27 unchanged sentences
• payment risk associated with the financial condition of our customers or others;
−Removed: • increases in design, construction and operating costs, due to inflation or other unforeseen causes, that we are unable to pass through to our customers;
+Added: • increases in design, construction and operating costs, due to inflation, tariffs or other unforeseen causes, that we are unable to pass through to our customers;
• the termination or expiration of existing agreements;
3 unchanged sentences
• availability of qualified labor for specific projects;
−Removed: • supply chain interruptions, including as a result of natural disasters, wildfires, weather, labor disputes, wars, pandemic outbreak of disease, fire or explosions and power outages;
+Added: • supply chain interruptions, including as a result of natural disasters, wildfires, weather, labor disputes, tariffs, government shutdowns, wars, pandemic outbreak of disease, fire or explosions and power outages;
• liabilities associated with participation in joint ventures related to third party failures;
30 unchanged sentences
policies related to global trade and tariffs, as well as retaliatory trade measures implemented by other countries, have resulted in uncertainty surrounding the future of the global economy.
−Removed: Increases in the cost of imported raw materials or finished goods as a result of tariffs or trade policies may impact customer spending, indirect inflationary impacts, and reductions in customer spending could lead to fewer project awards and more competition We cannot predict the outcome of these changing trade policies or other unanticipated political conditions, nor can we predict the timing or strength of any economic recovery or downturn worldwide or its impact on our customers’ markets.
+Added: Increases in the cost of imported raw materials or finished goods as a result of tariffs or trade policies may impact customer spending, indirect inflationary impacts, and reductions in customer spending could lead to fewer project awards and more competition.
+Added: We cannot predict the outcome of these changing trade policies or other unanticipated political conditions, nor can we predict the timing or strength of any economic recovery or downturn worldwide or its impact on our customers’ markets.
New Project and Growth Risks
33 unchanged sentences
We have in the past and may in the future encounter difficulties that impact our ability to complete the project in accordance with the original delivery schedule.
−Removed: These difficulties have and may continue to be the result of delays in designs;
+Added: These difficulties have in the past been and may continue to be the result of delays in designs;
engineering information or materials provided by the customer or a third party;
4 unchanged sentences
delays caused by difficult worksite environments;
+Added: delays caused by government shutdowns;
delays caused by inefficiencies and not achieving expected labor performance and other factors, some of which are beyond our control.
19 unchanged sentences
Our ability to maintain our productivity and our operating results may be limited by our ability to employ, train and retain qualified personnel necessary to operate efficiently and to support our growth strategy.
−Removed: We have from time to time experienced shortages of certain types of qualified personnel, such as linemen, field supervisors, project managers and engineers, in certain regions.
+Added: We have from time-to-time experienced shortages of certain types of qualified personnel, such as linemen, wiremen, field supervisors, project managers and engineers, in certain regions.
In addition, our projects are sometimes located in remote areas, which can make recruitment and deployment of our personnel challenging.
2 unchanged sentences
Many linemen are willing to travel to earn premium wages for such work, which from time-to-time makes it difficult for us to retain these workers for ongoing projects when storm conditions persist.
−Removed: The commencement of new, large-scale infrastructure projects or increased demand for infrastructure improvements, as well as the shrinking electric utility workforce, may reduce the pool of skilled workers available to us.
−Removed: Labor shortages could impair our ability to maintain our business or grow our revenues.
−Removed: If we are unable to hire personnel with the requisite skills, we may also be forced to incur significant training expenses.
+Added: The commencement of any new, large-scale projects or increased demand for infrastructure improvements, as well as the shrinking skilled electrical workforce, may reduce the pool of skilled workers available to us.
+Added: Labor shortages could materially increase our cost or impair our ability to maintain our business or grow our revenues.
In addition, the success of our business depends upon the continued efforts and abilities of our employees.
75 unchanged sentences
Changes in the operating environment, including changes in tax laws, as well as differences in the interpretation of tax laws, could materially impact our income tax liabilities.
+Added: Furthermore, our income tax assets and liabilities could be adversely affected by numerous other factors, including operating income earned and tax rates in various jurisdictions being different than anticipated as well as changes in the valuation of deferred income tax assets and liabilities.
In addition, we currently collect and remit sales and use, value added and other transaction taxes in certain jurisdictions, based on our assessment of the amount of taxes owed by us in such jurisdictions.
43 unchanged sentences
Regulatory and Environmental Risks
−Removed: Legislative or regulatory actions relating to electricity transmission and clean energy may impact demand for our services.
+Added: Legislative or regulatory actions relating to utility, electricity transmission, clean energy or our business activities may impact demand for our services.
Current and future legislative or regulatory actions may impact demand for our services, require utilities to meet reliability standards, and encourage installation of new electric transmission, distribution and clean energy generation facilities.
90 unchanged sentences
In some cases, these estimates are particularly difficult to determine, and we must exercise significant judgment.
−Removed: The most significant estimates we use are related to costs to complete contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, acquisition-related contingent earn-out consideration liabilities, the recoverability of goodwill and intangibles, and accounts receivable reserves.
+Added: The most significant estimates we use are related to costs to complete contracts, variable consideration inclusive of pending change orders and claims, shared savings, useful lives of property and equipment, insurance reserves, the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and allowance for doubtful accounts.
Our business, financial condition, results of operations and cash flows could be adversely affected by impairments to goodwill, other intangible assets, receivables, long-lived assets or investments.
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These actions could be taken on short notice.
−Removed: If our surety providers or lenders were to limit or eliminate our access to bonding, letters of credit or guarantees, our alternatives would include seeking capacity from other sureties and lenders, finding more business that does not require bonds or allows for other forms of collateral for project performance, such as cash.
+Added: If our surety providers or lenders were to limit or eliminate our access to bonding, letters of credit or guarantees, our alternatives would include seeking capacity from other sureties and lenders or finding more business that does not require bonds or allows for other forms of collateral for project performance, such as cash.
We may be unable to secure these alternatives in a timely manner, on acceptable terms, or at all, which could affect our ability to bid for or work on future projects requiring financial assurances.
We have also granted security interests in various assets to collateralize our obligations to our sureties and lenders.
−Removed: Furthermore, under standard terms in the surety market, sureties issue or continue bonds on a project-by-project basis and can decline to issue bonds at any time or require the posting of additional collateral as a condition to issuing or renewing any bonds.
+Added: Furthermore, under standard terms in the surety market, sureties issue or continue bonds on a project-by-project basis and can decline to issue bonds at any time or require the posting of collateral as a condition to issuing or renewing any bonds.
If we were to experience an interruption or reduction in the availability of bonding capacity as a result of these or any other reasons, we may be unable to compete for or work on certain projects that would require bonding.
3 unchanged sentences
Additionally, our customers also could be adversely affected by these risks, which in turn could result in their committing a breach or default under their contractual agreements with us, their insolvency or bankruptcy, or other adverse effects.
−Removed: Any decline in available funding, limitation on access to our cash and liquidity resources, or non-compliance of banking and financial services counterparties with their contractual commitments to us could, among other risk, could have a material adverse effect on our business, financial condition, results of operations and cash flows.
+Added: Any decline in available funding, limitation on access to our cash and liquidity resources, or non-compliance of banking and financial services counterparties with their contractual commitments to us could, among other risk, have a material adverse effect on our business, financial condition, results of operations and cash flows.
Employee Risks
18 unchanged sentences
The failure of these systems to operate effectively or problems with transitioning to upgraded or replacement systems could cause delays and reduce the efficiency of our operations, which could have a material adverse effect on our business, financial position, results of operations and cash flows, and significant costs could be incurred to remediate any problem.
−Removed: Increased IT security threats and more sophisticated computer crimes, including advanced persistent threats, computer viruses, ransomware, other types of malicious code, hacking, phishing and social engineering schemes designed to provide access to our networks or data, pose a potential risk to the security of our IT systems, networks and services, as well as the confidentiality, availability and integrity of our data.
+Added: Increased IT security threats and other more sophisticated computer crimes, including the use of new and emerging technologies such as artificial intelligence, advanced persistent threats, computer viruses, ransomware, other types of malicious code, hacking, phishing and social engineering schemes designed to provide access to our networks or data, pose a potential risk to the security of our IT systems, networks and services, as well as the confidentiality, availability and integrity of our data.
If the IT systems, networks or service providers we rely upon fail to function properly, or if we suffer a loss or disclosure of sensitive information, we may suffer interruptions in our ability to manage operations, be subject to government enforcement actions, litigation, and reputational, competitive and business harm which may adversely impact our business, financial position, results of operations and cash flows, competitive position and reputation.
15 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.