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The COVID-19 pandemic and the measures undertaken by governmental authorities to address it, initially disrupted or prevented us from operating our business in the ordinary course.
−Removed: Future disruptions and governmental actions combined with any associated economic and/or social instability or distress, can be expected to have an adverse impact on our results of operations, financial condition and cash flows.
+Added: Future disruptions and governmental actions combined with any associated economic and/or social instability or distress, may have an adverse impact on our results of operations, financial condition and cash flows.
On March 11, 2020, the World Health Organization characterized the outbreak of COVID-19 as a global pandemic and recommended containment and mitigation measures.
1 unchanged sentence
As a result, there have been extraordinary and wide-ranging actions taken by federal, state and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19 across the United States, including quarantines and “shelter-in-place” ("SIP") orders which substantially restricted daily activities.
−Removed: Although many have since been at least partially lifted, many state and local governments may pause their efforts to re-open and may re-implement various closure and restrictive measures.
+Added: Although many, if not all, have since been lifted, some state and local governments have paused their efforts to re-open and may re-implement or modify various closure and restrictive measures.
During the initial SIP orders, in nearly all of the markets in which we build homes, construction operations were deemed “essential” by the local governments and we had been able to maintain our operations.
−Removed: While we are currently experiencing exceptionally high traffic and orders pace, we are uncertain of the potential full magnitude or duration of the business and economic impacts from COVID-19, which could include:
+Added: While we are currently experiencing exceptionally high demand and pricing power, we cannot anticipate or predict possible future business and economic impacts from COVID-19, which could include:
• declining orders and declining closing volume and associated revenues;
• declining sales prices thereby reducing home closing margin, which if severe and sustained could result in potential real estate impairments;
+Added: • increases in unemployment, decreases in wages and other changes that could impact the ability of customers to purchase homes;
• tightening of mortgage lending thereby reducing the number of potential homebuyers;
+Added: • increases in cancellations of home orders;
• disruptions in our supply chain which would delay construction and completion of our homes;
• intensifying public health efforts to such an extent that we will not be able to conduct any business operations in certain of our served markets or at all for an indefinite period;
−Removed: • a change in the classification of our business as “essential” in one or more of our markets that would preclude us from continuing our development and construction activities;
+Added: • a change in the classification of our business as “essential” in one or more of our markets that would preclude us from our development and construction activities;
• inefficiencies and increased costs in our development, construction and administrative processes due to social distancing and personal protective equipment requirements;
3 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.