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All such factors may change over time and as a consequence the results of our operations, profitability and stock price may vary over both the short and the long term.
−Removed: In recent times, our profitability has risen to historically unprecedented levels, but may in the future revert to more normalized levels.
+Added: In recent times, our profitability rose to historically unprecedented levels, but may in the future revert to more normalized levels.
Global and macroeconomic events have had an overall positive effect on the demand for our products and ancillary services, the margins that we are able to realize on our products and services and our overall profitability.
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While it is not possible to predict with any accuracy future market trends, our business may revert at some point to levels more closely in line with industry activity prior to such events, particularly in the direct-to-consumer business of the Company.
−Removed: If that were to occur our profitability and the price of our stock could return to more normalized levels as well.
+Added: If that were to occur our profitability and the price of our stock could return to prior levels as well.
We regularly seek to innovate and to anticipate market changes, but there is no assurance that we will be successful in doing so.
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If we are unable to access funds under the Trading Credit Facility, we may be limited in the manner in which we conduct our business, and we may be unable to engage in favorable business activities or finance future operations or capital needs.
−Removed: We cannot assure you that our assets or cash flow would be sufficient to fully repay borrowings under our outstanding debt instruments, including the Trading Credit Facility, upon demand or acceleration, or at maturity, or that we would be able to refinance or restructure the payments under the Trading Credit Facility.
+Added: We cannot assure you that our assets or cash flow would be sufficient to fully repay borrowings under our outstanding debt instruments, including the Trading Credit Facility, upon acceleration or at maturity, or that we would be able to refinance or restructure the payments under the Trading Credit Facility.
Our failure to renew or replace the Trading Credit Facility under such circumstances would reduce the financing available to us and could limit our ability to conduct our business, including certain lending activity of our CFC subsidiary.
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Revolving loans under the Trading Credit Facility are at our option either Based Rate Loans that bear interest at a base rate plus a prescribed margin, or SOFR Loans that bear interest at rates selected by us based on the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York (SOFR) plus prescribed margins.
−Removed: The use of SOFR based rates replaced rates based on the London interbank offered rate (LIBOR), and reflects the cessation of the publication of LIBOR rates previously announced by regulators in the United Kingdom and the discontinuation of the use of LIBOR in the financial markets.
+Added: The use of SOFR based rates replaced rates based on the London interbank offered rate (LIBOR), and reflects the cessation of the publication of LIBOR rates by regulators in the United Kingdom and the discontinuation of the use of LIBOR in the financial markets.
The use of SOFR based rates may result in interest rates and/or payments that are higher or lower than the rates and payments that we experienced under our prior Trading Credit Facility, where interest rates were based on LIBOR.
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We also maintain a supply of metal in case we experience a shortage of raw materials for our Silver Towne Mint.
−Removed: However, while we do not currently anticipate that our business will suffer as a consequence of the current problems in the national and global supply chains, we cannot assure you that this will continue to be the case.
+Added: However, while we do not currently anticipate that our business will suffer as a consequence of problems in the national and global supply chains, we cannot assure you that this will continue to be the case.
Our operations could be adversely impacted if we did not have an adequate source of supply for our Silver Towne Mint, particularly if we expand our minting operations to meet increased demand, or if supply chain disruptions significantly interfered with our sources of coin and bullion for resale.
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If personal data were compromised, we could be subject to costly litigation or government fines.
+Added: See also “Risk Factors of General Applicability—If our customer data were breached, we could suffer damages and loss of reputation;” and “—New rules have recently become effective that will require the Company to provide disclosures regarding cybersecurity management and events.”
Risks Related to World Events
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We try to manage these risks by monitoring current and anticipated political, economic, legal and regulatory developments in the countries outside the United States in which we operate or have customers and adjusting operations as appropriate, but there can be no assurance that the measures we adopt will be successful in protecting the Company’s business interests.
+Added: The Company’s recent acquisition of LPM, a precious metals business located in Hong Kong, reflects the Company’s efforts to increase its presence in Asia, particularly the Far East.
+Added: There can be no assurance that the Company’s expansion efforts in the Far East will be successful.
+Added: Moreover, there are particular regulatory and other challenges to the conduct of business in the Peoples Republic of China, and as a result certain foreign businesses have recently been decreasing their presence there.
+Added: The Company may encounter similar challenges, which may impede the Company’s expansion efforts in the region.
The current inflationary and high interest rate environment may adversely affect our costs and expenses and the demand for our products.
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AMST has insurance to cover certain of the risks associated with equipment damage and resulting business interruption, but there are certain events that would not be covered by insurance, and there can be no assurance that insurance will continue to be available on acceptable terms.
+Added: One such casualty event recently occurred as a result of a tornado, which although covered by insurance, temporarily interrupted operations at the mint.
AMST's ability to continue to expand the scope of its services and customer base depends in part on its ability to increase the size of its skilled labor force.
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If JMB fails to continuously improve its websites (on all relevant platforms, including mobile), it may not attract or retain customers.
−Removed: JMB owns and operates six separately branded websites targeting specific segments within the precious metals market:
−Removed: JMBullion.com, ProvidentMetals.com, Silver.com, BGASC.com, CyberMetals.com, and BullionMax.com.
+Added: JMB owns and operates seven separately branded websites targeting specific segments within the precious metals market:
+Added: JMBullion.com, ProvidentMetals.com, Silver.com, BGASC.com, CyberMetals.com, BullionMax.com, and Gold.com.
JMB also owns two websites, GoldPrice.org and SilverPrice.org, which publish data on precious metal and cryptocurrency pricing and generate leads for its other websites.
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However, there can be no assurance that these hedging activities will be adequate to protect the Company against commodity price risks associated with A-Mark’s business activities.
−Removed: Furthermore, even if we are fully hedged as to any given position, there is the risk of default by our counterparties to the hedge.
+Added: Furthermore, even if we are fully hedged as to any given position, there is the risk of default by our counterparties to the financial instruments that we use to hedge our inventory.
A default by a counterparty on a substantial hedge could have a material adverse effect on our business.
Increased commodity pricing could limit the inventory that we are able to carry.
−Removed: We maintain a large and varied inventory of precious metal products, including bullion and coins, in order to support our trading activities and provide our customers with superior service.
+Added: We maintain a large and varied inventory of precious metal products, including bullion and coins, in order to support our trading and Direct-to-Consumer activities and provide our customers with superior service.
The amount of inventory that we are able to carry is constrained by the borrowing limitations and working capital covenants under the Trading Credit Facility.
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Risk Related to our Regulatory Environment
−Removed: We are subject to laws and regulations.
−Removed: There are various federal, state, local and foreign laws, ordinances and regulations that affect our trading business.
−Removed: For example, because of the nature and value of the products in which deal, we are required to comply with the Foreign Corrupt Practices Act and a variety of anti-money laundering and know-your-customer rules in response to the USA Patriot Act.
−Removed: The SEC has promulgated rules mandated by the Dodd-Frank Act regarding disclosure, on an annual basis, of the use of tin, tantalum, tungsten and gold, known as conflict minerals, in products manufactured by public companies.
−Removed: These rules require due diligence to determine whether such minerals originated from the Democratic Republic of Congo ("DRC") or an adjoining country and whether such minerals helped finance the armed conflict in the DRC.
−Removed: The Company has concluded that it is not currently subject to the conflict minerals rules because it is not a manufacturer of conflict minerals under the definitions set forth in the rules.
−Removed: Depending on developments in the Company’s business, it could become subject to the rules at some point in the future.
−Removed: In that event, there will be costs associated with complying with these disclosure requirements, including costs to determine the origin of gold used in our products.
−Removed: In addition, the implementation of these rules could adversely affect the sourcing, supply and pricing of gold used in our products.
−Removed: Also, we may face disqualification as a supplier for customers and reputational challenges if the due diligence procedures we implement do not enable us to verify the origins for the gold used in our products or to determine that the gold is conflict free.
−Removed: CFC operates under a California Finance Lenders License issued by the California Department of Financial Protection and Innovation.
−Removed: CFC is required to submit a finance lender law annual report to the state which summarizes certain loan portfolio and financial information regarding CFC.
−Removed: The Department of Financial Protection and Innovation may audit the books and records of CFC to determine whether CFC is in compliance with the terms of its lending license.
+Added: The CFTC may seek to assert jurisdiction over the Company’s activities.
The Company believes that its Direct-to-Consumer operations are generally conducted in a manner that does not implicate the jurisdiction of the Commodity Futures Trading Commission ("CFTC"), as it does not sell products to retail customers for future delivery.
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Although this matter was settled on terms satisfactory to the Company with no material financial impact, and Goldline has discontinued these particular arrangements and practices, there can be no assurance that the CFTC will not in the future accuse us of violating the CEA or the rules and regulations of the CFTC, or otherwise (along with other federal or state agencies) seek to assert oversight over aspects of our operations which could adversely affect us.
+Added: Recent legislative and regulatory initiatives will require us to expend time and resources on environmental reporting.
+Added: Although our manufacturing activity is limited to the production of silver bullion products at our Silver Towne Mint, recent California legislation and new rules of the SEC will require us to make disclosures regarding environmental matters that could entail significant time and expense.
On October 7, 2023, California Governor Gavin Newsom signed into law Senate Bill ("SB") 261, Greenhouse Gases:
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Non-compliance with the requirements of SB 261 could expose us to a fine of up to $50,000 per reporting year and we may also be required to pay an annual filing fee.
+Added: The California climate disclosure is the subject of ongoing litigation that could impact whether and when the Company is required to make the disclosures required by the regime.
+Added: The Company will monitor that litigation as it prepares to comply with the rule.
+Added: On March 6, 2024 the Securities and Exchange Commission (“SEC”) issued final rules requiring public companies, such as A-Mark, to disclose both greenhouse gas emissions and climate risk.
+Added: The SEC final rules overlap significantly with both the California reporting regime discussed above and the European Corporate Sustainability Directive (“CSRD”) discussed below but there are also material differences.
+Added: Like the California reporting regime, the SEC final rule would require the Company to measure and disclose both Scope 1 and Scope 2 greenhouse gas emissions from its facilities including its mint operations in Winchester, Indiana.
+Added: Unlike the California reporting scheme, the final SEC rules would not require the Company to report Scope 3 greenhouse gas emissions.
+Added: The SEC final rule would also require the Company to obtain attestation reports of its Scope 1 and Scope 2 greenhouse gas emissions from an independent expert in greenhouse gas emissions measurement.
+Added: Like the California reporting regime, the SEC final rule will also require the Company to track and disclose material climate related financial risks and how we manage those risks.
+Added: Unlike the California rule, the SEC final rule will require the Company to track and report material capitalized costs, expenditures expensed and charged and losses incurred as a result of severe weather events and other natural conditions and any carbon reduction goal we may have along with our use of offsets or Renewable Energy Credits to achieve that goal.
+Added: Like the California reporting regime, the SEC final rule is the subject to ongoing litigation that could impact whether and when the Company is required to make the disclosures required by the rule.
+Added: The Company will monitor that litigation as it prepares to comply with the rule.
The European Union adopted new disclosure standards and rules related to environmental, social, and corporate governance ("ESG") matters in the Corporate Sustainability Reporting Directive (CSRD) which became effective in 2023 and applies to both EU and non-EU entities.
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We will know more about the specific disclosure requirements when the EU adopts implementing regulations for the non-EU groups that are covered by the rule.
−Removed: These changing rules, regulations and the stakeholder expectations related to ESG described in " Risk Factors of General Applicability – Third-party expectations relating to ESG " factors my impose additional costs and expose us to new risks, have resulted in and are likely to continue to result in, increased general and administrative expenses and increased management time and attention spent complying with or meeting such regulations and expectations.
−Removed: There can be no assurance that the regulation of our trading and lending businesses will not increase or that compliance with the applicable regulations will not become more costly or require us to modify our business practices.
−Removed: For other risks related to government regulation, see “ Risk Factors of General Applicability — We are subject to other laws and regulations ,” below.
−Removed: Compliance with new data protection/privacy statutes could increase our costs and expose the Company to possible sanctions for violation.
−Removed: By reason of our Direct-to-Consumer business in particular, we collect personal data.
+Added: These changing rules and regulations, and the stakeholder expectations related to ESG described in " Risk Factors of General Applicability – Third-party expectations relating to ESG factors may impose additional costs and expose us to new risks ," have resulted in and are likely to continue to result in, increased general and administrative expenses and increased management time and attention spent complying with or meeting such regulations and expectations.
+Added: Compliance with new and existing data protection/privacy statutes could increase our costs and expose the Company to possible sanctions for violation.
+Added: By reason of our Direct-to-Consumer business in particular, we collect personal data or personal information, which is broadly defined to include all information that can be related to a consumer or household, including identification information, demographics, usage, transactions and inquiries, preferences, and inferences drawn to create a profile about a consumer (“Personal Information”).
+Added: We are subject to numerous data privacy and protection obligations that govern our handling of Personal Information, including:
+Added: various federal, state, local and foreign laws, regulations, and guidance;
+Added: industry standards;
+Added: external and internal privacy notices and policies;
+Added: and other obligations that apply to the handling of Personal Information by us and on our behalf.
+Added: These obligations may change, are subject to differing interpretations, and may be inconsistent among relevant jurisdictions in which we operate or from which we collect Personal Information.
+Added: The data privacy and protection landscape continues to evolve in jurisdictions worldwide.
+Added: This evolution may create uncertainty in our business;
+Added: affect us or our collaborators’, service providers’, and others’ ability to operate in certain jurisdictions or to collect, store, transfer, use, share, and otherwise process Personal Information;
+Added: necessitate the acceptance of more onerous obligations in our contracts;
+Added: cause us to modify our business operations;
+Added: result in liabilities;
+Added: or otherwise impose additional compliance costs on us.
+Added: Moreover, despite our efforts, we may not be successful in achieving compliance if our personnel or third parties upon whom we rely fail to comply with such obligations.
+Added: For example, any failure by a service provider to comply with applicable data privacy or protection law, regulations, contractual, or other obligations could result in significant consequences against us.
+Added: These consequences may include:
+Added: government enforcement actions (e.g., investigations, fines, penalties, audits, inspections and similar activities);
+Added: litigation (including class-related claims);
+Added: additional reporting requirements and/or oversight;
+Added: orders to destroy or not use Personal Information;
+Added: damage to our reputation;
+Added: loss of revenue and profits;
+Added: loss of goodwill;
+Added: and other adverse business impacts..
In 2016, the European Union ("EU") adopted a comprehensive overhaul of its data protection regime from a national legislative approach to a single European Economic Area Privacy Regulation, the General Data Protection Regulation (“GDPR”), which went into effect in May 2018.
−Removed: The EU data protection regime expands the scope of the EU data protection law to all foreign companies processing personal data of EU residents, imposes a strict data protection compliance regime with severe penalties of up to the greater of 4% of worldwide turnover or €20 million, and includes new rights such as the “portability” of personal data.
+Added: The EU data protection regime expands the scope of the EU data protection law to all foreign companies processing Personal Information of EU residents, imposes a strict data protection compliance regime with severe penalties of up to the greater of 4% of worldwide turnover or €20 million, and includes new rights such as the “portability” of Personal Information.
Although the GDPR applies across the EU without a need for local implementing legislation, EU member states have the ability to interpret the GDPR opening clauses, which permit region-specific data protection legislation and have the potential to create inconsistencies on a country-by-country basis.
−Removed: Our Direct-to-Consumer business currently has limited international operations which would subject it to the GDPR.
−Removed: Our Wholesale Sales and Ancillary Services segment maintains an office in Vienna, Austria that provides marketing support services for its international (including EU) customers.
−Removed: We have evaluated GDPR and its requirements, and believe we are currently in compliance with GDPR in all material respects.
+Added: The United Kingdom passed similar legislation (the “UK GDPR”) which took effect in 2021 and provides severe penalties of up to the greater of 4% of worldwide turnover or €17.5 million.
+Added: We may also be subject to many other foreign privacy laws that are modeled at least in part after the GDPR, including China’s Personal Information Protection Law (PIPL), Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) and territorial Canadian privacy laws, and the Privacy Acts of Australia and New Zealand.
+Added: Our Direct-to-Consumer business currently has limited international operations which would subject it to these foreign privacy laws.
+Added: Our Wholesale Sales and Ancillary Services segment maintains an office in Vienna, Austria that provides marketing support services for its international customers.
+Added: We have evaluated these foreign privacy laws and their requirements, and believe we are currently in compliance in all material respects.
Going forward, however, the expansion of our international operations could require us to change our business practices and may increase the costs and complexity of compliance.
−Removed: Also, a violation by the Company of this regulation could expose us to penalties and sanctions under the regulation.
+Added: Also, a violation by the Company of these regulations could expose us to penalties and sanctions under the regulations.
California passed amendments to the California Consumer Privacy Act (“CCPA”) that took effect on January 1, 2023.
This law provides California consumers with a high level of transparency and broad rights and choices with respect to their Personal Information.
−Removed: For example, CCPA grants consumers privacy rights including the rights of data correction and data portability, the right to limit the Company’s use of a new subset of personal information called “sensitive personal information” that requires heightened protections, and the right to appeal the Company’s response to an individual’s exercise of these new or existing privacy rights.
−Removed: The “personal information” regulated by CCPA is broadly defined to include identification or association with a California consumer or household, including demographics, usage, transactions and inquiries, preferences, inferences drawn to create a profile about a consumer, government identification numbers, and education information.
+Added: For example, CCPA grants consumers privacy rights including the rights of data correction and data portability, the right to limit the Company’s use of a subset of Personal Information called “sensitive Personal Information” that requires heightened protections, and the right to appeal the Company’s response to an individual’s exercise of these new or existing privacy rights.
Compliance with CCPA requires the implementation of a series of operational measures such as:
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Colorado, Virginia, Utah, and Connecticut also passed comprehensive privacy laws, modeled in part after the CCPA, that took effect in 2023.
−Removed: Nine other states have passed similar privacy laws that will take effect between 2024 and 2026, including Florida, Texas, Delaware, Oregon, Tennessee, Iowa, Indiana, New Jersey, and Montana.
+Added: Nine other states have passed similar privacy laws that have taken or will take effect between 2024 and 2026, including Florida, Texas, Delaware, Oregon, Tennessee, Iowa, Indiana, New Hampshire, New Jersey, and Montana.
privacy laws have some provisions and requirements similar to the CCPA.
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Failure to comply with these privacy laws can result in civil penalties ranging from $2,500 to $20,000 per violation.
+Added: All fifty U.S.
+Added: states and the District of Columbia have enacted data breach notification laws that may require us to notify investors, employees, regulators and others in the event of a security breach (for example, unauthorized access to or disclosure of Personal Information experienced by us or our service providers).
+Added: These laws may not be consistent, and compliance in the event of a widespread data breach may be difficult and costly.
+Added: We may also be contractually required or otherwise obligated to notify investors and others of a security breach.
+Added: Although we may have contractual protections against our service providers should they experience a security breach, any actual or perceived security breach could harm our reputation and brand, expose us to potential liability and require us to expend significant resources on data security as well as in responding to any such actual or perceived breach.
+Added: Any contractual protections we may have against relevant counterparties may not be sufficient to protect adequately us from any such liabilities and losses, and we may be unable to enforce any such contractual protections.
Nevada law requires operators of websites and online services to post a notice on their websites regarding their privacy practices.
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In addition, a violation by the Company of the new regulations could expose us to penalties and sanctions.
+Added: We are subject to other laws and regulations.
+Added: There are various federal, state, local and foreign laws, ordinances and regulations that affect our trading business.
+Added: For example, because of the nature and value of the products in which deal, we are required to comply with the Foreign Corrupt Practices Act and a variety of anti-money laundering and know-your-customer rules in response to the USA Patriot Act.
+Added: The SEC has promulgated rules mandated by the Dodd-Frank Act regarding disclosure, on an annual basis, of the use of tin, tantalum, tungsten and gold, known as conflict minerals, in products manufactured by public companies.
+Added: These rules require due diligence to determine whether such minerals originated from the Democratic Republic of Congo ("DRC") or an adjoining country and whether such minerals helped finance the armed conflict in the DRC.
+Added: The Company has concluded that it is not currently subject to the conflict minerals rules because it is not a manufacturer of conflict minerals under the definitions set forth in the rules.
+Added: Depending on developments in the Company’s business, it could become subject to the rules at some point in the future.
+Added: In that event, there will be costs associated with complying with these disclosure requirements, including costs to determine the origin of gold used in our products.
+Added: In addition, the implementation of these rules could adversely affect the sourcing, supply and pricing of gold used in our products.
+Added: Also, we may face disqualification as a supplier for customers and reputational challenges if the due diligence procedures we implement do not enable us to verify the origins for the gold used in our products or to determine that the gold is conflict free.
+Added: CFC operates under a California Finance Lenders License issued by the California Department of Financial Protection and Innovation.
+Added: CFC is required to submit a finance lender law annual report to the state which summarizes certain loan portfolio and financial information regarding CFC.
+Added: The Department of Financial Protection and Innovation may audit the books and records of CFC to determine whether CFC is in compliance with the terms of its lending license.
+Added: There can be no assurance that the regulation of our trading, Direct-to-Consumer, and lending businesses will not increase or that compliance with the applicable regulations will not become more costly or require us to modify our business practices.
+Added: For other risks related to government regulation, see below this section and see “ Risk Factors of General Applicability — We are subject to other laws and regulations ,” below.
One or more states or municipalities could assert that the Company is liable for sales and use, commerce, or similar type of taxes, which could adversely affect our business.
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Furthermore, the requirements by state or local governments on out-of-state sellers to collect sales and use taxes could deter futures sales, which could have an adverse impact on our business.
−Removed: For other risks related to taxation, see “ Risk Factors of General Applicability — Changes in U.S.
−Removed: tax law could adversely affect our business ,” below.
+Added: For other risks related to taxation, see “ Risk Factors of General Applicability — Changes in tax law could adversely affect our business ,” below.
We use lead providers and marketing affiliates to assist us in obtaining new customers, and if lead providers or marketing affiliates do not comply with an increasing number of applicable laws and regulations, or if our ability to use such lead providers or marketing affiliates is otherwise impaired, it could adversely affect our business.
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The initial quarterly cash dividend under the policy was paid on October 24, 2022 to stockholders of record as of October 10, 2022.
−Removed: The most recent cash dividend under the policy was paid on January 29, 2024 to stockholders of record as of January 16, 2024.
+Added: The most recent cash dividend under the policy was paid on April 29, 2024 to stockholders of record as of April 16, 2024.
The declaration of regular cash dividends in the future is subject to the determination each quarter by the board of directors, based on a number of factors, including the Company’s financial performance, available cash resources, cash requirements and alternative uses of cash and applicable bank covenants.
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In addition, we may issue equity in order to raise capital or in connection with future acquisitions and strategic investments, which could dilute your percentage ownership.
−Removed: For example, in the acquisition of JMB and our increased investments in Pinehurst Coin Exchange, Inc.
−Removed: and Silver Gold Bull, Inc., we issued stock to the selling shareholders in partial consideration for their interests.
+Added: For example, in the acquisition of JMB, our increased investments in Pinehurst Coin Exchange, Inc.
+Added: and Silver Gold Bull, Inc., and our recent acquisition of LPM, we issued stock to the sellers in partial consideration for the acquired interests.
We also issued stock to the public to finance, in part, the acquisition of JMB.
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Risk Factors of General Applicability
−Removed: If our customer data were breached, we could suffer damages and loss of reputation.
−Removed: We maintain significant amounts of customer data on our systems, and certain third-party providers have access to confidential data concerning the Company.
−Removed: A breach of customer data maintained by the Company or third-party providers could damage our reputation and result in costs, fines and lawsuits.
−Removed: Our procedures to protect against unauthorized access to secured data may be inadequate to safeguard against all data security breaches.
New rules have recently become effective that will require the Company to provide disclosures regarding cybersecurity management and events.
−Removed: While the Company believes it has exemplary cybersecurity risk management procedures for addressing cybersecurity events, the new rules may increase the costs of cybersecurity protection and require disclosure of cybersecurity event that the Company might not otherwise deem to be material.
+Added: While the Company believes it has robust cybersecurity risk management procedures for addressing cybersecurity events, the new rules may increase the costs of cybersecurity protection and require disclosure of cybersecurity events that the Company might not otherwise deem to be material.
The SEC recently changed its disclosure requirements regarding cybersecurity risk management, strategy, governance and incident reporting.
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Failure to comply with applicable laws and regulations or implement responsible business practices could subject us to damage to our reputation, lawsuits, criminal exposure, or increased cost of regulatory compliance.
−Removed: C hanges i n U.S.
−Removed: tax law could adversely affect our business.
+Added: C hanges i n tax law could adversely affect our business.
Changes to tax laws (which changes may have retroactive application) could adversely affect us or holders of our common stock.
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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.