13 unchanged sentences
We also cannot assure you that these laws will not be modified in ways that may adversely affect our business.
−Removed: For our epay Segment, as we continue to expand our electronic payment product offerings, certain of those products may become regulated by state, federal or foreign laws, rules and regulations, including the U.S.
−Removed: New product offerings may be considered to be money transfer related products which would require licensure for entities distributing or processing such products.
+Added: For our epay Segment, as we continue to expand our electronic payment product and service offerings, certain of those products and/or services may become regulated by state, federal or foreign laws, rules and regulations.
+Added: New payment product and/or service offerings may trigger payment regulation within the jurisdiction in which we are offering such payment products and services which may require licensure for epay and/or our partner entities distributing or processing such products.
If such products become more highly regulated and ultimately require licensure, our epay business may be adversely affected.
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Any failure on our part to meet the requirements of the GDPR could result in the imposition of fines and penalties that could materially and adversely affect our financial results.
−Removed: We conduct a significant portion of our business in Central and Eastern European countries, and we have subsidiaries in the Middle East, Asia Pacific and South America, where the risk of continued political, economic and regulatory change that could impact our operating results is greater than in the U.S.
+Added: We conduct a significant portion of our business in Central and Eastern European countries, and we have subsidiaries in the Middle East, Asia Pacific, Africa and South America, where the risk of continued political, economic and regulatory change that could impact our operating results is greater than in the U.S.
or Western Europe.
−Removed: We have subsidiaries in Central and Eastern Europe, the Middle East, Asia Pacific and South America.
+Added: We have subsidiaries in Central and Eastern Europe, the Middle East, Asia Pacific, Africa and South America.
We expect to continue to expand our operations to other countries in these regions.
1 unchanged sentence
or Western Europe.
+Added: Recent changes to the political climate in certain Eastern European countries increases the risk that a potential military conflict may adversely impact our operations in that region and disrupt our ATM network.
In particular, changes in laws or regulations or in the interpretation of existing laws or regulations, whether caused by a change in government or otherwise, could materially adversely affect our business, growth, financial condition or results of operations.
43 unchanged sentences
Our contracts with content providers to distribute and process content, including prepaid mobile airtime top-up services, typically have terms of less than three years.
−Removed: Many of those contracts may be canceled by either party upon three months' notice.
Our contracts with content providers are not exclusive, so these providers may enter into contracts with other service providers.
−Removed: In addition, our service contracts with major retailers typically have terms of one to three years, and our contracts with smaller retailers typically may be canceled by either party upon three to six months' notice.
+Added: In addition, our service contracts with major retailers typically have terms of one to three years.
The cancellation or non-renewal of one or more of our significant content provider or retail contracts, or of a large enough group of our contracts with smaller retailers, could have a material adverse effect on our business, financial condition and results of operations.
−Removed: The renewal of contracts under less favorable payment terms, commission terms or other terms could have a material adverse impact on our working capital requirements and/or results from operations.
−Removed: In addition, our contracts generally permit operators to reduce our fees at any time.
−Removed: Commission revenue or fee reductions by any of the content providers could also have a material adverse effect on our business, financial condition or results of operations.
+Added: The renewal of contracts under less favorable payment terms, margins or other terms could have a material adverse impact on our working capital requirements and/or results from operations.
+Added: In addition, our contracts generally permit content providers to reduce our margin or commission at any time.
+Added: Commission and margin revenue or fee reductions by any of the content providers could also have a material adverse effect on our business, financial condition or results of operations.
The prepaid marketplace is currently experiencing high growth in the differentiation of product offerings.
While our epay business is focused on expanding and differentiating its suite of prepaid product offerings on a global basis, there can be no assurance that we will be able to enter into relationships on favorable terms with additional content providers or renew or expand current relationships and contracts on favorable terms.
−Removed: Inability to continue to grow our suite of electronic payment product offerings could have a material adverse effect on our business, financial condition and results of operations.
+Added: Inability to continue to grow our suite of electronic content and electronic payment product offerings could have a material adverse effect on our business, financial condition and results of operations.
The stability and growth of our EFT Processing Segment may be adversely affected if we are unable to maintain our current card acceptance and ATM management agreements with banks and international card organizations, and to secure new arrangements for card acceptance and ATM management.
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In addition, the global and regional impact of the outbreak, including official or unofficial quarantines and governmental restrictions on activities taken in response to such event, has had, and could continue to have a negative impact on our operations, reduced consumer demand for our products and services due to reduced consumer traffic in, or closure of, retail and other locations where our products and services are offered, including voluntary or mandatory temporary closures of our facilities or those of our agents or customers; interruptions in our supply chain, which could impact the cost or availability of equipment; disruptions or restrictions on our ability to travel or to market and distribute our products and services; and labor shortages.
−Removed: For example, the COVID-19 pandemic has resulted in travel restrictions within and between countries, including mandatory quarantine requirements for travelers from certain locations, and varying degrees of “sheltering in-place” and other social distancing orders in most of the countries where we do business.
−Removed: Among other things, these orders restrict which businesses are allowed to be open and the conditions under which they are allowed to operate.
−Removed: Although the majority of these orders went into effect at the end of February 2020 and throughout various times in March 2020, new orders continue to be implemented, or reinstated, as the pandemic spreads around the global and new hot spots flare up.
+Added: For example, the COVID-19 pandemic has resulted in travel restrictions within and between countries, including mandatory quarantine requirements for travelers from certain locations, and varying degrees of social distancing orders in most of the countries where we do business.
+Added: Although the majority of these orders went into effect in early 2020, new orders continue to be implemented, or reinstated, as the pandemic spreads around the global and new variants emerge.
These travel restrictions and orders, as well as increased unemployment and general economic uncertainty caused by the pandemic, have negatively impacted our financial results.
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Such impacts could limit our ability to fund our operations and satisfy our obligations.
−Removed: The extent and potential impact of the COVID-19 outbreak on our operational and financial performance will depend on future developments, including the duration, severity and spread of the virus, the speed and effectiveness of rollouts for vaccines and treatments, actions that may be taken by governmental authorities and the impact on our supply chain, customers, operations, workforce and the financial markets, all of which are highly uncertain and cannot be predicted.
+Added: The extent and potential impact of the COVID-19 outbreak on our operational and financial performance will depend on future developments, including the duration, severity and spread of the virus, the effectiveness of vaccines and treatments against variants of the virus, actions that may be taken by governmental authorities and the impact on our supply chain, customers, operations, workforce and the financial markets, all of which are highly uncertain and cannot be predicted.
These and other potential impacts of an epidemic, pandemic or other health crisis, such as COVID-19, could therefore materially and adversely affect our business, financial condition and results of operations.
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Generally, the level of transactions drops in the first quarter, during which transaction levels are generally the lowest we experience during the year, which reduces the level of revenues that we record.
−Removed: In the Money Transfer Segment, we experience increased transaction levels during the May through October timeframe, coinciding with certain holidays and the increase in worker migration patterns.
+Added: In the Money Transfer Segment, we experience increased transaction levels during the May through October time frame, coinciding with certain holidays and the increase in worker migration patterns.
As a result of these seasonal variations, our quarterly operating results may fluctuate materially and could lead to volatility in the price of our shares.
−Removed: Additionally, economic or political instability, wars, civil unrest, terrorism, epidemics (including but not limited to, Coronavirus outbreak) and natural disasters may make money transfers to, from or within a particular country more difficult.
+Added: Additionally, economic or political instability, wars, civil unrest, terrorism, epidemics and natural disasters may make money transfers to, from or within a particular country more difficult.
The inability to timely complete money transfers could adversely affect our business.
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to determine whether they are impaired.
−Removed: For example, during 2020, we incurred goodwill and acquired intangible asset impairment charges of $106.6 million.
+Added: We have had material impairment write-downs of goodwill and acquired intangible assets in the past and we may have additional impairment write-downs in the future.
If operating results in any of our key markets, including Australia, Germany, Greece, Malaysia, India, New Zealand, the U.S., U.K., Poland and Romania, deteriorate or our plans do not progress as expected when we acquired these entities, or if capital markets depress our value or that of similar companies, we may be required to record additional impairment write-downs of goodwill, intangible assets or other long-lived assets.
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Restrictive covenants in our credit facilities may adversely affect us.
−Removed: Our Credit Facility contains two financial covenants that we must meet as defined in the agreement:
+Added: Our Credit Facility (as defined below) contains two financial covenants that we must meet as defined in the agreement:
(1) Consolidated Total Leverage Ratio, and (2) Consolidated Interest Coverage Ratio.
27 unchanged sentences
Even with disaster recovery procedures in place, these risks cannot be eliminated entirely, and any technical failure that prevents operation of our systems for a significant period of time will prevent us from processing transactions during that period of time and will directly and adversely affect our revenues and financial results.
−Removed: We a re subject to security breaches of our systems.
+Added: We are subject to security breaches of our systems.
Any such breach may cause us to incur financial losses, liability, harm to our reputation, litigation, regulatory enforcement actions and limitations on our ability to conduct our businesses.
47 unchanged sentences
In other markets, our competition is from smaller, local companies.
−Removed: Major retailers with high volumes are in a position to demand a larger share of commissions or to negotiate directly with the mobile phone operators, which may compress our margins.
+Added: Major retailers with high volumes are in a position to demand a larger share of margin/commissions or to negotiate directly with the content providers, which may compress our margins.
Additionally, certain of our content providers, including mobile phone operators have entered into direct contracts with retailers and/or have developed processing technology that diminishes or eliminates the need for intermediate processors and distributors.
15 unchanged sentences
If transaction levels over our existing network of ATMs, POS terminals, agents and other distribution methods do not increase, growth in our revenues will depend primarily on increased capital investment for new sites and developing new markets, which reduces the margin we realize from our revenues.
−Removed: The mobile phone industry is a rapidly evolving area, in which technological developments, in particular the development of new billing models (such as "all you can eat" plans) and distribution methods or services, may affect the demand for other services in a dramatic way.
+Added: The mobile phone industry is a rapidly evolving area, in which technological developments, in particular the development of new billing models and distribution methods or services, may affect the demand for other services in a dramatic way.
The development of any new models or technology that reduce the need or demand for prepaid mobile airtime could materially and adversely affect our business.
5 unchanged sentences
Contract termination payments, if any, may be inadequate to replace revenues and operating income associated with these contracts.
−Removed: Although we have historically considered the risk of non-renewal of major contracts to be relatively low because of complex interfaces and operational procedures established for those contracts, the risk of non-renewal or early termination is increasing.
GOVERNANCE MATTERS
47 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.