−Removed: The risk factors presented below supplement the risk factors previously disclosed in Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2019 and our quarterly report on Form 10-Q for the quarter ended March 31, 2020.
+Added: The risk factor presented below supplement the risk factors previously disclosed in Item 1A.
+Added: “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2019, our quarterly report on Form 10-Q for the quarter ended March 31, 2020 and our quarterly report on Form 10-Q for the quarter ended June 30, 2020.
The impact of the spread of COVID-19 continues to create significant uncertainty for our business, financial condition and results of operations.
−Removed: The extent of the impact of the COVID-19 pandemic on our business and financial results will continue to depend on numerous evolving factors that we are not able to accurately predict and which will vary by market.
We provide services in 47 countries, most located in regions significantly impacted by COVID-19.
−Removed: The extent to which COVID-19 will ultimately impact our results, including its impact on demand for our products and services and related impacts upon network usage, the ability of our customers to continue to pay in a timely manner, the impact on other third parties upon which our operations, financial performance and liquidity are materially reliant, is dependent on future developments, which are uncertain and unpredictable.
+Added: The extent of the impact of the COVID-19 pandemic on our business and financial results will continue to depend on numerous evolving factors that we are not able to accurately predict and which will vary by market.
Such future uncertain and unpredictable developments include the duration and scope of the pandemic, governmental actions that have been taken, or may be taken in the future, in response to the pandemic, and global economic conditions during and after the pandemic.
−Removed: ● The duration and scope of the pandemic.
−Removed: COVID-19 has rapidly spread globally, and it is not yet known (i) if and when the current pandemic will abate in existing areas, (ii) whether additional outbreaks may arise in areas that have not experienced outbreaks or areas that have successfully addressed past outbreaks, (iii) whether current measures being taken to mitigate the effects of the pandemic will be successful, and (iv) whether or when vaccines will be developed for COVID-19.
−Removed: ● The response of governmental and nongovernmental authorities.
−Removed: Authorities in many of the markets in which we operate have implemented numerous measures to stall the spread and ameliorate the impact of COVID-19, including travel bans and restrictions, quarantines, curfews, shelter in place and stay-at-home orders, business shutdowns and closures, and have also implemented multi-step polices with the goal of re-opening these markets.
−Removed: These measures have impacted and continue to impact us, our employees, customers, suppliers and other third parties with whom we do business.
+Added: Approximately 67% of our revenue is from our corporate customers.
+Added: Corporate customers are located in multi-tenant office buildings, almost exclusively in the United States and Canada.
+Added: Authorities in many of these markets have implemented numerous measures to stall the spread and ameliorate the impact of COVID-19, including travel bans and restrictions, quarantines, curfews, shelter in place and stay-at-home orders, business shutdowns and closures, and have also implemented multi-step polices with the goal of re-opening these markets.
+Added: These measures have impacted and continue to impact us and our employees, customers, suppliers and other third parties with whom we do business.
The areas in which we operate are in varying stages of restrictions or re-opening.
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The continuing impact of existing or new mandates, restrictions, laws or regulations could have a material adverse impact on our operations and the operations of our customers or others with which we do business.
−Removed: ● Impacts on economic and market conditions.
−Removed: COVID-19 has created significant disruption to economies worldwide.
−Removed: These disruptions continued to affect us through the second quarter of 2020.
−Removed: We expect these changes will (i) limit or restrict our ability to conduct normal business activities with customers, vendors, suppliers or others with whom we do business;
−Removed: (ii) limit or reduce demand for our services;
−Removed: (iii) impact the financial condition of our customers which can result in an inability to pay for our services or order new services;
−Removed: (iv) impact the ability of our suppliers to provide the equipment necessary to augment and maintain our network;
−Removed: (v) limit our ability to acquire, build or light fiber necessary to expand our network;
−Removed: (vi) continue to result in changes in spending patterns or reduced demand for our services, and (vii) otherwise render it more difficult or impossible to implement our operational or strategic plans.
+Added: Moreover, even as authorities have relaxed restrictions, a significant number of our corporate customers have continued remote work policies instituted at the beginning of the COVID-19 pandemic, slowed the pace of opening new offices and closed offices due to global economic conditions.
+Added: As a result, during the three months ended September 30, 2020, we saw corporate customers take a cautious approach to new configurations and upgrades as well as a continued reduction in demand for connecting smaller satellite offices as a result of the challenges and uncertainties of the COVID-19 pandemic.
+Added: We witnessed a deteriorating real estate market in and around the buildings we service with rising vacancy levels and falling lease initiations or renewals.
+Added: Rising vacancy levels and falling lease initiations or renewals meant fewer sales opportunities for our salesforce.
+Added: As a result, we experienced a slowdown in new sales to our corporate customers which negatively impacted our corporate revenue growth.
+Added: In the future we may experience increased customer turnover, fewer upgrades of existing customer configurations and fewer new tenant opportunities.
+Added: These trends may negatively impact our revenue growth, cash flows and profitability.
Protective measures we have implemented to protect for our workforce from the COVID-19 virus may not be effective and may expose us to additional risks.
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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.