−Removed: There have been no material changes to the risk factors disclosed in Item 1A of our Form 10-K for the fiscal year ended December 31, 2019, other than as disclosed below.
−Removed: Addi tional risks and uncertainties, including risks and uncertainties not presently known to us, or that we currently deem immaterial, could also have an adverse effect on our business, financial condition and/or results of operations.
+Added: There have been no material changes to the risk factors disclosed in Item 1A of our Form 10-K for the fiscal year ended December 31, 2019, other than as disclosed in "COVID-19 Pandemic" in Part 1, Item 2 ("Management's Discussion and Analysis of Financial Condition and Results of Operations") of this report, which is incorporated into this item by reference .
The ongoing COVID-19 pandemic could adversely affect our business, results of operations and financial condition.
−Removed: The outbreak of COVID-19 was declared a pandemic by the World Health Organization on March 11, 2020.
−Removed: Since that time, COVID-19 has spread around the world and throughout the United States, including in the regions and communities in which we operate.
−Removed: Federal, state and local governments in the U.S and around the world have imposed restrictions on travel and business operations and are advising or requiring individuals to limit or eliminate time outside of their homes.
−Removed: Temporary closures of businesses have also been ordered in certain jurisdictions, and other businesses have temporarily closed voluntarily.
−Removed: These actions expanded significantly in March and April of 2020 throughout the U.S.
−Removed: Consequently, the COVID-19 outbreak has severely restricted the level of economic activity in the U.S.
−Removed: and around the world.
−Removed: The outbreak has resulted in authorities implementing numerous measures to try to contain the virus, such as quarantines and shelter in place orders.
−Removed: The spread of the virus has caused us to modify our business practices, including having most of our employees and contractors, with the exception of essential personnel (e.g.
−Removed: certain data center personnel), shelter in place;
−Removed: ceasing non-essential domestic and international travel;
−Removed: permitting essential travel for mission critical functions only by exception and followed by a 14-day self-quarantine period;
−Removed: and ceasing any travel to China, Hong Kong, Italy, or South Korea.
−Removed: These measures may remain in place for a significant period of time and adversely affect our business, operations and financial condition as well as the business, operations and financial condition of our customers and business partners.
−Removed: We may also be required to take further actions as a result of government mandates or because we determine further actions are in the best interests of our employees and customers, which actions may further adversely affect our business, results of operations, and financial condition.
−Removed: Notwithstanding any of these actions, there can be no assurance that any of the foregoing activities will be successful in mitigating or preventing significant adverse effects on our business, results of operations, or financial condition.
−Removed: The disruptions to our operations or the operations of our customers or business partners may result in inefficiencies, delays and additional costs in our product development, sales, marketing, product implementations and customer service efforts that cannot be fully mitigated through remote or alternative work arrangements.
−Removed: The disruptions may also result in the delay or loss of sales as our customers and prospective customers evaluate and reconsider their business needs post-pandemic.
−Removed: Existing customers may seek to void or renegotiate their contracts with us as a result of changes in their anticipated future business needs or financial condition.
−Removed: Certain of our contracts are transaction-based in which the revenue we derive is based on transaction volumes.
−Removed: The Merchant and Biller businesses of our ACI On Demand segment have experienced, and are expected to continue to experience, changes in consumer transaction volumes as a result of lower in-store retail transactions and delays in timing of bill payments by consumers.
−Removed: Significant declines in transaction volumes may have a material and adverse impact on our financial position, results of operations and cash flows.
−Removed: Although we expect that current cash and cash equivalent balances and cash flows generated from operations will be sufficient to meet our domestic and international working capital needs and other capital and liquidity requirements, if our access to capital is restricted or our borrowing costs increase, our operations and financial condition could be adversely impacted.
−Removed: The pandemic may also have the effect of heightening many of the other risks described in Item 1A of our Form 10-K for the fiscal year ended December 31, 2019 , including risks associated with slowing global economic conditions, demand for our products, delays or cancellations of customer projects, failures to obtain renewals of customer contracts, and reluctance of prospective customers to switch to a new vendor.
−Removed: The effect of COVID-19 and related events, including those described above and those not yet known or knowable, could have a negative effect on our stock price, business prospects, financial condition, and results of operations.
+Added: The COVID-19 pandemic may also have the effect of heightening many of the other risks described in Item 1A of our Form 10-K for the fiscal year ended December 31, 2019 , including risks associated with slowing global economic conditions, demand for our products, delays or cancellations of customer projects, failures to obtain renewals of customer contracts, and reluctance of prospective customers to switch to a new vendor.
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.