4 unchanged sentences
COVID-19 has caused shutdowns to businesses and cities worldwide and has disrupted supply chains, business operations, travel, and consumer confidence.
−Removed: As a result of the COVID-19 pandemic, we temporarily closed the majority of our offices (including our corporate headquarters in the United States), but are in the process of re-opening them while extending our company-wide voluntary work from home policy until March 31, 2022 and allowing the majority of our workforce the flexibility to work remotely on an ongoing basis.
+Added: As a result of the COVID-19 pandemic, we temporarily closed the majority of our offices (including our corporate headquarters in the United States), but are in the process of re-opening them.
+Added: Although our company-wide voluntary work from home policy expired on March 31, 2022, we continue to allow the majority of our workforce the flexibility to work remotely on an ongoing basis.
In addition, we continue to impose certain travel restrictions where applicable.
37 unchanged sentences
Periods of global economic uncertainty experienced in the past have produced substantial stress, volatility, illiquidity and disruption of global credit and other financial markets, resulting in the bankruptcy or acquisition of, or government assistance to, several major domestic and international financial institutions.
−Removed: The potential for future stress and disruptions, including in connection with the COVID-19 pandemic, presents considerable risks to our businesses and operations.
+Added: The potential for future stress and disruptions, including in connection with the COVID-19 pandemic, rising inflation and rising interest rates, presents considerable risks to our businesses and operations.
These risks include potential bankruptcies or credit deterioration of financial institutions, many of which are our customers.
15 unchanged sentences
In addition, the U.S.
−Removed: and other key international economies are experiencing and have experienced in the past a downturn in which economic activity was impacted by falling demand for a variety of goods and services, restricted credit, poor liquidity, reduced corporate profitability, volatility in credit, equity and foreign exchange markets, bankruptcies and overall uncertainty with respect to the economy.
+Added: and other key international economies are experiencing and have experienced in the past a downturn in which economic activity was impacted by falling demand for a variety of goods and services, the level and volatility of interest rates, the level of inflation, restricted credit, poor liquidity, reduced corporate profitability, volatility in credit, equity and foreign exchange markets, bankruptcies and overall uncertainty with respect to the economy.
The potential for economic disruption presents considerable risks to our business, including potential bankruptcies or credit deterioration of financial institutions with which we have substantial relationships.
−Removed: Such disruption, whether arising in connection with the current COVID-19 pandemic or otherwise, could result in a decline in the volume of transactions that we execute for our customers.
+Added: Such disruption, whether arising in connection with the current COVID-19 pandemic and military conflict or otherwise, could result in a decline in the volume of transactions that we execute for our customers.
We also derive a substantial portion of our revenues and operating income from our contracts with the three major consumer reporting agencies in the U.S., Experian, TransUnion and Equifax, and other parties that distribute our products to certain markets.
2 unchanged sentences
A significant portion of our revenues in our Scores segment is attributable to the U.S.
−Removed: mortgage market, which includes, for conforming mortgages in that market, a requirement of The Federal National Mortgage Association (“Fannie Mae”) and The Federal Home Loan Mortgage Corporation (“Freddie Mac”) that U.S.
+Added: mortgage market, which includes, for mortgages eligible for purchase by The Federal National Mortgage Association (“Fannie Mae”) and The Federal Home Loan Mortgage Corporation (“Freddie Mac”), a requirement by those enterprises that U.S.
lenders provide FICO ® Scores for each mortgage delivered to them.
However, their continued use of the FICO Score is currently subject to validation and approval by those enterprises and the Federal Housing Finance Agency.
−Removed: If Fannie Mae and Freddie Mac approve other credit score models for use by them, or do not approve the FICO Score for continued use by them, it could have a material adverse effect on our revenues, results of operations and stock price.
+Added: If other credit score models are approved for use with mortgages delivered to Fannie Mae and Freddie Mac, or the FICO Score is not approved for continued use with those mortgages, it could have a material adverse effect on our revenues, results of operations and stock price.
If we are unable to access new markets or develop new distribution channels, our business and growth prospects could suffer.
76 unchanged sentences
As part of our management approach, we pursue ongoing reengineering efforts designed to grow revenues through strategic resource allocation and improve profitability through cost reductions.
−Removed: For example, in September 2020, we implemented a course of action designed to reduce our operating costs in lower value, less strategic areas of our business in order to facilitate incremental investment in higher value, more strategic areas while also reducing our facilities footprint in light of anticipated post-pandemic workforce patterns.
−Removed: In September 2021, we further reduced our operating costs primarily through a reduction of headcount.
In addition, we have implemented a Remote Work Policy which allows a portion of our workforce to partially or fully work from home.
−Removed: These and other reengineering efforts may not be successful over the long term should we fail to reduce expenses at the anticipated level, should we fail to increase revenues to anticipated levels or at all, or should productivity decline or employees’ ability to collaborate fall as a result of the Remote Work Policy.
+Added: Our reengineering efforts may not be successful over the long term should we fail to reduce expenses at the anticipated level, should we fail to increase revenues to anticipated levels or at all, or should productivity decline or employees’ ability to collaborate fall as a result of the Remote Work Policy.
If our reengineering efforts are not successful over the long term, our revenues, results of operations and business may suffer.
64 unchanged sentences
In addition, the COVID-19 pandemic may cause increased cybersecurity risk, as cybercriminals attempt to capitalize from the disruption, including remote working arrangements.
+Added: Further, the recent military conflict between Russia and Ukraine could result in cyberattacks that could directly or indirectly impact us, including retaliatory acts of cyberwarfare from Russia against U.S.
+Added: companies, or the potential proliferation of malware from the conflict into systems unrelated to the conflict.
If we experience business interruptions or failure of our information technology and communication systems, the availability of our products and services could be interrupted which could adversely affect our reputation, business and financial condition.
37 unchanged sentences
The pandemic has also caused shutdowns to businesses and cities worldwide and has disrupted supply chains, business operations, travel, and consumer confidence.
+Added: In addition, the consequences of the conflict between Russia and Ukraine, including related sanctions and countermeasures, are difficult to predict, and could adversely impact geopolitical and macroeconomic conditions.
Economic uncertainty has and could continue to negatively affect the businesses and purchasing decisions of companies in the industries we serve.
Such disruptions present considerable risks to our businesses and operations.
−Removed: As global economic conditions experience stress and negative volatility, or if there is an escalation in regional or global conflicts or terrorism, we will likely experience reductions in the number of available customers and in capital expenditures by our remaining customers, longer sales cycles, deferral or delay of purchase commitments for our products and increased price competition, which may adversely affect our business, results of operations and liquidity.
+Added: As global economic conditions experience stress and negative volatility, or if there is an escalation in regional or global conflicts, such as that between Russia and Ukraine, or terrorism, we will likely experience reductions in the number of available customers and in capital expenditures by our remaining customers, longer sales cycles, deferral or delay of purchase commitments for our products and increased price competition, which may adversely affect our business, results of operations and liquidity.
We are subject to risks and uncertainties associated with the United Kingdom’s withdrawal from the European Union (“E.U.”), commonly referred to as “Brexit,” including implications for the free flow of labor and goods in the United Kingdom (“U.K.”) and the E.U.
78 unchanged sentences
In June 2021, the European Commission issued new standard contractual clauses (“SCCs”) governing cross-border data transfers and data exchanges among controllers and processors, which reflect more recent data protection laws, such as the GDPR, and account for the analysis in the Schrems II decision.
+Added: The European Data Protection Board (the pan-E.U.
+Added: data protection regulator) has issued authoritative guidance on the requirements for cross-border transfers which, in accordance with Schrems II, include carrying out a data transfer impact assessment in respect of all cross-border data flows to evaluate whether adequate protection will be afforded to the data transferred in the destination territory.
+Added: Information Commissioner’s Office has also issued its own set of SCCs and authoritative guidance to account for the decision in Schrems II.
Our transition to the new SCCs, which may involve interpretive issues and may have an adverse impact on cross-border transfers of personal data, may subject us to additional scrutiny from E.U.
55 unchanged sentences
• changes in demand and competitive and other conditions in the consumer credit, banking and insurance industries;
+Added: • the level and volatility of interest rates and the level of inflation;
• fluctuations in domestic and international economic conditions, such as those which have occurred as a result of the COVID-19 pandemic;
27 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.