19 unchanged sentences
Economic conditions affecting operating costs such as fuel, insurance, equipment and maintenance costs can negatively impact the number of qualified independent contractors available to us.
−Removed: We have from time to time experienced under-utilization and increased expenses due to a shortage of qualified drivers.
+Added: We have occasionally experienced under-utilization and increased expenses due to a shortage of qualified drivers.
If we are unable to attract drivers or contract with independent contractors when needed, we could be required to further adjust our driver compensation packages, increase driver recruiting efforts, or let trucks sit idle, any of which could adversely affect our growth and profitability.
−Removed: Purchase price increases for new revenue equipment and/or decreases in the value of used revenue equipment could have an adverse effect on our results of operations, cash flows and financial condition.
+Added: Purchase price increases for new revenue equipment, decreases in the value of used revenue equipment and/or disruptions in the availability of new revenue equipment could have an adverse effect on our results of operations, cash flows and financial condition.
Over the past decade, the purchase price of new revenue equipment has increased significantly as equipment manufacturers recover increased materials and engine design costs resulting from compliance with increasingly stringent EPA engine emission standards, government tariffs on raw materials and other factors beyond the Company’s control.
2 unchanged sentences
If the market price for used revenue equipment declines, we could incur substantial losses upon disposition of our revenue equipment which could adversely affect our results of operations and financial condition.
+Added: Additionally, supply chain disruptions resulting from the COVID-19 pandemic and the related global shortage of microprocessors and other computer chips has caused significant production slowdowns at the North American Class 8 truck manufacturers and has substantially limited the availability of new revenue equipment available for delivery.
+Added: Should such disruptions continue or worsen, it could significantly disrupt our equipment replacement cycle, further increase the prices for new revenue equipment and cause us to incur increased maintenance and operating expenses due to having to utilize existing equipment for longer time periods, and of which could have a material adverse effect on our business and profitability.
We have significant ongoing capital requirements that could affect our liquidity and profitability if we are unable to generate sufficient cash from operations or obtain sufficient financing on favorable terms.
35 unchanged sentences
The ongoing impact of the COVID-19 pandemic, or other similar outbreaks in the future, could negatively impact our financial condition, liquidity, results of operations, and cash flows.
−Removed: The outbreak of the novel coronavirus (COVID-19) pandemic in early 2020 materially and adversely affected our operating results and cash flows during 2020.
−Removed: The ongoing impacts of the pandemic and any other outbreaks of contagious diseases or other adverse public health developments could have a further materially adverse effect on our financial condition, liquidity, results of operations, and cash flows. The rapid spread of COVID-19 has resulted in governmental authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter in place orders, increased border and port controls and closures, and shutdowns.
−Removed: These measures and the public health concerns resulting from the outbreak have severely disrupted economic and commercial activity.
+Added: The rapid spread of COVID-19 resulted in governmental authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter in place orders, increased border and port controls and closures, and shutdowns.
+Added: These measures and the public health concerns resulting from the outbreak severely disrupted economic and commercial activity.
The resulting impact on domestic and global supply chains caused slowdowns and reduced freight demand for transportation companies such as ours.
−Removed: Because we have a significant concentration of customers within the automotive industry, our freight volumes and revenues were significantly affected by the closure of North American automotive manufacturing facilities beginning in late March.
−Removed: Our automotive customers have since resumed operations;
−Removed: however, any future wave of the virus or other similar outbreaks could further adversely affect our business.
−Removed: In addition, the implementation of measures to protect the health and safety of our employees, customers, vendors and the general public may disrupt our ability to efficiently manage personnel and operations and to recruit and retain driver and non-driver personnel, which could have a material adverse effect on our operating results. Further, negative financial results, an economic downturn or uncertainty, or a tightening of credit markets caused by COVID-19 or other similar outbreaks could have a material adverse effect on our liquidity and our ability to effectively meet our short- and long-term financial obligations.
+Added: Because we have a significant concentration of customers within the automotive industry, our freight volumes and revenues were significantly affected by the closure of North American automotive manufacturing facilities beginning in late March of 2020.
+Added: Our automotive customers resumed operations during the second quarter of 2020 and have not been materially disrupted during 2021.
+Added: Any future delays or interruptions of automotive production and other consumer activity affecting our customers that could result from the ongoing outbreak of the Delta and Omicron variants or any future wave of the virus or other similar outbreaks could further adversely affect our business.
+Added: In addition, the implementation of measures to protect the health and safety of our employees, customers, vendors and the general public, or any state of federal vaccination mandates, may disrupt our ability to efficiently manage personnel and operations and to recruit and retain driver and non-driver personnel, which could have a material adverse effect on our operating results. Further, negative financial results, an economic downturn or uncertainty, or a tightening of credit markets caused by COVID-19 or other similar outbreaks could have a material adverse effect on our liquidity and our ability to effectively meet our short- and long-term financial obligations.
Numerous competitive factors could impair our ability to operate at an acceptable profit.
11 unchanged sentences
A significant portion of our revenue is generated from our major customers.
−Removed: For 2020, our top five customers, based on revenue, accounted for approximately 35% of our revenue, and our three largest customers, General Motors Company, Fiat Chrysler Automobiles, and Ford Motor Company accounted for approximately 15%, 6% and 5% of our revenue, respectively.
+Added: For 2021, our top five customers, based on revenue, accounted for approximately 33% of our revenue.
+Added: Our largest customer, General Motors Company, accounted for approximately 11% of our revenue.
We also provide transportation services to other manufacturers who are suppliers for automobile manufacturers.
35 unchanged sentences
We also cannot provide assurance that we would be able to dispose of material assets or operations or restructure our debt or other obligations if necessary or, even if we were able to take such actions, that we could do so on terms that are acceptable to us.
−Removed: Discontinuation, reform or replacement of LIBOR may adversely affect our variable rate debt.
−Removed: Borrowings under our credit facilities are at variable rates of interest, primarily based on London Interbank Offered Rate (“LIBOR”).
−Removed: LIBOR tends to fluctuate based on general interest rates, rates set by the U.S.
−Removed: Federal Reserve Board and other central banks, the supply of and demand for credit in the London interbank market, and general economic conditions.
−Removed: In July 2017, the Financial Conduct Authority in the U.K.
−Removed: announced a desire to phase out LIBOR as a benchmark by the end of 2021.
−Removed: Financial industry working groups are developing replacement rates and methodologies to transition existing agreements that depend on LIBOR as a reference rate;
−Removed: however, we can provide no assurance that market-accepted rates and transition methodologies will be available and finalized at the time of LIBOR cessation.
−Removed: If clear market standards and transition methodologies have not been developed by the time LIBOR becomes unavailable, we may have difficulty reaching agreement on acceptable replacement rates under our credit facilities.
−Removed: If we are unable to negotiate replacement rates on favorable terms, it could have a material adverse effect on our earnings and cash flows.
Disruptions in the credit markets may adversely affect our business, including the availability and cost of short-term funds for liquidity requirements and our ability to meet long-term commitments, which could adversely affect our results of operations, cash flows and financial condition.
14 unchanged sentences
The agreement permitting cross-border movements for both United States and Mexican-based carriers in the United States and Mexico presents additional risks in the form of potential increased competition and the potential for increased congestion in our lanes that cross the border between countries.
+Added: On April 23, 2021, a decree was published that reforms various laws in Mexico regarding labor outsourcing.
+Added: Under this new decree, operating companies will no longer be able to source their labor resources used to carry out core business functions from service entities or third-party providers and could be subject to the loss of tax deductions and value-added tax credits on payments to outsourced personnel and certain penalties for failing to comply with the new requirements.
+Added: The Company is currently evaluating the new decree and its potential implications.
+Added: While the overall impact of the new decree and its provisions continue to be assessed, the new law could result in increased costs to our operations in Mexico and could have a material adverse impact on our business and financial results.
Our results of operations may be affected by seasonal factors.
82 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.