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RISKS RELATED TO OUR COMPANY’S OPERATIONS
−Removed: COVID-19 and the resulting governmental reactions to COVID-19 have negatively impacted our business and could have a continued material adverse impact on our business, financial condition, liquidity and results of operations.
−Removed: The coronavirus pandemic (“COVID-19”) caused significant negative impacts on our operations and stock price.
−Removed: Our revenue declined substantially beginning in early 2020 because of COVID-19 and may continue to be impacted while economic conditions normalize post-pandemic.
−Removed: Further deterioration in economic conditions, as a result of COVID-19 or otherwise, could lead to a prolonged decline in demand for our services and negatively impact our business.
−Removed: The extent to which COVID-19, including any variants, could continue to adversely impact our business depends on future developments of the pandemic and related governmental responses, such as the efficacy, distribution, and government requirements related to the COVID-19 vaccines.
−Removed: While this matter has, and we expect it to continue to, negatively impact our results of operations, cash flows, profit margins, and financial position, the current level of uncertainty over the economic and operational impacts of COVID-19 means the related future financial impact is difficult to estimate at this time.
+Added: Demand for our workforce solutions is significantly affected by fluctuations in general economic conditions.
+Added: The demand for our workforce solutions is highly dependent upon the state of the economy and the workforce needs of our clients, which creates uncertainty and volatility in our operations.
+Added: Our profitability is sensitive to decreases in demand.
+Added: National and global economic activity is slowed by many factors, including rising interest rates, recessionary periods, inflation, political and legislative changes, international conflict or instability, epidemics, other significant health concerns, and global trade uncertainties.
+Added: As economic activity slows, companies tend to reduce their use of associates and recruitment of new employees.
+Added: We work in a broad range of industries that primarily include construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, transportation, retail and hospitality.
+Added: Significant declines in demand from any region or industry in which we have a major presence, domestic or global supply chain disruptions, or decline in the financial health of our clients, significantly decreases our revenues and profits.
+Added: For example, we experienced significantly reduced demand from our clients due to the coronavirus pandemic (“COVID-19”) and the resulting supply chain disruptions in the manufacturing and renewable energy sectors we serve.
+Added: The extent to which global pandemics impact our financial condition or results of operations will depend on factors such as the duration and scope of the pandemic, as well as whether there is a material impact on the businesses or productivity of our clients, employees, associates and other partners.
+Added: Further deterioration in economic conditions, as a result of COVID-19, global supply chain issues, political instability, rising energy prices, a recession or fear of a recession, and the related governmental responses to these concerns, or otherwise, could lead to a prolonged decline in demand for our services and negatively impact our business.
+Added: Deterioration in economic conditions or the financial or credit markets could also have an adverse impact on our clients’ financial health or their ability to pay for services we have already provided.
+Added: It is difficult for us to forecast future demand for our services due to the inherent uncertainty in forecasting the direction and strength of economic cycles and the project nature of our staffing assignments.
+Added: The uncertainty can be exacerbated by volatile economic conditions, which has caused and may continue to cause clients to reduce or defer projects for which they utilize our services.
+Added: The negative impact to our business can occur before, during or after a decline in economic activity is seen in the broader economy.
+Added: When it is difficult for us to accurately forecast future demand, we may not be able to determine the optimal level of personnel and investment necessary to profitably manage our business in light of opportunities and risks we face.
Advances in technology may disrupt the labor and recruiting markets.
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If we do not sufficiently invest in and implement new technology, or evolve our business at sufficient speed and scale, our business results may decline materially.
−Removed: Acquiring technological talent and expertise to develop new technologies for our business may require us to incur significant expenses and capital costs.
+Added: Acquiring technological resources and expertise to develop new technologies for our business may require us to incur significant expenses and capital costs.
For some solutions, we depend on key vendors and partners to provide technology and support.
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Unexpected changes in claim trends on our workers’ compensation or an inability to obtain appropriate insurance coverage may negatively impact our financial condition.
−Removed: Our temporary staffing services employ associates for which we provide workers’ compensation insurance.
+Added: Our contingent staffing services employ associates for which we provide workers’ compensation insurance.
Our workers’ compensation insurance policies are renewed annually.
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We cannot be certain we will be able to obtain appropriate types or levels of insurance in the future or that adequate replacement policies will be available on acceptable terms.
−Removed: The loss of our workers’ compensation insurance coverage would prevent us from operating as a staffing
−Removed: services business in the majority of our markets.
+Added: The loss of our workers’ compensation insurance coverage would prevent us from operating as a staffing services business in the majority of our markets.
Further, we cannot be certain that our current and former insurance carriers will be able to pay claims we make under such policies.
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An inability to meet client insurance requirements may adversely affect our ability to take on new clients or continue providing services to existing clients.
−Removed: Demand for our workforce solutions is significantly affected by fluctuations in general economic conditions.
−Removed: The demand for our workforce solutions is highly dependent upon the state of the economy and the workforce needs of our clients, which creates uncertainty and volatility in our operations.
−Removed: National and global economic activity is slowed by many factors, including rising interest rates, inflation, political and legislative changes, epidemics, other significant health concerns, and global trade uncertainties.
−Removed: As economic activity slows, companies tend to reduce their use of associates and recruitment of new employees.
−Removed: We work in a broad range of industries that primarily include construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail and hospitality.
−Removed: Significant declines in demand from any region or industry in which we have a major presence, supply chain disruptions, or decline in the financial health of our clients, significantly decreases our revenues and profits.
−Removed: For example, we experienced significantly reduced demand from our clients due to COVID-19.
−Removed: Deterioration in economic conditions or the financial or credit markets could also have an adverse impact on our clients’ financial health or their ability to pay for services we have already provided.
−Removed: It is difficult for us to forecast future demand for our services due to the inherent uncertainty in forecasting the direction and strength of economic cycles and the project nature of our staffing assignments.
−Removed: The uncertainty can be exacerbated by volatile economic conditions, which has caused and may continue to cause clients to reduce or defer projects for which they utilize our services.
−Removed: The negative impact to our business can occur before, during or after a decline in economic activity is seen in the broader economy.
−Removed: When it is difficult for us to accurately forecast future demand, we may not be able to determine the optimal level of personnel and investment necessary to profitably manage our business in light of opportunities and risks we face.
The loss of, continued reduction in or substantial decline in revenue from larger clients or certain industries could have a material adverse effect on our revenues, profitability and liquidity.
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The deterioration of the financial condition of a large client or a particular industry could have a material adverse effect on our business, financial condition, and results of operations.
−Removed: COVID-19 has caused certain clients to temporarily close large job sites or reduce demand for our services, and future outbreaks of the pandemic, or other unforeseen disruptions, could cause large closures and long-term reduction in demand.
In addition, a significant change to the business, staffing, or recruiting model of these clients, for example a decision to insource our services, has had, and could again have, a material adverse effect on our business, financial condition, and results of operations.
−Removed: Reduced demand for our services from larger clients or certain industries, such as renewed restrictions on travel and leisure or supply interruptions for manufacturing, have had, and in the future could have, a material adverse effect on our business, financial condition, and results of operations.
+Added: Reduced demand for our services from larger clients or certain industries, or supply interruptions for manufacturing, have had, and in the future could have, a material adverse effect on our business, financial condition, and results of operations.
Client concentration exposes us to concentrated credit risk, as a significant portion of our accounts receivable may be from a small number of clients.
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Our business and operations have undergone, and will continue to undergo, significant change as we seek to improve our operational and support effectiveness, which if not managed effectively could have an adverse outcome on our business and results of operations.
−Removed: We have significantly changed our operations and internal processes in recent periods, and we will continue making similar changes to improve our operational effectiveness.
+Added: We have significantly changed our operations and internal processes in recent periods, such as our continued development of technology to leverage our operational effectiveness, and we will continue making similar changes to improve our operational effectiveness.
These efforts strain our systems, management, administrative, operations and financial infrastructure.
−Removed: For example, we are conducting pilot projects to further reduce the costs of our PeopleReady branch network through a greater use of technology, centralizing work activities, and repurposing of job roles, while maintaining the strength of our geographic footprint.
We believe these efforts are important to our long-term success.
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Negative perceptions or publicity could damage our reputation with current or prospective clients, associates, candidates and employees.
−Removed: Negative perceptions or publicity regarding our vendors, clients, or business partners may adversely affect our brand and reputation.
+Added: Negative perceptions or publicity regarding our employees, business practices, vendors, clients, or business partners may adversely affect our brand and reputation.
We may not be successful in detecting, preventing, or negating all changes in or impacts on our reputation, including reputational effects of negative social media use by our clients, employees, or associates.
−Removed: If any factor, including poor performance or negative publicity, whether or not true, hurts our reputation, we may experience negative repercussions which could harm our business.
+Added: Companies are facing increasing scrutiny from customers, regulators, investors, and other stakeholders related to their environmental, social and governance (“ESG”) practices and disclosures.
+Added: Our reputation could be associated with our position, or silence, regarding various corporate ESG initiatives, including goals for sustainability, diversity, equity and inclusion.
+Added: Failure to adapt to or comply with regulatory requirements or investor or stakeholder expectations and standards could negatively impact our reputation, ability to do business with certain partners, and harm our business.
+Added: If any factor, including unethical behavior, illegal conduct, poor performance or negative publicity, whether or not true, hurts our reputation, we may experience negative repercussions which could harm our business.
We may not achieve the intended effects of our business strategy which could negatively impact our results.
−Removed: Our business strategy focuses on driving growth in our PeopleReady, PeopleManagement and PeopleScout business segments by investing in innovative technology and initiatives which drive organic growth.
+Added: Our business strategy focuses on driving growth in our PeopleReady, PeopleScout and PeopleManagement business segments by investing in innovative technology and initiatives which drive organic growth.
These investments may not achieve our desired results or may be impacted by matters outside of our control.
−Removed: If we are unsuccessful in executing any of these strategies, we may not achieve our goal of revenue and profit growth, which could negatively impact financial results.
+Added: If we are unsuccessful in executing any of these strategies, or if these strategies fail to address the changing demands of the market, we may not achieve our goal of revenue and profit growth, which could negatively impact financial results.
Outsourcing certain aspects of our business could result in disruption and increased costs.
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In addition, we have engaged third parties to host and manage certain aspects of our data center, information and technology infrastructure, mobile apps, and electronic pay solutions, to provide certain back office support activities, and to support business process outsourcing for our clients.
−Removed: We are subject to the risks associated with the vendors’ inability to provide these services in a manner that meets our needs.
+Added: We are subject to the risks associated with the vendors’ inability to provide these services in a manner that meets our needs and the risks associated with changing vendors or in sourcing these aspects of our business.
If the cost of these services is more than expected, if the vendors suddenly cease providing their services, if we or the vendors fail to adequately protect our data and information is lost or compromised, or if our ability to deliver our services is interrupted, then our business and results of operations may be negatively impacted.
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The repurchase program may be limited, suspended or discontinued at any time without prior notice.
+Added: Future regulatory action could impact our ability to continue this program or our ability to repurchase shares under the existing program.
In addition, repurchases of our common stock pursuant to our share repurchase program could affect our stock price and increase its volatility.
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Our level of debt and restrictions in our credit agreement could negatively affect our operations and limit our liquidity and our ability to react to changes in the economy.
−Removed: Our revolving credit agreement (“Revolving Credit Facility”) contains restrictive covenants that require us to maintain certain financial conditions, which we may fail to meet if there is a material decrease in our profitability, including as a result of COVID-19.
+Added: Our revolving credit agreement (“Revolving Credit Facility”) contains restrictive covenants that require us to maintain certain financial conditions, which we may fail to meet if there is a material decrease in our profitability.
Our failure to comply with these restrictive covenants could result in an event of default, which, if not cured or waived, would require us to repay these borrowings before their due date.
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We may have additional tax liabilities that exceed our estimates.
−Removed: We are subject to federal taxes, a multitude of state and local taxes in the U.S., and taxes in foreign jurisdictions.
+Added: We are subject to federal taxes, a multitude of state and local taxes in the United States of America (“U.S.”), and taxes in foreign jurisdictions.
+Added: Changes in the mix of our taxable income by jurisdiction could have a material impact on our financial condition or results of operations.
+Added: Changes in interpretation of existing laws and regulations by a taxing authority could result in penalties and increased costs in the future.
+Added: Taxing authorities may challenge our methodologies for valuing intercompany arrangements or may change their laws, which could increase our worldwide effective tax rate and harm our financial position and results of operation.
We face continued uncertainty surrounding ongoing hiring tax credits we utilize, and for the recent business tax incentives related to measures taken to soften the impact of COVID-19.
−Removed: In the ordinary course of our business, there are transactions and calculations where the ultimate tax determination is uncertain.
+Added: Also, in the ordinary course of our business, there are transactions and calculations where the ultimate tax determination is uncertain.
We are regularly subject to audit by tax authorities.
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The results of an audit or litigation with tax authorities could materially harm our business.
−Removed: Changes in interpretation of existing laws and regulations by a taxing authority could result in penalties and increased costs in the future.
−Removed: The taxing authorities of the jurisdictions in which we operate may challenge our methodologies for valuing intercompany arrangements or may change their laws, which could increase our worldwide effective tax rate and harm our financial position and results of operations.
Failure to maintain adequate financial and management processes and controls could lead to errors in our financial reporting.
If our management is unable to certify the effectiveness of our internal controls, including those over our third-party vendors, our independent registered public accounting firm cannot render an opinion on the effectiveness of our internal controls over financial reporting, or if material weaknesses in our internal controls are identified, we could be subject to regulatory scrutiny, a loss of public confidence and litigation.
−Removed: In addition, if we do not maintain adequate financial and management personnel, processes and controls, we may not be able to accurately report our financial performance on a timely basis, which could cause our stock price to decline.
+Added: In addition, if we do not maintain adequate financial, technology, and management personnel, processes and controls, we may not be able to accurately report our financial performance on a timely basis, which could cause our stock price to decline.
LEGAL AND COMPLIANCE RELATED RISKS
We may experience employment-related claims, commercial indemnification claims and other legal proceedings that could materially harm our business.
−Removed: We are in the business of employing people in the workplaces of our clients.
−Removed: We incur a risk of liability for claims relating to personal injury, wage and hour violations, immigration, discrimination, harassment and other claims arising from the actions of our clients and associates.
+Added: We incur a risk of liability for claims relating to personal injury, wage and hour violations, immigration, discrimination, harassment, securities law matters, contractual obligations, government inquiries and other claims.
Some or all of these claims may give rise to negative publicity, investigations, litigation or settlements, which may cause us to incur costs or have other material adverse impacts on our financial statements.
Additionally, new employment and labor laws and regulations may be proposed or adopted that may increase the potential exposure of employers to employment-related claims and litigation.
−Removed: We may have liability to our clients for the action or inaction of our employees that may cause harm to our clients or third parties.
−Removed: In some cases, we must indemnify our clients for certain acts of our associates or arising from our associates’ presence on the client’s job site and certain clients have negotiated broad indemnification provisions.
+Added: Certain clients have negotiated broad indemnification provisions regarding the services we provide.
+Added: In addition, we may have liability to our clients for the action or inaction of our employees that may cause harm to our clients or third parties.
+Added: In some cases, we must indemnify our clients for certain acts of our associates or arising from our associates’ presence on the client’s job site.
We may also incur fines, penalties, and losses that are not covered by insurance or negative publicity with respect to these matters.
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These claims may harm our reputation, result in financial liability and prevent us from offering some services or products to clients.
−Removed: Failure to maintain adequate compliance policies and controls may not prevent violations that could result in significant fines and penalties.
−Removed: We could be exposed to fines and penalties under U.S., foreign, or local jurisdictions for failure to adequately monitor changes in operating requirements, including rules related to the employment and recruiting of associates and candidates.
+Added: Our efforts to maintain adequate compliance policies and controls may not prevent violations that could result in significant fines and penalties.
+Added: We could be exposed to fines and penalties under U.S., foreign, or local jurisdictions for failure to adequately monitor operating requirements and changes thereto, including rules related to the employment and recruiting of associates and candidates.
Failure to comply with laws in a particular market may result in substantial liability and could have a significant and negative effect not only on our business in that market, but also on our reputation generally.
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Our workforce solutions are subject to extensive government regulation and the imposition of additional regulations, which could materially harm our future earnings.
−Removed: Our workforce solutions are subject to extensive federal, state, local and international government regulation.
+Added: Our workforce solutions are subject to extensive federal, state, local and foreign government regulation.
The cost to comply, and any inability to comply with government regulation, could have a material adverse effect on our business and financial results.
−Removed: Increases or changes in government regulation of the workplace or of the employer-employee relationship, or judicial or administrative proceedings related to such regulation, could materially harm our business.
−Removed: Client requirements or government mandates requiring employees to be vaccinated against or tested for COVID-19 could increase our costs and cause a decline in the number of associates available for our temporary staffing business to provide to clients.
−Removed: Such a decline could adversely affect our results of operations and financial condition.
+Added: Increases or changes in government regulation of the workplace, contingent staffing, the employer-employee relationship, or judicial or administrative proceedings related to such regulation, could materially harm our business.
The wage rates we pay to associates are based on many factors including government-mandated increases to minimum wage requirements, payroll-related taxes and benefits.
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Many of these factors are outside of our control, including the reputational effects of unfavorable comments on social media outlets about our business or a work site.
−Removed: Prior to COVID-19, unemployment in the U.S.
−Removed: was low, making it challenging to find sufficient eligible associates and candidates to meet our clients’ orders.
−Removed: Government responses to COVID-19, including generous unemployment benefits, stimulus payments and other direct payments to individuals, have negatively impacted our ability to recruit qualified associates and candidates, and may continue to impact our recruiting efforts in the future.
−Removed: Continued similar benefits will further impact our ability to recruit in the future.
−Removed: Client requirements or governmental mandates for our associates or candidates to be vaccinated against or periodically tested for COVID-19 could cause qualified associates or candidates to avoid work or seek alternative employers.
+Added: When unemployment in the U.S.
+Added: is low, it is challenging to find sufficient eligible associates and candidates to meet our clients’ orders.
+Added: Government responses to COVID-19, including generous unemployment benefits, stimulus payments and other direct payments to individuals, negatively impacted our ability to recruit qualified associates and candidates.
+Added: A return to similar benefits in the future could further negatively impact our ability to recruit qualified associates and candidates.
We have experienced shortages of qualified associates and candidates and may experience such shortages in the future.
−Removed: Such a shortage of associates and candidates can increase the cost to employ or recruit these individuals, cause us to be unable to fulfill our client’s needs, and otherwise negatively impact our business.
+Added: Such a shortage of associates and candidates can increase the cost to employ or recruit these individuals, cause us to be unable to fulfill our clients’ needs, and otherwise negatively impact our business.
If general market conditions or wage inflation increase the wage rates required to attract and retain associates, and we are unable to pass those costs through to our clients, it could materially and adversely affect our business.
−Removed: Organized labor periodically engages in efforts to represent various groups of our associates.
+Added: Organized labor is increasing its unionization efforts in many of the industries we serve and periodically engages in efforts to represent various groups of our associates.
If we are subject to unreasonable collective bargaining agreements or work disruptions, our business could be adversely affected.
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Our industry is highly competitive and rapidly innovating, with low barriers to entry.
−Removed: We compete in global, national, regional and local markets with full-service and specialized temporary staffing companies as well as business process outsourcing companies that also offer our services.
+Added: We compete in global, national, regional and local markets with full-service and specialized companies offering contingent staffing as well as business process outsourcing.
Our competitors offer a variety of flexible workforce solutions.
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The breadth and complexity of this infrastructure increases the potential risk of security breaches which could lead to potential unauthorized disclosure of confidential information.
−Removed: Our systems and networks are vulnerable to computer viruses, malware, hackers and other security issues, including physical and electronic break-ins, disruptions from unauthorized access and tampering, social engineering attacks, impersonation of authorized users and coordinated denial-of-services attacks.
−Removed: We have experienced cybersecurity incidents and attacks that have not had a material impact on our business or results of operations;
+Added: Our systems and networks, and the systems and networks of our vendors and clients, are vulnerable to computer viruses, malware, hackers and other security issues, including physical and electronic break-ins, disruptions from unauthorized access and tampering, social engineering attacks, impersonation of authorized users and coordinated denial-of-services attacks.
+Added: An increasing remote workforce and flexible workplace practices may increase these risks, for example with the use of home networks that may lack encryption or secure password protection.
+Added: A material incident involving system failure, data loss or security breach and the resulting could harm our reputation and subject us to significant monetary damages or losses, litigation, negative publicity, regularity enforcement actions, fines, criminal prosecution, as well as liability under our contracts and laws that protect personal and/or confidential data.
+Added: We and our vendors have experienced cybersecurity incidents and attacks that have not had a material impact on our business or results of operations;
however, there is no assurance that the impacts of any future incidents or attacks will not be material.
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Continued investments in cybersecurity will increase our costs and a failure to prevent access to our systems could lead to penalties, litigation, and damage to our reputation.
−Removed: Perceptions that we do not adequately protect the privacy of information could harm our relationship with clients and employees.
+Added: Perceptions that we or our vendors do not adequately protect the privacy of information could harm our relationship with clients and employees.
Data security, data privacy and data protection laws and other technology regulations increase our costs.
Laws and regulations related to privacy and data protection are evolving and generally becoming more stringent.
−Removed: We may fail to implement practices and procedures that comply with increasing international and domestic privacy regulations, such as the General Data Protection Regulations or the California Consumer Privacy Act.
+Added: We may fail to implement practices and procedures that comply with increasing foreign and domestic privacy regulations, such as the General Data Protection Regulations or the California Consumer Privacy Act.
Several additional U.S.
−Removed: states have issued cybersecurity regulations that outline a variety of required security measures for protection of data.
+Added: states and foreign countries where we operate have issued cybersecurity regulations that outline a variety of required security measures for protection of data.
These regulations are designed to protect client, candidate, associate, and employee data and require that we meet stringent requirements regarding the handling of personal data, including the use, protection and transfer of personal data.
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Changes in these laws may increase our costs to comply as well as our potential costs through higher potential penalties for non-compliance.
−Removed: Failure to protect the integrity and security of such confidential and/or proprietary information could expose us to regulatory fines, litigation, contractual liability, damage to our reputation and increased compliance costs.
+Added: Failure to protect or implement adequate controls to secure the integrity and security of such confidential and/or proprietary information could expose us to regulatory fines, litigation, contractual liability, damage to our reputation and increased compliance costs.
Improper disclosure of, or access to, our clients’ information could materially harm our business.
−Removed: Our associates and employees may have access to, or exposure to, confidential information about candidates, associates, employees and clients.
+Added: Our associates and employees may have access or exposure to confidential information about candidates, associates, employees and clients.
The security controls over sensitive or confidential information and other practices we, our clients, and our third-party vendors follow may not prevent the improper access to, disclosure of, or loss of such information, including through failure of employees or associates to properly comply with such controls or practices.
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The turnover rate in the employment services industry is high, and qualified individuals may be difficult to attract and hire.
−Removed: Our inability to recruit, train, motivate and provide a safe working environment to a sufficient number of qualified individuals may delay or affect the speed and quality of our strategy execution and planned growth.
+Added: Our inability to recruit, train, motivate, retain, integrate and provide a safe working environment to a sufficient number of qualified individuals may delay or affect the speed and quality of our strategy execution and planned growth.
Delayed expansion, significant increases in employee turnover rates, failure to keep our staff healthy or significant increases in labor costs could have a material adverse effect on our business, financial condition and results of operations.
+Added: Loss of our executive officers or other key personnel or other changes to our management team could disrupt our operations or harm our business.
+Added: We depend on the efforts of our executive officers and certain key personnel.
+Added: Our failure to develop an adequate succession plan for one or more of our executive officers or other key positions could deplete our institutional knowledge base and erode our competitive advantage during a transition.
+Added: The loss or limited availability of the services of one or more of our executive officers or other key personnel, or our inability to recruit and retain qualified executive officers or other key personnel in the future, could, at least temporarily, have a material adverse effect on our operating results and financial condition.
+Added: We have recently experienced a CEO transition, and could have additional executive leadership changes as part of our overall succession plans.
+Added: Such leadership transitions can be inherently difficult to manage, and an inadequate transition could cause disruption to our business, including our relationships with our clients and employees.
Acquisitions may have an adverse effect on our business.
We may continue making acquisitions as part of our business strategy.
−Removed: This strategy may be impeded, however, and we may not achieve our long-term growth goals if we cannot identify suitable acquisition candidates or if acquisition candidates are not available under acceptable terms.
+Added: However this strategy may be impeded and we may not achieve our long-term growth goals if we cannot identify suitable acquisition candidates or if acquisition candidates are not available under acceptable terms.
We may have difficulty integrating acquired companies into our operating, financial planning, and financial reporting systems and may not effectively manage acquired companies to achieve expected growth.
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A portion of our business operations and support functions are located outside of the U.S.
−Removed: These international operations are subject to a number of risks, including the effects of COVID-19 and governmental action, such as travel restrictions and “stay-at-home” orders, political and economic conditions in those foreign countries, foreign currency fluctuations, the burden of complying with various foreign laws and technical standards, unpredictable changes in foreign regulations, U.S.
+Added: These international operations are subject to a number of risks, including the effects of global health crises and resulting governmental actions, political and economic conditions in those foreign countries, foreign currency fluctuations, the burden of complying with various foreign laws and technical standards, unpredictable changes in foreign regulations, U.S.
legal requirements governing U.S.
companies operating in foreign countries, legal and cultural differences in the conduct of business, potential adverse tax consequences and difficulty in staffing and managing international operations.
−Removed: We have operations in the United Kingdom (“U.K.”), which could be negatively impacted as clients in the U.K.
−Removed: encounter uncertainties related to the U.K.’s exit from the European Union.
We could also be exposed to fines and penalties under U.S.
−Removed: or foreign laws, such as the Foreign Corrupt Practices Act, which prohibits improper payments to governmental officials and others for the purpose of obtaining or retaining business.
−Removed: Although we have implemented policies and procedures designed to ensure compliance with these laws, we cannot be sure that our employees, contractors or agents will not violate such policies.
+Added: or foreign laws, such as the Foreign Corrupt Practices Act and/or the UK Anti-Bribery Act, which prohibits improper payments to governmental officials and others for the purpose of obtaining or retaining business.
+Added: Although we have implemented policies and procedures designed to ensure compliance with these laws, we cannot be sure that our employees, vendors, contractors or agents will not violate such policies.
Any such violations could materially damage our reputation, brands, business and operating results.
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regulatory developments;
−Removed: and any major change in our Board or management.
+Added: and any major change in our Board, leadership team or management.
In addition, the stock market in general has experienced extreme price and volume fluctuations that have often been unrelated to the operating performance of listed companies.
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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.