742 ) 57 Total $ (2,546 ) $ (200 )
The following table reflects the impact of foreign currency fluctuations on operating profit for the three months ended
Foreign Currency Impact
Three Months Ended March 31
(Thousands of dollars) 2022 2021
Operating income $ 9,451 $ 10,768
Translation gain (522 ) 0
Transaction (gain) loss (1,883 ) 615
Net loss (gain) on forward currencies
contracts 2,065 (327 )
Operating profit excluding currency
impact $ 9,111$ 11,056 Despite the current geopolitical environment, and aside from the uncertainty created by the COVID-19 outbreak, we believe our business fundamentals and our financial position are sound and we are strategically well-positioned. We remain focused on assessing our business structure, global facilities and overall capacity in conjunction with the requirements of local manufacturing in the markets that we serve. The growth inPLP-USA net sales required additional investment within ourPLP-USA facilities, both in the form of operational capacity as well as increased warehouse space. These investments in ourU.S. operations will allow us to further enhance the service we provide to ourU.S. customers beginning in late 2022. If necessary, we will modify redundant processes and further utilize our global manufacturing network to manage costs, increase sales volumes and deliver value to our customers. We have continued to invest in the business to expand into new markets for the Company, evaluate strategic mergers and acquisitions, improve efficiency, develop new products, and increase our capacity. We currently have a bank debt to equity ratio of 23.7% and have the continued ability to borrow needed funds at a competitive interest rate under the Facility. 19 --------------------------------------------------------------------------------
RESULTS OF OPERATIONS
THREE MONTHS ENDED
The following table presents a summary of the consolidated statements of earnings of the company and the percentage of net sales for the three months ended
Three Months Ended March 31 (Thousands of dollars) 2022 2021 Change Net sales$ 138,223 100.0%$ 117,553 100.0%$ 20,670 Cost of products sold 96,272 69.6 77,361 65.8 18,911 GROSS PROFIT 41,951 30.4 40,192 34.2 1,759 Costs and expenses 32,500 23.5 29,424 25.0 3,076 OPERATING INCOME 9,451 6.8 10,768 9.2 (1,317 ) Other income (expense), net 4,690 3.4 (214 ) (0.2 ) 4,904 INCOME BEFORE INCOME TAXES 14,141 10.2 10,554 9.0 3,587 Income tax expense 1,840 1.3 3,377 2.9 (1,537 ) NET INCOME 12,301 8.9 7,177 6.1 5,124 Net (gain) loss attributable to noncontrolling interests (16 ) (0.0 ) 2 0.0 (18 ) NET INCOME ATTRIBUTABLE TOPREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS$ 12,285 8.9%$ 7,179 6.1%$ 5,106 Net sales. Net sales were$138.2 million for the three months endedMarch 31, 2022 , an increase of$20.7 million , or 18%, from the three months endedMarch 31, 2021 . Excluding the unfavorable effect of currency translation, net sales for the three months endedMarch 31, 2022 increased$23.2 million compared to the same period in 2021, or 20%, as summarized in the following table: Three Months Ended March 31 Change Change Due to Excluding Currency Currency % (Thousands of dollars) 2022 2021 Change Translation Translation change Net sales PLP-USA$ 75,924 $ 56,231 $ 19,693 $ 0$ 19,693 35 % The Americas 18,963 17,521 1,442 (136 ) 1,578 9 EMEA 27,472 23,481 3,991 (1,668 ) 5,659 24 Asia-Pacific 15,864 20,320 (4,456 ) (742 ) (3,714 ) (18 ) Consolidated$ 138,223 $ 117,553 $ 20,670 $ (2,546 ) $ 23,216 20 % The year-over-year increase inPLP-USA net sales of$19.7 million , or 35%, was primarily due to a volume increase in energy and communication product sales. International net sales for the three months endedMarch 31, 2022 experienced an unfavorable impact of$2.5 million when local currencies were converted toU.S. dollars. The following discussion of net sales excludes the effect of currency translation. TheAmericas net sales of$19.0 million increased$1.6 million , or 9%, primarily due to the contributions from the Company's acquisition of Maxxweld. EMEA net sales of$27.5 million increased$5.7 million , or 24%, primarily due to a volume increase in energy product sales within the region.Asia-Pacific net sales of$15.9 million decreased$3.7 million , or 18%, compared to 2021 primarily due to a volume decrease in energy products, partially resulting from the continuing effects of the disruption to the region's economy caused by the COVID-19 pandemic. 20 -------------------------------------------------------------------------------- Gross profit. Gross profit was$42.0 million and$40.2 million for the three months endedMarch 31, 2022 and 2021, respectively. Excluding the unfavorable effect of currency translation, gross profit increased$2.0 million , or 5%, as summarized in the following table: Three Months Ended March 31 Change Change Due to Excluding Currency Currency % (Thousands of dollars) 2022 2021 Change Translation Translation change Gross profit PLP-USA$ 26,264 $ 21,077 $ 5,187 $ 0$ 5,187 25 % The Americas 5,365 5,544 (179 ) 25 (204 ) (4 ) EMEA 6,374 8,134 (1,760 ) (194 ) (1,566 ) (19 ) Asia-Pacific 3,948 5,437 (1,489 ) (115 ) (1,374 ) (25 ) Consolidated$ 41,951 $ 40,192 $ 1,759 $ (284 ) $ 2,043 5 %PLP-USA gross profit of$26.3 million increased$5.2 million compared to the same period in 2021 mainly as a result of increased sales volume of$19.7 million , offset by the negative impact of rising commodity prices, freight costs, and inflation. International gross profit for the three months endedMarch 31, 2022 was unfavorably impacted by$0.3 million when local currencies were translated toU.S. dollars. The following discussion of gross profit excludes the effects of currency translation. TheAmericas gross profit decrease of$0.2 million was primarily the result of an unfavorable shift in sales product mix. EMEA's gross profit decreased$1.6 million , mainly due to inventory write-offs of$0.4 million related to the exit ofRussia operations as well as higher freight and raw material costs.Asia-Pacific's gross profit decrease was the result of a year-over-year reduction in sales of$3.7 million , partially offset by manufacturing cost savings. Costs and expenses. Costs and expenses of$32.5 million for the three months endedMarch 31, 2022 increased$3.1 million , or 10%. Excluding the favorable effect of currency translation, costs and expenses increased$3.9 million , or 13%, as summarized in the following table: Three Months Ended March 31 Change Change Due to Excluding Currency Currency % (Thousands of dollars) 2022 2021 Change Translation Translation change Costs and expenses PLP-USA$ 15,750 $ 13,134 $ 2,616 $ 0$ 2,616 20 % The Americas 5,130 3,721 1,409 (74 ) 1,483 40 EMEA 6,741 6,464 277 (563 ) 840 13 Asia-Pacific 4,879 6,105 (1,226 ) (169 ) (1,057 ) (17 ) Consolidated$ 32,500 $ 29,424 $ 3,076 $ (806 ) $ 3,882 13 %PLP-USA costs and expenses of$15.8 million for the three months endedMarch 31, 2022 increased when compared to the same period in 2021 due to increases in commission and personnel-related expenses. International costs and expenses for the three months endedMarch 31, 2022 were favorably impacted by$0.8 million when local currencies were translated toU.S. dollars. The following discussion of costs and expenses excludes the effect of currency translation. TheAmericas costs and expenses of$5.1 million increased by$1.5 million mainly due to purchase accounting adjustments of approximately$0.4 million , a one time asset write-off at the Company'sArgentina subsidiary of$0.3 million as well as higher personnel-related expenses. EMEA costs and expenses of$6.7 million increased$0.8 million mainly due to asset impairment and severance charges of$0.5 million related to the exit ofRussia operations as well as higher personnel-related expenses.Asia-Pacific costs and expenses of$4.9 million decreased by$1.1 million primarily due to a gain recognized for the sale of capital assets and reduced personnel-related costs. Other income (expense), net. Other income (expense), net for the three months endedMarch 31, 2022 and 2021 was$4.7 million and$0.2 million , respectively. The increase in Other income, net for the three months endedMarch 31, 2022 was primarily related to the settlement of a Company-owned life insurance policy that was maintained for Director EmeritusBarbara P. Ruhlman until her death inJanuary 2022 . The cash proceeds of approximately$6.9 million resulted in a gain of$4.4 million recorded in Other income, net. Income taxes. Income taxes for the three months endedMarch 31, 2022 and 2021 were$1.8 million and$3.4 million , based on pre-tax income of$14.1 million and$10.6 million , respectively. The effective tax rate for the three months endedMarch 31, 2022 and 2021 was 13% and 32%, respectively, compared to theU.S. federal statutory rate of 21%. Our tax rate is affected by recurring items, such as tax rates in foreign jurisdictions and the relative amount of income we earn in those jurisdictions. It is also affected by discrete items that may occur in any given year but are not consistent from year to year. For the period endingMarch 31, 2022 , lower income tax 21 --------------------------------------------------------------------------------
an expense was recognized primarily due to a non-taxable benefit of
related to the proceeds of a settlement of a life insurance policy held by the Company and maintained for the director emeritus
Net income. As a result of the preceding items, net income for the three months endedMarch 31, 2022 was$12.3 million , compared to$7.2 million for the three months endedMarch 31, 2021 , an increase of$5.1 million as summarized in the following table: Three Months Ended March 31 Change Change Due to Excluding Currency Currency % (Thousands of dollars) 2022 2021 Change Translation Translation change Net income PLP-USA$ 13,239 $ 5,576 $ 7,663 $ 0$ 7,663 137 % The Americas (71 ) 1,192 (1,263 ) 106 (1,369 ) (115 ) EMEA 282 1,195 (913 ) (363 ) (550 ) (46 ) Asia-Pacific (1,165 ) (784 ) (381 ) 57 (438 ) 56 Consolidated$ 12,285 $ 7,179 $ 5,106 $ (200 ) $ 5,306 74 %PLP-USA's net income for the three months endedMarch 31, 2022 increased$7.7 million compared to the same period in 2021, primarily due to an increase in operating income of$2.6 million driven by higher sales volumes combined with an increase in net other income of$3.9 million primarily related to the gain from proceeds on insurance settlement, as well as a decrease in income tax expense of$1.1 million . The following discussion of net income excludes the effect of currency translation. TheAmericas net income decreased$1.4 million mainly as a result of a decrease in operating income due to higher costs of$1.5 million , partially offset by a decrease in income tax expense of$0.3 million . EMEA net income decreased$0.6 million mainly as a result of a$2.0 million decrease in operating income due to the impact of the exit from our the Russian operations, partially offset by an increase in other income, net of$0.9 million and a decrease in income tax expense of$0.3 million .Asia-Pacific net income decreased$0.4 due to a decrease in operating income of$0.3 million from reduced sales volumes combined with an increase of income tax expense of$0.2 million . POLICIES AND ESTIMATES Our critical accounting policies are consistent with the information set forth in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, included in our Form 10-K for the year endedDecember 31, 2021 filed onMarch 4, 2022 with theSecurities and Exchange Commission and are, therefore, not presented herein.
WORKING CAPITAL, CASH AND CAPITAL RESOURCES
Liquidity management assessment
We measure liquidity on the basis of our ability to meet short-term and long-term operating needs, repay debt, fund additional investments, including acquisitions, and make dividend payments to shareholders. Significant factors affecting the management of liquidity are cash flows from operating activities, capital expenditures, cash dividends, business acquisitions and access to bank lines of credit. Our investments include expenditures required for equipment and facilities as well as expenditures in support of our strategic initiatives. During the first three months of 2022, we used cash of$8.0 million for capital expenditures and$13.0 million for acquisitions of businesses. We ended the first three months of 2022 with$34.6 million of cash, cash equivalents and restricted cash (collectively, "Cash"). Our Cash is held in various locations throughout the world. AtMarch 31, 2022 , the majority of our Cash was held outsidethe United States ("U.S."). We expect most accumulated non-U.S. Cash balances will remain outside of theU.S. and that we will meetU.S. liquidity needs through future operating cash flows, use ofU.S. Cash balances, external borrowings, or some combination of these sources. We complete comprehensive reviews of our significant customers and their creditworthiness by analyzing financial statements for customers where we have identified a measure of increased risk. We closely monitor payments and developments which may signal possible customer credit issues. We currently have not identified any potential material impact on our liquidity from customer credit issues. 22 -------------------------------------------------------------------------------- Total debt, including notes payable, atMarch 31, 2022 was$78.1 million . AtMarch 31, 2022 , our unused availability under the Facility was$56.4 million and our bank debt to equity percentage was 23.7%. OnMarch 2, 2022 , we amended the Facility to increase the capacity from$65.0 million to$90.0 million . As part of this amendment, the index used to determine the interest rate changed from LIBOR to the Bloomberg Short Term Bank Yield Index ("BSBY"). The interest rate will now be defined as BSBY plus 1.125% unless the Company's funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 2.25 to 1, at which point the BSBY spread becomes 1.500%. The amendment also allows the Company to change its rate from BSBY to the Secured Overnight Financing Rate ("SOFR") at the Company's discretion. The amendment extended the maturity fromJune 30, 2024 toMarch 2, 2026 . All other terms remain the same. The Facility agreement contains, among other provisions, requirements for maintaining levels of net worth and profitability. AtMarch 31, 2022 andDecember 31, 2021 , we were in compliance with these covenants. We expect that our major source of funding for 2022 and beyond will be our operating cash flows and our existing Cash as well as the Facility. We earn a significant amount of our operating income outside theU.S. , which, except for current earnings in certain jurisdictions, is deemed to be indefinitely reinvested in foreign jurisdictions. As we cannot predict the duration or scope of the continuing COVID-19 pandemic or long-term impacts of the conflict inUkraine and the impacts on our customers and suppliers, the negative financial impact to our financial results and liquidity cannot be reasonably estimated but could be material. We are actively managing the business to maintain cash flow and a favorable liquidity position. We believe that our future cash flows, together with these factors, will be more than sufficient to cover debt repayments, other contractual obligations, capital expenditures and dividends for the next twelve months and thereafter for the foreseeable future. In addition, we believe our borrowing capacity provides substantial financial resources, if needed, to supplement funding of capital expenditures and/or acquisitions. We also believe that we can expand our borrowing capacity, if necessary, however, we do not believe we would increase our debt to a level that would have a material adverse impact upon results of operations or financial condition.
Sources and uses of species
Cash decreased$1.8 million compared toDecember 31, 2021 .Net Cash used in operating activities was$5.2 million . The most significant net investing and financing uses of Cash in the three months endedMarch 31, 2022 were payments of long-term debt, acquisitions of businesses and capital expenditures, partially offset by debt proceeds and proceeds from a company-owned life insurance policy. Currency had a negative$0.8 million impact on Cash when translating foreign denominated financial statements toU.S. dollars.Net Cash used in operating activities for the three months endedMarch 31, 2022 was$5.2 million compared to$13.2 million provided by operating activities in the comparable prior year three-month period. The$18.8 million net decrease was primarily a result of an increase in Cash used by operating assets, net of operating liabilities, due to increases in accounts receivable and inventory partially offset by an increase in net income of$5.1 million .Net Cash used in investing activities of$10.9 million for the three months endedMarch 31, 2022 increased$7.5 million when compared to Cash used in investing activities in the three months endedMarch 31, 2021 . The change was primarily related to the acquisition of businesses in the three months endedMarch 31, 2022 as well as the year-over-year increase in capital expenditures. Cash provided by financing activities for the three months endedMarch 31, 2022 was$15.1 million compared to cash used in financing activities of$20.5 million during the three months endedMarch 31, 2021 . The$35.6 million increase was primarily the result of an increase in proceeds from debt, net of borrowings, in 2022 compared to 2021. We have commitments under operating leases, primarily for office and manufacturing space, transportation equipment, office and computer equipment and capital leases primarily for equipment. See the Consolidated Balance Sheets for related operating lease assets and liabilities.
From
FORWARD-LOOKING STATEMENTS
Caveated for “safe harbour” purposes under the Private Securities Litigation Reform Act of 1995
This Form 10-Q and other documents we file with theSEC contain forward-looking statements regarding the Company's and management's beliefs and expectations. As a general matter, forward-looking statements are those focused upon future plans, objectives or performance (as opposed to historical items) and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Such forward-looking statements are subject to uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the Company's 23 --------------------------------------------------------------------------------
control. These uncertainties and factors could cause the actual results of the Company to differ materially from the elements expressed or implied by these forward-looking statements.
The following factors, among others, could affect the Company’s future performance and cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements made in this report:
•
The overall demand for cable anchoring and control equipment for power transmission and distribution lines globally, which is witnessing a slow growth rate in mature markets such as
•
The potential impact of global economic conditions on the Company's ongoing profitability and future growth opportunities in the Company's core markets in theU.S. and other foreign countries, which may experience continued or further instability due to political and economic conditions, social unrest, acts of war, military conflict (including the ongoing conflict betweenRussia andUkraine ), international hostilities or the perception that hostilities may be imminent, terrorism, changes in diplomatic and trade relationships and public health concerns (including viral outbreaks such as COVID-19);
•
The ability of the Company’s customers to raise the necessary funds to build the infrastructure projects that their customers need;
•
Technological developments that affect longer term trends for communication lines, such as wireless communication;
•
The decreasing demand for product supporting copper-based infrastructure due to the introduction of products using new technologies or adoption of new industry standards;
•
The company’s success in continuing to develop proprietary technology and maintaining high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations;
•
The Company’s success in building and maintaining relationships with the Company’s customers, growing sales to targeted accounts and expanding geographically;
•
The extent to which the Company is successful at expanding the Company's product line or production facilities into new areas or implementing efficiency measures at existing facilities;
•
The effects of fluctuation in currency exchange rates upon the Company's foreign subsidiaries' operations and reported results from international operations, together with non-currency risks of investing in and conducting significant operations in foreign countries, including those relating to political, social, economic and regulatory factors;
•
The Company’s ability to identify, complete, obtain financing and integrate acquisitions for profitable growth;
•
The potential impact of consolidation, deregulation and bankruptcy among the Company's suppliers, competitors and customers and of any legal or regulatory claims;
•
The relative degree of competitive and customer price pressure on the Company’s products;
•
The cost, availability and quality of raw materials required for the manufacture of products and any tariffs that may be associated with the purchase of these products. The Company's supply chain could continue to be disrupted by the COVID-19 pandemic which could have a material, adverse effect on the ability to secure raw materials and supplies;
•
Strikes, labor disruptions and other fluctuations in labor costs;
•
Changes in material government regulations affecting environmental compliance or other litigation;
•
Security breaches or other disruptions to the Company’s information technology structure;
•
The continued deployment of fibre-to-the-premises in the telecommunications market;
•
The effects of the potential enactment of theU.S. Build Back Better Plan which could potentially increase theU.S. federal corporate income tax rate onU.S. income and, also, reduce tax credits from foreign sourced income; and
•
Those factors described under the heading "Risk Factors" in Item 1A of Part I of the Company's Annual Report on Form 10-K for the year endedDecember 31, 2021 which was filed onMarch 4, 2022 . The impact of COVID-19 could potentially exacerbate other risks discussed, any of which could have a material impact on the Company. The situation continues to change and additional impacts may arise that the Company is not aware of currently. 24
————————————————– ——————————
© Edgar Online, source
Comments are closed.