71 unchanged sentences
Similarly, additional data privacy breaches by those who access our systems may pose a risk that sensitive data, including intellectual property, trade secrets or personal information belonging to us, our employees, customers or other business partners, may be exposed to unauthorized persons or to the public.
−Removed: The immaterial breach of our information technology system and any future breaches could subject us to reputational damage.
+Added: The immaterial breach of our information technology system that we suffered in 2021 and any future breaches could subject us to reputational damage.
Cyber-attacks are increasing in their frequency, sophistication and intensity, and have become increasingly difficult to detect.
−Removed: There can be no assurance that our efforts to protect our data and information technology systems will prevent future breaches in our systems (or that of our third-party providers) that could adversely affect our business and result in financial and reputational harm to us, theft of trade secrets and other proprietary information, legal claims or proceedings, liability under laws that protect the privacy of personal information, and regulatory penalties.
+Added: We expend significant resources to minimize the risk of security breaches, including deploying additional personnel and protection technologies, training employees annually, and engaging third-party experts and contractors.
+Added: Significant and increasing investments of time and resources by management and Board have been, and will continue to be, required to anticipate and address cybersecurity risks and incidents.
+Added: However, given that the techniques used to obtain unauthorized access or to sabotage systems change frequently, and often are not identified until they are launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures in time to stop a cyber incident.
+Added: Thus there can be no assurance that our efforts to protect our data and information technology systems will prevent future breaches in our systems (or that of our third-party providers).
+Added: Such breaches could adversely affect our business and result in financial and reputational harm to us, theft of trade secrets and other proprietary information, legal claims or proceedings, liability under laws that protect the privacy of personal information, and regulatory penalties.
Disruptions in our information technology systems or failure to protect these systems against security breaches could adversely affect our business and results of operations.
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Any future cybersecurity attack causing disruption in our information technology systems or the failure of these systems to operate as expected could, depending on the magnitude of the problem, adversely affect our operating results by limiting our capacity to effectively transact business, monitor and control our operations and adjust to changing market conditions in a timely manner.
−Removed: In addition, because of recent advances in technology and well-known efforts on the part of computer hackers and cyber-terrorists to breach data security of companies, we face risks associated with failure to adequately protect critical corporate, customer and employee data, which could adversely impact our customer relationships, our reputation, and even violate privacy laws.
As part of our business, we develop, receive and retain confidential data about our company and our customers.
+Added: In addition, because of recent advances in technology and well-known efforts on the part of computer hackers and cyber-terrorists to breach data security of companies, we face risks associated with failure to adequately protect critical corporate, customer and employee data, which could adversely impact our customer relationships, our reputation, and even violate privacy laws.
Further, the delay or failure to implement information system upgrades and new systems effectively could disrupt our business, distract management’s focus and attention from our business operations and growth initiatives, and increase our implementation and operating costs, any of which could negatively impact our operations and operating results.
We have engaged in acquisitions and may engage in future acquisitions that could negatively impact our results of operations, financial condition and business.
−Removed: In the first half of 2023, the Company acquired Vesta Modular, a portfolio company of Kinderhook Industries, that is a leading provider of temporary and permanent modular space solutions, the assets of Brekke Storage, that is a regional provider of portable storage solutions in the Colorado market, and the assets of Dixie Storage, a regional provider of portable storage solutions in the South Carolina market.
+Added: During 2023, the Company acquired Vesta Modular, a portfolio company of Kinderhook Industries, that is a leading provider of temporary and permanent modular space solutions, the assets of Brekke Storage and Inland Leasing, that are regional providers of portable storage solutions in the Colorado market, and the assets of Dixie Storage, a regional provider of portable storage solutions in the South Carolina market.
We anticipate that we will continue to consider acquisitions in the future that meet our strategic growth plans.
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If we determine that our goodwill and intangible assets have become impaired, we may incur impairment charges, which would negatively impact our operating results.
−Removed: At June 30, 2023, we had $391.0 million of goodwill and intangible assets, net, on our consolidated balance sheets.
+Added: At September 30, 2023, we had $391.3 million of goodwill and intangible assets, net, on our consolidated balance sheets.
Goodwill represents the excess of cost over the fair value of net assets acquired in business combinations.
97 unchanged sentences
These interest rate adjustments could cause periodic fluctuations in our operating results and cash flows.
−Removed: Our annual debt service obligations increase by approximately $5.7 million per year for each 1% increase in the average interest rate we pay based on the $572.7 million balance of variable rate debt outstanding at June 30, 2023.
+Added: Our annual debt service obligations increase by approximately $4.9 million per year for each 1% increase in the average interest rate we pay based on the $492.7 million balance of variable rate debt outstanding at September 30, 2023.
If interest rates rise in the future, and, particularly if they rise significantly, interest expense will increase and our net income will be negatively affected.
9 unchanged sentences
Changes to existing rules or the questioning of current practices may adversely affect our reported financial results or the way we conduct our business.
−Removed: Adverse economic conditions in the United States and globally, including the potential onset of recession, could have a negative effect on our business, results of operations, financial condition and liquidity.
+Added: Adverse economic conditions in the United States and globally, as well as geopolitical tensions, could have a negative effect on our business, results of operations, financial condition and liquidity.
Adverse macroeconomic conditions in the United States and globally, including inflation, slower than expected growth or recession, changes to fiscal and monetary policy, tightening of the credit markets, higher interest rates and currency fluctuations, could negatively impact our business, financial condition, results of operations and liquidity.
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Macroeconomic weakness and uncertainty also make it more difficult for us to accurately forecast revenue, gross margin and expenses, and may make it more difficult to refinance debt.
−Removed: Furthermore, sustained uncertainty about, or worsening of, current global economic conditions, including further escalation of tensions between Russia and Western countries, as well as further escalation of trade tensions between the U.S.
−Removed: and China, could result in a global economic slowdown and long-term changes to global trade.
+Added: Furthermore, sustained uncertainty about, or worsening of, geopolitical tensions, including further escalation of war between Russia and Ukraine, further escalation of trade tensions between the U.S.
+Added: and China, escalation of tensions between China and Taiwan, further escalation in the conflict between the State of Israel and Hamas, as well as further escalation of tensions between the State of Israel and various countries in the Middle East and North Africa, could result in a global economic slowdown and long-term changes to global trade.
Any or all of these factors could negatively affect our revenue and could materially adversely affect our business, results of operations, financial condition and growth.
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School districts with class sizes in excess of state limits have been and continue to be a significant source of our demand for modular classrooms.
−Removed: In California, efforts to address aging infrastructure and
−Removed: deferred maintenance have resulted in modernization and reconstruction projects by public school districts including seismic retrofitting, asbestos abatement and various building repairs and upgrades, which has been another source of demand for our modular classrooms.
+Added: In California, efforts to address aging infrastructure and deferred maintenance have resulted in modernization and reconstruction projects by public school districts including seismic retrofitting, asbestos abatement and various building repairs and upgrades, which has been another source of demand for our modular classrooms.
The most recent economic recession caused state and local budget shortfalls, which reduced school districts’
56 unchanged sentences
We may not be able to quickly redeploy modular units returning from leases, which could negatively affect our financial performance and our ability to expand, or utilize, our rental fleet.
−Removed: As of June 30, 2023, 61% of our modular portfolio had equipment on rent for periods exceeding the original committed term.
+Added: As of September 30, 2023, 60% of our modular portfolio had equipment on rent for periods exceeding the original committed term.
Generally, when a customer continues to rent the modular units beyond the contractual term, the equipment rents on a month-to-month basis.
If a significant number of our rented modular units were returned during a short period of time, particularly those units that are rented on a month-to-month basis, a large supply of units would need to be remarketed.
−Removed: Our failure to effectively remarket a large influx of units returning from leases could negatively affect our financial performance and our ability to continue expanding our rental fleet.
+Added: Our failure to effectively remarket a large influx of units returning from leases could negatively affect our financial performance and our ability to continue expanding our
+Added: rental fleet.
In addition, if returned units stay off rent for an extended period of time, we may incur additional costs to securely store and maintain them.
89 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.