9 unchanged sentences
At December 31, 2022, the Company’s largest and five largest customers constituted 7.9% and 23.4% of trade accounts receivable, respectively.
+Added: During the year ended December 31, 2023, one customers accounted for 13.4% of total revenue.
During the year ended December 31, 2022, two customers accounted for 11.8% and 10.6%, respectively, of total revenue.
During the year ended December 31, 2021, two customers accounted for 12.6% and 10.2%, respectively, of total revenue.
−Removed: During the year ended December 31, 2020, we had two customers each generating over 10% of total revenue for a combined total of 21.5%.
Further, our accounts receivable are from companies within the solar industry and, as such, we are exposed to normal industry credit risk.
5 unchanged sentences
In addition, we are subject to risk from fluctuating logistics costs.
−Removed: As a result of sheltering-in-place and other disruptions caused by the COVID-19 pandemic, consumer and commercial demand for shipped goods has increased across multiple industries, which in turn has reduced the availability and capacity of shipping containers and available ships worldwide.
−Removed: This disruption has caused, and may continue to cause, increased logistics costs and shipment delays affecting the timing of our project deliveries, the timing of our recognition of revenue and our profitability.
+Added: As a result of sheltering-in-place and other disruptions during the COVID-19 pandemic, consumer and commercial demand for shipped goods increased across multiple industries, which in turn reduced the availability and capacity of shipping containers and available ships worldwide.
+Added: In the event of a resurgence of COVID-19 or a similar pandemic and the resulting disruptions, we may experience increased logistics costs and shipment delays affecting the timing of our project deliveries, the timing of our recognition of revenue and our profitability.
Interest Rate Risk
−Removed: As of December 31, 2022, or long-term debt, net of discounts and issuance costs, was $759.0 million, of which, $344.2 million is subject to variable rate interest agreements and is therefore subject to future changes in interest rates.
+Added: As of December 31, 2023, or long-term debt, net of discounts and issuance costs, was $660.9 million, of which, $261.0 million is subject to variable-rate interest agreements and is therefore subject to future changes in
+Added: interest rates.
Accordingly, a 50 basis point increase in interest rates would impact our expected annual interest expense for the next 12 months by approximately $1.2 million.
4 unchanged sentences
Foreign Currency Exchange Risk
−Removed: We transact business in various foreign countries and are, therefore, subject to risk of foreign currency exchange rate fluctuations.
−Removed: We have established a foreign currency risk management policy to manage this risk.
−Removed: We intend to manage our foreign currency exposure by evaluating and using non-financial techniques, such as currency of invoice, leading and lagging payments and receivables management.
+Added: We do business in various foreign countries where the functional currency used to transact differs from our reporting currency.
+Added: As a result, we are subject to the risk of foreign currency exchange rate fluctuations.
Financial Statements and Supplementary Data
2 unchanged sentences
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.