48 unchanged sentences
Our future insurance and claims expenses might exceed historical levels, which could reduce our earnings.
−Removed: We have experienced substantial increases in the severity of auto liability claims which have exceeded our insurance coverage layers, which has adversely impacted our operating results in recent periods.
−Removed: If the number of claims for which we are self-insured increases or the severity of such claims continues to increase, our operating results could be further adversely affected.
+Added: We have experienced substantial increases in the cost of auto liability claims and in recent periods these increases have exceeded our insurance coverage layers, which has adversely impacted our operating results.
+Added: If the number of claims for which we are self-insured increases or the cost of such claims continues to increase, our operating results could be further adversely affected.
We have policies in place for 2026 with substantially the same terms as our 2025 policies for personal injury, property damage, workers’ compensation, and cargo loss or damage.
We purchase insurance coverage for the amounts above which we are self-insured.
−Removed: If these expenses increase and we are unable to offset the increase with higher freight rates, our earnings could be materially and adversely affected.
+Added: As a result of the increased cost of auto liability claims across the transportation industry, insurance premiums for auto liability coverage have increased substantially in recent years.
+Added: If these expenses increase further and we are unable to offset the increase with higher freight rates, our earnings could be materially and adversely affected.
We operate in a regulated industry, and increased direct and indirect costs of compliance with, or liability for violation of, existing or future regulations could have a material adverse effect on our business.
26 unchanged sentences
For the calendar year ended December 31, 2025, our top 10 customers, based on revenue, accounted for approximately 33% of our revenue.
−Removed: One customer accounted for approximately 11% of our total revenue for the year ended December 31, 2024.
Our JBI, ICS, and JBT segments typically do not have long-term contracts with their customers.
3 unchanged sentences
Federal and state legislation as well as tax and other regulatory authorities have sought to assert that independent contractors in the transportation service industry are employees rather than independent contractors.
−Removed: Recently issued rulemaking by the U.S.
−Removed: Department of Labor, which took effect on March 11, 2024, and the laws of several states, including California, apply stricter tests for determining whether an independent contractor should be classified as an employee.
+Added: The laws of several states, including California, apply stricter tests for determining whether an independent contractor should be classified as an employee.
We believe we are in compliance with all applicable independent contractor classification requirements.
8 unchanged sentences
Our inability to defend ourselves against one or more significant litigation claims could have a material adverse effect on our financial results.
−Removed: We rely significantly on our information technology systems, a disruption, failure or security breach of which or an inability to keep pace with technological advances could have a material adverse effect on our business.
+Added: We rely significantly on our information technology systems, a disruption, failure or security breach of which could have a material adverse effect on our business.
We rely on information technology throughout all areas of our business to initiate, track, and complete customer orders;
5 unchanged sentences
Each of our information technology systems may be susceptible to various interruptions, including equipment or network failures, failed upgrades or replacement of software, user error, power outages, natural disasters, cyber-attacks, theft or misuse of data, terrorist attacks, computer viruses, hackers, or other security breaches.
+Added: Increasingly sophisticated cyber-attacks such as ransomware and AI-powered phishing scams could compromise the confidentiality, integrity, or availability of these systems, disrupt network and terminal operations, delay freight movements, or result in data loss or exfiltration.
We have in the past experienced security breaches and other interruptions of our information technology systems and may in the future experience such breaches or interruptions despite our best efforts to prevent them.
−Removed: We have mitigated our exposure to these risks through the establishment and maintenance of technology security programs and disaster recovery plans, but these mitigating activities may not be sufficient.
+Added: We have mitigated our exposure to these risks through the establishment and maintenance of technology security programs and disaster recovery plans, but these mitigating activities may not anticipate or prevent every attack or failure, particularly as threat actors and technologies evolve, nor may they fully prevent or mitigate all adverse impacts.
A significant disruption, failure or security breach in our information technology systems could have a material adverse effect on our business, which could include operational disruptions, loss of confidential information, external reporting delays or errors, legal claims, or damage to our business reputation.
−Removed: We also could experience an inability to keep pace with technological advances, resulting in our information technology platforms becoming obsolete or our competitors developing related or similar service offerings more effective than ours.
+Added: An inability to develop, adopt, and integrate new or enhanced technologies, including rapidly evolving artificial intelligence, could have a material adverse effect on our business.
+Added: We operate in a rapidly evolving, technology-driven environment, and if we do not timely identify, prioritize, develop, and successfully integrate new or enhanced technologies into our operations, our service quality, efficiency, and competitiveness could suffer.
+Added: Technology initiatives can be complex and costly, with risks of delays, defects, and training hurdles.
+Added: Anticipated benefits from these initiatives may not be realized on the expected timeline or at all.
+Added: In addition, competitors may introduce and scale new technologies more quickly or effectively than we do, which could diminish our competitive position, compress margins, and result in lost business opportunities.
+Added: The rapid evolution and adoption of artificial intelligence(AI) and any efforts we may make to incorporate it into our business may amplify cyber, legal, and operational risks.
+Added: AI adoption may introduce or amplify risks, including inaccurate or biased outputs that are difficult to detect, governance and model-risk challenges, privacy and intellectual property concerns, and evolving legal disclosure obligations.
+Added: AI can also increase cybersecurity exposure as threat actors leverage AI to enhance social-engineering and intrusion techniques.
+Added: Implementing and maintaining AI capabilities can be complex and costly, anticipated benefits may not be realized and expected timelines or at all, and failures could harm our operations, reputation, results of operations, and financial condition.
Acquisitions or business combinations may disrupt or have a material adverse effect on our operations or earnings.
11 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.