TYSON FOODS, INC. OBJECTIVE
The following discussion provides an analysis of the Company's financial condition, cash flows and results of operations from management's perspective and should be read in conjunction with the consolidated condensed financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q and within the Company's Annual Report on Form 10-K filed for the fiscal year endedOctober 2, 2021 . Our objective is to also provide discussion of events and uncertainties known to management that are reasonably likely to cause reported financial information not to be indicative of future operating results or of future financial condition and to offer information that provides understanding of our financial condition, cash flows and results of operations. 22 --------------------------------------------------------------------------------
RESULTS OF OPERATIONS
Description of the Company We are one of the world's largest food companies and a recognized leader in protein. Founded in 1935 byJohn W. Tyson and grown under four generations of family leadership, the Company has a broad portfolio of products and brands like Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®. Some of the key factors influencing our business are customer demand for our products; the ability to maintain and grow relationships with customers and introduce new and innovative products to the marketplace; accessibility of international markets; market prices for our products; the cost and availability of live cattle and hogs, raw materials and feed ingredients; availability of team members to operate our production facilities; and operating efficiencies of our facilities. We operate in four reportable segments: Beef, Pork, Chicken, andPrepared Foods . We measure segment profit as operating income (loss). International/Other primarily includes our foreign operations inAustralia ,China ,Malaysia ,Mexico ,the Netherlands ,South Korea andThailand , third-party merger and integration costs and corporate overhead related toTyson New Ventures, LLC .
Overview
COVID-19
We continue to proactively monitor and respond to the evolving nature of
the global novel coronavirus pandemic ("COVID-19" or "pandemic") and
its impact to our global business. Our ongoing COVID-19 task force was formed
for the primary purposes of maintaining the health and safety of our team
members, ensuring our ability to operate our processing facilities and
maintaining the liquidity of our business. We have experienced and continue
to experience multiple challenges related to the pandemic. The most significant
challenge we face is the availability of team members to operate our production
facilities as our production facilities continue to experience varying levels of
absenteeism. The health and safety of our team members remains our top priority,
and we continue to provide a variety of health and safety resources and services
to team members and their family members. Additionally, we have experienced some
challenges in our supply chain such as volatility of inputs, availability of
shipping containers and port congestion. These challenges impacted our operating
costs, but generally, we experienced lower direct incremental costs associated
with COVID-19 in the first nine months of fiscal 2022 as compared to the same
period in fiscal 2021, and we expect this trend to continue throughout the
remainder of fiscal 2022. For fiscal 2022, we expect retail demand to remain
elevated as compared to the pre-pandemic levels and foodservice demand to
continue to return to more historic levels. However, the long-term impacts of
COVID-19 remains uncertain and will depend on future developments, including the
duration and spread of the pandemic, COVID-19 variants and resurgences, and
related actions taken by federal, state and local government officials to
prevent and manage disease spread, and effectively distribute and administer
vaccinations, all of which contain some level of uncertainty and cannot be
easily predicted.
Strategy
Our strategy is to sustainably feed the world with the fastest growing protein brands. We intend to achieve our strategy as we: grow our business by delivering superior value to consumers and customers; deliver fuel for growth and returns through commercial, operational and financial excellence; and sustain our Company and our world for future generations. Beginning in fiscal 2022, we launched a new productivity program, which is designed to drive a better, faster and more agile organization that is supported by a culture of continuous improvement and faster decision making. The execution of this program will be supported by a program management office that will ensure delivery of key project milestones and report on savings achievements connected with the three pillars of the program. The first pillar is operational and functional excellence, which includes functional efficiency efforts in Finance, HR and Procurement focused on applying best practices to reduce costs. The second pillar is the use of new digital solutions like artificial intelligence and predictive analytics to drive efficiency in operations, supply chain planning, logistics and warehousing. The third pillar is automation, which will leverage automation and robotics technologies to automate difficult and higher turnover positions. We are targeting$1 billion in productivity savings by the end of fiscal 2024 and more than$400 million in fiscal 2022, relative to a fiscal 2021 cost baseline. We are currently on track to achieve our planned productivity savings for fiscal 2022. At this time, we do not anticipate costs associated with this program to be material.
General
Sales grew 8% and 16% in the third quarter and first nine months of fiscal 2022, respectively, largely due to increased sales growth across each of our segments in the first nine months of fiscal 2022 primarily due to higher average sales price partially offset by reduced sales volumes, combined with$225 million and$545 million in legal contingency accruals recognized as a reduction to sales in the third quarter and first nine months of fiscal 2021, respectively. The higher average sales prices were primarily due to the current inflationary environment and recovery of rapidly rising costs, such as labor, freight and transportation, livestock, feed ingredients and other input costs. Operating income of$1,033 million for the third quarter of fiscal 2022 was down 3% due to declining operating income in our Beef and Pork segments, partially offset by an increase in the results of ourChicken and Prepared Foods segments. Operating income of$3,644 million for the first nine months of fiscal 2022 was up 47% due to improved operating income in our Beef, Chicken, andPrepared Foods segments. In the third quarter of fiscal 2022, our operating income was impacted by$35 million of insurance proceeds related to fires at our production facilities, net of costs incurred. Results in the third quarter of fiscal 2021 were impacted by$306 million of charges related to legal contingency accruals. In the nine months endedJuly 2, 2022 , our operating income was impacted by$53 million of insurance proceeds, net of costs incurred, related to the same fires. In the nine months endedJuly 3, 2021 , our results were impacted by$23 million of charges related to the relocation of a production facility inChina . 23 -------------------------------------------------------------------------------- Market Environment According to theUnited States Department of Agriculture , domestic protein production (beef, pork, chicken and turkey) was relatively flat in the third quarter of fiscal 2022 compared to the same period in fiscal 2021. All segments experienced inflation in operating costs, especially in labor, freight and transportation and certain materials, and we expect these trends to continue through the remainder of fiscal 2022. Additionally, grain and feed ingredient costs have increased substantially, which impacts all of our segments. We pursue recovery of these increased costs through pricing. TheFederal Reserve recently increased interest rates, and it is anticipated that interest rates will continue to rise in the near term. Our direct exposure to rising interest rates is somewhat tempered given our strong liquidity position in addition to our current debt structure in which nearly all of our borrowings have fixed interest rates. AtJuly 2, 2022 , our current debt was$67 million , and we have approximately$470 million of debt coming due over the next 24 months. However, should we need to issue additional debt or borrow under our existing revolving credit facility, we may be exposed to higher interest rates than our current outstanding borrowings. The Beef segment experienced strong demand, sufficient supply of market-ready cattle and increased live cattle costs. The Pork segment experienced adequate supply of live hogs. The Chicken segment experienced strong demand and increased feed ingredient and other input costs. Feed ingredient costs are expected to be higher for fiscal 2022 versus fiscal 2021.The Prepared Foods segment experienced increased costs largely due to the impacts of an inflationary environment. Additionally, the conflict betweenUkraine andRussia has led to economic sanctions againstRussia and certain regions ofUkraine andBelarus . As ofJuly 2, 2022 , the impact of this conflict has not had a material direct impact on our financial performance. However, the conflict is still ongoing and there are many risks and uncertainties in relation to the conflict that are outside of our control. If the conflict escalates further or if additional countries join the conflict and additional economic sanctions are imposed, it could have a material impact on our business operations and financial performance.
Margins
Our total operating margin was 7.7% in the third quarter of fiscal 2022. Operating margins by segment were as follows:
•Beef - 10.7%
•Pork - 1.5%
•Chicken - 6.3%
•Prepared Foods - 7.6%
in millions, except per share data Three Months Ended Nine Months Ended
July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021
Net income attributable to
$ 2,700 $ 1,692 Net income attributable to Tyson - per 2.07 2.05 diluted share 7.42 4.63
Third quarter - Fiscal 2022 - Net income attributable to
•$67 million pretax, or
Nine months - Fiscal 2022 - Net income attributable to
•$107 million pretax, or
•$36 million post tax, or
Third quarter - Fiscal 2021 - Net income attributable to
•$306 million pretax, or (
•$4 million pretax, or (
Nine months - Fiscal 2021 - Net income attributable to
•$626 million pretax, or (
•$23 million pretax, or (
•$6 million pretax, or
Summary of Results
Sales
in millions Three Months Ended Nine Months Ended
July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021
Sales $ 13,495 $ 12,478 $ 39,545 $ 34,238
Change in sales volume (1.9) % (1.0) %
Change in average sales price 8.1 % 14.7 %
Sales growth 8.2 % 15.5 %
24--------------------------------------------------------------------------------
Third quarter - Fiscal 2022 vs Fiscal 2021
•Sales Volume - Sales were negatively impacted by a decrease in sales volume, which accounted for a decrease of$223 million , driven by decreased volumes in our Pork,Chicken and Prepared Foods segments and impacts associated with reduced global Pork demand and impacts associated with increased pricing, partially offset by an increase in sales volume in our Beef segment. •Average Sales Price - Sales were positively impacted by higher average sales prices, which accounted for an increase of$1,015 million . The increase in average sales price was primarily due to the current inflationary environment and recovery of rapidly rising costs. •The above change in average sales price for the third quarter of fiscal 2022 excludes the impact of a$225 million reduction of Sales from the recognition of legal contingency accruals in the third quarter of fiscal 2021.
Nine months - Fiscal 2022 vs Fiscal 2021
•Sales Volume - Sales were negatively impacted by a decrease in sales volume, which accounted for a decrease of$353 million , driven by decreased volumes in our Beef,Pork and Prepared Foods segments and impacts associated with the challenging labor environment and continued supply chain constraints, partially offset by increases in sales volume in our Chicken segment. •Average Sales Price - Sales were positively impacted by higher average sales prices, which accounted for an increase of$5,115 million . The increase in average sales price was primarily due to the current inflationary environment and recovery of rapidly rising costs. •The above change in average sales price for the nine months endedJuly 2, 2022 excludes the impact of a$545 million reduction of Sales from the recognition of legal contingency accruals in the nine months endedJuly 3, 2021 . Cost of Sales in millions Three Months Ended Nine Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Cost of sales$ 11,884 $ 10,858 $ 34,184 $ 30,188 Gross profit$ 1,611 $ 1,620 $ 5,361 $ 4,050 Cost of sales as a percentage of sales 88.1 % 87.0 % 86.4 % 88.2 %
Third quarter - Fiscal 2022 vs Fiscal 2021
•Cost of sales increased$1,026 million . Lower sales volume decreased cost of sales$193 million while higher input cost per pound increased cost of sales$1,219 million .
•The
•Increase in live cattle costs of approximately
•Increase of approximately
•Increase in raw material and other input costs of approximately
•Increase in freight and transportation costs of approximately
•Increase due to net derivative losses of$25 million in the third quarter of fiscal 2022, compared to net derivative gain of$41 million in the third quarter of fiscal 2021 due to our risk management activities. These amounts exclude offsetting impacts from related physical purchase transactions, which are included in the change in live cattle and hog costs and raw material and feed ingredient costs described herein.
•Decrease of approximately
•Decrease in live hog costs of approximately
•Decrease of approximately
•Decrease of approximately$27 million in our Beef segment related to insurance proceeds related to the fire at our production facility in the fourth quarter of fiscal 2019. •Remaining increase in costs across all of our segments primarily driven by net impacts on average cost per pound from mix changes as well as the impact of the inflationary environment on our labor and other input costs, partially offset by savings from our productivity program.
•The
25
--------------------------------------------------------------------------------Nine months - Fiscal 2022 vs Fiscal 2021
•Cost of sales increased$3,996 million . Lower sales volume decreased cost of sales$307 million while higher input cost per pound increased cost of sales$4,303 million .
•The
•Increase in live cattle costs of approximately
•Increase of approximately
•Increase in raw material and other input costs of approximately
•Increase in live hog costs of approximately
•Increase in freight and transportation costs of approximately
•Increase of approximately
•Decrease due to net derivative gains of$139 million in the first nine months of fiscal 2022, compared to net derivative gains of$121 million in the first nine months of fiscal 2021 due to our risk management activities. These amounts exclude offsetting impacts from related physical purchase transactions, which are included in the change in live cattle and hog costs and raw material and feed ingredient costs described herein.
•Decrease of approximately
•Decrease of approximately
•Decrease of approximately$27 million in our Beef segment related to insurance proceeds related to the fire at our production facility in the fourth quarter of fiscal 2019. •Remaining increase in costs across all of our segments primarily driven by net impacts on average cost per pound from mix changes as well as the impact of the inflationary environment on our labor and other input costs, partially offset by savings from our productivity program.
•The
Selling, General and Administrative
in millions Three Months Ended Nine Months Ended
July 2, 2022 $ 558 $ 1,717 $ 1,563 As a percentage of sales 4.3 % 4.5 % 4.3 % 4.6 %
Third quarter - Fiscal 2022 vs Fiscal 2021
•Increase of
•Increase of
•Increase of
•Decrease of
•Remaining increase is primarily attributable to increased donations, employee costs and travel and entertainment costs.
Nine months - Fiscal 2022 vs Fiscal 2021
•Increase of
•Increase of$55 million from the change in the impact of a cattle supplier's misappropriation of Company funds, as the result of a$55 million gain related to the recovery of cattle inventory in the nine months endedJuly 3, 2021 , as compared to no gain or loss recognized in the nine months endedJuly 2, 2022 .
•Increase of
•Increase of
•Increase of
•Increase of
•Increase of
•Decrease of
•Decrease of
•Remaining increase is primarily attributable to increased donations and other miscellaneous expenses.
26
--------------------------------------------------------------------------------
Interest Expense
in millions Three Months Ended Nine Months Ended
July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021
Cash interest expense $ 94 $ 111 $ 303 $ 338
Non-cash interest expense (9) (6) (21) (13)
Total interest expense $ 85 $ 105 $ 282 $ 325
Third quarter and nine months - Fiscal 2022 vs Fiscal 2021
•Cash interest expense primarily included interest expense related to our senior notes, in addition to commitment fees incurred on our revolving credit facility. The decrease in cash interest expense in fiscal 2022 was primarily due to the redemption of senior notes in fiscal 2022 and repayments of term loans and the redemption of theAugust 2021 Notes in fiscal 2021.
Other (Income) Expense, net
in millions Three Months Ended Nine Months Ended
July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021
Total other (income) expense, net
$ (111) $ (38)
Third quarter and nine months - Fiscal 2022 vs Fiscal 2021
•Included
Effective Tax Rate
Three Months Ended Nine Months Ended
July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021
23.6 % 22.1 % 22.1 % 22.9 %
Third quarter and nine months - Fiscal 2022 vs Fiscal 2021
•Our effective income tax rate was 23.6% for the third quarter of fiscal 2022 compared to 22.1% for the same period of fiscal 2021, and the effective income tax rates for the first nine months of fiscal 2022 and 2021 were 22.1% and 22.9%, respectively. The effective tax rates for the third quarter and first nine months of fiscal 2022 and 2021 were increased by state taxes and decreased by various tax benefits. Additionally, the effective tax rate for the first nine months of fiscal 2022 includes a$36 million benefit from the remeasurement of deferred income taxes, primarily due to legislation decreasing state tax rates enacted in the first quarter. Segment Results We operate in four segments: Beef, Pork, Chicken, andPrepared Foods . The following table is a summary of sales and operating income (loss), which is how we measure segment profit. in millions Sales Three Months Ended Nine Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Beef$ 4,959 $ 4,954 $ 14,995 $ 12,987 Pork 1,619 1,715 4,810 4,631 Chicken 4,366 3,476 12,342 9,860 Prepared Foods 2,447 2,323 7,173 6,600 International/Other 602 488 1,717 1,444 Intersegment sales (498) (478) (1,492) (1,284) Total$ 13,495 $ 12,478 $ 39,545 $ 34,238 27
--------------------------------------------------------------------------------
in millions Operating Income (Loss)
Three Months Ended Nine Months Ended
July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021
Beef $ 533 $ 1,120 $ 2,127 $ 2,093
Pork 25 67 248 250
Chicken 277 (279) 615 (489)
Prepared Foods 186 150 635 633
International/Other 12 4 19 -
Total $ 1,033 $ 1,062 $ 3,644 $ 2,487
Beef Segment Results
in millions Three Months Ended Nine Months Ended
July 2, 2022 July 3, 2021 Change July 2, 2022 July 3, 2021 Change
Sales $ 4,959 $ 4,954 $ 5 $ 14,995 $ 12,987 $ 2,008
Sales volume change 1.3 % (1.5) %
Average sales price
change (1.2) % 17.0 %
Operating income $ 533 $ 1,120 $ (587) $ 2,127 $ 2,093 $ 34
Operating margin 10.7 % 22.6 % 14.2 % 16.1 %
Third quarter and nine months - Fiscal 2022 vs Fiscal 2021
•Sales Volume - Sales volume decreased for the first nine months of fiscal 2022 despite strong global demand, due to the impacts associated with a challenging labor environment and supply chain constraints. Sales volume increased in the third quarter of fiscal 2022 driven by a strong global demand environment, partially offset by a challenging labor environment and continued supply chain constraints. •Average Sales Price - Average sales price increased in the first nine months of fiscal 2022 as input costs such as live cattle, labor, freight and transportation costs increased and demand for our beef products remained strong. Average sales price decreased slightly in the third quarter of fiscal 2022 driven by reduced demand for premium cuts of beef as compared to exceptionally high demand in the third quarter of fiscal 2021. •Operating Income - Operating income increased slightly during the first nine months of fiscal 2022 due to strong demand as we continued to optimize revenues relative to live cattle supply and a reduction in direct incremental expenses related to COVID-19, partially offset by production inefficiencies due to the impacts associated with a challenging labor environment and continued supply chain constraints. Additionally, operating income in fiscal 2021 was impacted by a$55 million gain from the recovery of cattle inventory related to a cattle supplier's misappropriation of Company funds. Operating income decreased in the third quarter of fiscal 2022 as margins began to reduce from historically high levels paired with continued increased operating costs. Additionally, operating income in the third quarter of fiscal 2022 benefited from$27 million of insurance proceeds related to a fire at a production facility in the fourth quarter of fiscal 2019. Pork Segment Results in millions Three Months Ended Nine Months Ended July 2, 2022 July 3, 2021 Change July 2, 2022 July 3, 2021 Change Sales$ 1,619 $ 1,715 $ (96) $ 4,810 $ 4,631 $ 179 Sales volume change (1.7) % (2.1) % Average sales price change (3.9) % 6.0 % Operating income$ 25 $ 67 $ (42) $ 248 $ 250 $ (2) Operating margin 1.5 % 3.9 % 5.2 % 5.4 %
Third quarter and nine months - Fiscal 2022 vs Fiscal 2021
•Sales Volume - Sales volume decreased in the third quarter and first nine months of fiscal 2022 due to reduced global demand.
•Average Sales Price - Average sales price decreased in the third quarter due to
reduced export and retail demand. Average sales price increased in the first
nine months of fiscal 2022 as input costs such as live hogs, labor, freight and
transportation costs increased, partially offset by unfavorable mix associated
with labor shortages.
28
--------------------------------------------------------------------------------
•Operating Income - Operating income decreased in the third quarter of fiscal
2022 due to periods of compressed pork margins. Operating income for the first
nine months of fiscal 2022 was relatively flat as reduced direct incremental
expenses related to COVID-19 were offset by higher inputs costs and the impacts
associated with a challenging labor environment.
Chicken Segment Results
in millions Three Months Ended Nine Months Ended
July 2, 2022 July 3, 2021 Change July 2, 2022 July 3, 2021 Change
Sales $ 4,366 $ 3,476 $ 890 $ 12,342 $ 9,860 $ 2,482
Sales volume change (2.1) % 0.7 %
Average sales price
change 20.1 % 17.9 %
Operating income (loss) $ 277 $ (279) $ 556 $ 615 $ (489) $ 1,104
Operating margin 6.3 % (8.0) % 5.0 % (5.0) %
Third quarter and nine months - Fiscal 2022 vs Fiscal 2021
•Sales Volume - Sales volume decreased in the third quarter of fiscal 2022 primarily due to a reduction in volumes related to a fire at a production facility in the fourth quarter of fiscal 2021 and a reduction in outside meat purchases. Sales volume increased slightly in the first nine months of fiscal 2022 primarily due to strong global demand partially offset by a reduction in volumes related to a fire at a production facility in the fourth quarter of fiscal 2021. •Average Sales Price - Average sales price increased in the third quarter and first nine months of fiscal 2022 due to the effects of pricing initiatives in an inflationary cost environment. The change in average sales price for the third quarter and nine months endedJuly 2, 2022 excludes the impact of$225 million and$545 million reductions of Sales from the recognition of legal contingency accruals in the three and nine months endedJuly 3, 2021 , respectively. •Operating Income (Loss) - Operating income increased in the third quarter and first nine months of fiscal 2022 primarily due to higher average sales prices, partially offset by the impacts of inflationary market conditions including increased supply chain and labor costs. In the third quarter of fiscal 2022, we experienced$145 million of higher feed ingredient costs and$23 million of net derivative losses as compared to$56 million of net derivative gains in the third quarter of fiscal 2021. In the first nine months of fiscal 2022, we experienced$430 million of higher feed ingredient costs. Additionally, operating income in the first nine months of fiscal 2022 benefited from$26 million of insurance proceeds, net of costs incurred related to a fire at a production facility and was impacted in the third quarter and first nine months of fiscal 2021 by$306 million and$626 million of losses, respectively, from the recognition of legal contingency accruals.
Prepared Foods Segment Results
in millions Three Months Ended Nine Months Ended
July 2, 2022 July 3, 2021 Change July 2, 2022 July 3, 2021 Change
Sales $ 2,447 $ 2,323 $ 124 $ 7,173 $ 6,600 $ 573
Sales volume change (8.5) % (5.5) %
Average sales price
change 13.8 % 14.2 %
Operating income $ 186 $ 150 $ 36 $ 635 $ 633 $ 2
Operating margin 7.6 % 6.5 % 8.9 % 9.6 %
Third quarter and nine months - Fiscal 2022 vs Fiscal 2021
•Sales Volume - Sales volume decreased in the third quarter and first nine months of fiscal 2022 due to the impacts of increased pricing, uneven foodservice recovery, the divestiture of our pet treats business in the fourth quarter of fiscal 2021 and a challenging supply environment impacting the first half of fiscal 2022.
•Average Sales Price - Average sales price increased in the third quarter and first nine months of fiscal 2022 primarily due to the effects of revenue management in an inflationary cost environment.
•Operating Income - Operating income increased in the third quarter of fiscal 2022 due to higher average sales prices, partially offset by the impacts of inflationary market conditions, including$135 million of increased raw materials and other input costs in addition to increased supply chain and labor costs. Operating income was relatively flat in the first nine months of fiscal 2022 as higher average sales prices were offset by the impacts of inflationary market conditions, including$560 million of increased raw materials and other input costs in addition to increased supply chain and labor costs. 29 --------------------------------------------------------------------------------
International/Other Results
in millions Three Months Ended
Nine Months Ended
July 2, 2022 July 3, 2021 Change July 2, 2022 July 3, 2021 Change
Sales $ 602 $ 488 $ 114 $ 1,717 $ 1,444 $ 273
Operating income 12 4 8 $ 19 $ - $ 19 Third quarter and nine months - Fiscal 2022 vs Fiscal 2021
•Sales - Sales increased in the third quarter and first nine months of fiscal 2022 primarily due to increased volume and increased pricing in an inflationary cost environment. •Operating Income - Operating income increased in the third quarter and first nine months of fiscal 2022 primarily due to$23 million of charges incurred in 2021 related to the relocation of a production facility inChina .
LIQUIDITY AND CAPITAL RESOURCES
Our cash needs for working capital, capital expenditures, growth opportunities, repurchases of senior notes, repayment of maturing debt, the payment of dividends and share repurchases are expected to be met with current cash on hand, cash flows provided by operating activities or short-term borrowings. Based on our current expectations, we believe our liquidity and capital resources will be sufficient to operate our business. However, we may take advantage of opportunities to generate additional liquidity or refinance existing debt through capital market transactions. The amount, nature and timing of any capital market transactions will depend on our operating performance and other circumstances; our then-current commitments and obligations; the amount, nature and timing of our capital requirements; any limitations imposed by our current credit arrangements; and overall market conditions.
© Edgar Online, source
