36 unchanged sentences
Additionally, we may face competition in our efforts to acquire other businesses.
−Removed: The outbreak of COVID-19 and recent oil market developments could adversely impact our financial condition and results of operations.
−Removed: On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus known as COVID-19 due to the risks it imposes on the international community as the virus spreads globally.
−Removed: In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.
−Removed: During this time, the market began to experience a decline in oil prices in response to oil demand concerns due to the global economic impacts of COVID-19.
−Removed: These developments led to significant weakness in oil prices and ensuing reductions of E&P company capital and operating budgets.
−Removed: While economic and industry conditions have improved, further or increased outbreaks of COVID-19 could impact our financial condition and results of operations in 2022 and perhaps beyond, as further discussed in risk factors below.
−Removed: In addition, the continued spread of the virus into our workforce could prevent us meeting the demands of our customers and adequately servicing existing compressors.
−Removed: Similarly, if our customers or suppliers experience adverse business consequences due to COVID-19, demand for our equipment and services could also be adversely affected.
−Removed: The magnitude and duration of potential social, economic and labor instability as a direct result of COVID-19 cannot be estimated at this time.
−Removed: Should any of these potential impacts continue for an extended period of time, the impact on our business could have an adverse effect on our financial position and results of operations.
Adverse macroeconomic and business conditions may significantly and negatively affect our results of operations.
−Removed: As a result of the COVID-19 outbreak discussed above and other economic conditions in the United States and abroad, our revenue and profitability has been and will likely continue to be adversely affected.
+Added: As a result of the COVID-19 outbreak and other economic conditions in the United States and abroad, our revenue and profitability has been adversely affected.
The condition of domestic and global financial markets and the potential for disruption and illiquidity in the credit markets could have an adverse effect on our operating results and financial condition, and if sustained for an extended period, such adverse effects could also become significant.
45 unchanged sentences
A number of advocacy groups, both domestically and internationally, have campaigned for governmental and private action to promote change at public companies related to ESG matters, including through the investment and voting practices of investment advisers, public pension funds, universities and other members of the investing community.
−Removed: These activities include increasing attention and demands for action related to climate change and energy transition matters, such as promoting the use of substitutes to fossil fuel products
−Removed: and encouraging the divestment of fossil fuel equities, as well as pressuring lenders and other financial services companies to limit or curtail activities with fossil fuel companies.
+Added: These activities include increasing attention and demands for action related to climate change and energy transition matters, such as promoting the use of substitutes to fossil fuel products and encouraging the divestment of fossil fuel equities, as well as pressuring lenders and other financial services companies to limit or curtail activities with fossil fuel companies.
Members of the investment community have begun to screen companies for sustainability performance, including practices related to climate change.
54 unchanged sentences
our (i) Chief Executive Officer, (ii) Chief Financial Officer and (iii) Vice President of Technical Services.
−Removed: We depend on the continued employment and performance of these three key members of our executive management team.
−Removed: In particular, we are significantly reliant upon the leadership and guidance of Stephen C.
−Removed: Taylor, who has been our President, Chief Executive Officer and Board member since 2004.
−Removed: In addition to his management duties, Mr.
−Removed: Taylor has been instrumental in our communications and standing with the investment community.
−Removed: If any of our key executives resign or become unable to continue in their present role and is not adequately replaced, our business operations could be materially adversely affected.
+Added: Taylor, our Interim President and Chief Executive Officer who has been our President, Chief Executive Officer and Board member since 2004, has announced his intention to retire as an officer from the Company effective June 30, 2023.
+Added: We currently have an Interim Chief Financial Officer after the resignation of our prior Chief Financial Officer on February 28, 2023.
+Added: If either of these positions are not adequately or timely replaced, our business operations could be materially adversely affected.
We do not carry any key-man insurance on any of our officers or directors.
3 unchanged sentences
Many of our customers’ equity values and liquidity substantially declined during the most recent fall in oil and natural gas prices, and in some cases access to capital markets may be an unreliable source of financing for some customers.
−Removed: The combination of a reduction in cash flow resulting from declines in commodity prices, a reduction in borrowing bases under reserve-based credit facilities and the lack of availability of debt or equity financing may result in a reduction in our customers’ spending for our products and services in 2022.
+Added: The combination of a reduction in cash flow resulting from declines in commodity prices, an increase in the interest rates charged for debt incurrence, a reduction in borrowing bases under reserve-based credit facilities and the lack of availability of debt or equity financing may result in a reduction in our customers’ spending for our products and services in 2023.
For example, our customers could seek to preserve capital by canceling month-to-month contracts, canceling or delaying scheduled maintenance of their existing natural gas compression equipment or determining not to enter into any new natural gas compression service contracts or purchase new compression equipment.
7 unchanged sentences
We may require a substantial amount of capital to expand our compressor rental fleet and grow our business.
−Removed: During 2022, the amount we will spend on capital expenditures related to rental compression equipment will be determined primarily by the activity of our customers.
+Added: During 2023, the amount we will spend on capital expenditures related to rental compression equipment will be determined primarily by the activity of our customers, our financial resources and access to capital.
The amount and timing of any capital expenditures may vary depending on a variety of factors, including the level of activity in the oil and natural gas exploration and production industry and the presence of alternative uses for our capital, including any acquisitions that we may pursue.
−Removed: During the past year, we funded our capital expenditures through cash flows from operations.
−Removed: Although we believe that cash on hand and cash flows from our operations and/or potential bank borrowing from line of credit will provide us with sufficient cash to fund our planned capital expenditures for 2022, we cannot assure you that these sources will be sufficient.
+Added: During the past year, we funded our capital expenditures through cash flows from operations and borrowings from our revolving credit facility.
+Added: Although we believe that cash on hand, cash flows from our operations and bank borrowing from revolving credit facility will provide us with sufficient cash to fund our planned capital expenditures for 2023, we cannot assure you that these sources will be sufficient.
We may require additional capital to fund any significant unanticipated capital expenditures, such as a material acquisition.
3 unchanged sentences
Our debt levels may negatively impact our current and future financial stability.
+Added: In February 2023, we significantly increased the borrowing commitment of our revolving credit facility from $50 million to $175 million (subject to borrowing base limitation and customary covenants) and at December 31, 2022 we had $25 million outstanding on the revolving credit facility and anticipate additional significant borrowing on the facility through 2023.
Should we utilize our full debt capacity growth beyond that point could be impacted.
2 unchanged sentences
• our ability to obtain additional financing for working capital, acquisitions, capital expenditures and other purposes may be limited;
−Removed: • a significant portion of our cash flow from operations may be dedicated to the payment of principal and interest on our debt, thereby reducing funds available for other purposes;
+Added: • a significant portion of our cash flow from operations may be dedicated to the payment of principal and interest (which is variable on our revolving credit facility) on our debt, thereby reducing funds available for other purposes;
• our leverage if increased to an unacceptable level, could make us more vulnerable to economic downturns.
If we borrow under our credit line and are unable to service our debt, we will likely be forced to take remedial steps that are contrary to our business plan.
−Removed: We believe that our current cash position and anticipated cash flow from operations and the amount available under our line of credit will be sufficient to meet our capital needs through 2022.
−Removed: However, if we were to materially borrow under our line of credit or other borrowing arrangements, it is possible that our business will not generate sufficient cash flow from
−Removed: operations to meet any debt service requirements and the payment of principal when due depending on the amount of borrowings at any given time.
+Added: If we were to materially borrow under our line of credit or other borrowing arrangements, it is possible that our business will not generate sufficient cash flow from operations to meet any debt service requirements and the payment of principal when due depending on the amount of borrowings at any given time.
If this were to occur, we may be forced to:
65 unchanged sentences
Substantial sales of our common stock in the public market, or the perception by the market that those sales could occur, may lower our stock price or make it difficult for us to raise additional equity capital in the future.
−Removed: According to filings made with the Securities and Exchange Commission in February 2022, an aggregate of approximately 27.9% of the outstanding shares of our common stock are owned by four institutional investors, each of which owns more than 5% of our outstanding shares as of the date of their respective filings in February 2022.
+Added: According to filings made with the Securities and Exchange Commission in February 2022, an aggregate of approximately 38.1% of the outstanding shares of our common stock are owned by five institutional investors, each of which owns more than 5% of our outstanding shares as of the date of their respective filings in February 2022.
Potential sales of large amounts of these shares in a short period of time by one or more of these significant investors could have a negative impact on our stock price.
32 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.