2 unchanged sentences
Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
−Removed: Our market risk exposure is primarily a result of fluctuations in steel and aluminum prices and customer concentrations.
+Added: risk exposure is primarily a result of fluctuations in steel and aluminum prices and customer concentrations.
We do not hold or issue financial instruments for trading purposes.
2 unchanged sentences
We do not require collateral on our accounts receivable.
−Removed: At December 31, 2023, the Company’s largest customer and five largest customers accounted for 2.7% and 29.6%, respectively, of total accounts receivable.
−Removed: At December 31, 2022, the Company’s largest and five largest customers constituted 7.9% and 23.4% of trade accounts receivable, respectively.
−Removed: During the year ended December 31, 2023, one customers accounted for 13.4% of total revenue.
+Added: At December 31, 2024, our largest customer and five largest customers accounted for 9.0% and 31.0%, respectively, of total accounts receivable.
+Added: At December 31, 2023, our largest and five largest customers constituted 2.7% and 29.6% of trade accounts receivable, respectively.
During the year ended December 31, 2024, two customers accounted for 15.6% and 11.9%, respectively, of total revenue.
+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.
3 unchanged sentences
We are subject to risk from fluctuating market prices of certain commodity raw materials, including steel and aluminum, that are used in our products.
−Removed: Prices of these raw materials may be affected by supply restrictions or other market factors from time to time, and we do not enter into hedging arrangements to mitigate commodity risk.
+Added: Prices of these raw materials may be affected by supply restrictions, regulations, fuel prices, energy costs, labor shortages, labor disputes, freight transportation delays or availability, disruption logistics, political unrest, industry, general U.S.
+Added: and global economic conditions, or other unforeseen circumstances from time to time, and we do not enter into hedging arrangements to mitigate commodity risk.
Significant price changes for these raw materials could reduce our operating margins if we are unable to recover such increases from our customers, and could harm our business, financial condition and results of operations.
−Removed: In addition, we are subject to risk from fluctuating logistics costs.
−Removed: 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.
−Removed: 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, 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
−Removed: interest rates.
+Added: As of December 31, 2024, or long-term debt, net of discounts and issuance costs, was $646.6 million, of which, $249.1 million is subject to variable-rate interest agreements and is therefore subject to future changes in 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.
10 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.