−Removed: There have been no material changes to the risk factors disclosed under Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 (the "Annual Report"), except as discussed below.
+Added: Except for the risk factors disclosed in Part II, Item 1 A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 , which are hereby incorporated by reference into this Part II, Item IA of this Form 10-Q, there have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019, except as discussed below.
The COVID-19 pandemic has adversely impacted, and is expected to continue to adversely impact, our business, results of operations and financial position.
1 unchanged sentence
This virus has been declared a pandemic and has spread around the world, including throughout the United States.
−Removed: The outbreak and government measures taken in response have also had a significant impact, both direct and indirect, on our businesses and the economy generally, as worker shortages have occurred;
−Removed: supply chains have been disrupted;
+Added: The outbreak and
+Added: government measures taken in response have also had a significant impact, both direct and indirect, on our businesses and the economy generally, as supply chains have been disrupted;
facilities and production have been suspended;
2 unchanged sentences
As a result of the COVID-19 pandemic, we have experienced and may continue to experience disruptions that have adversely impacted our business, results of operations and financial position.
−Removed: The extend of future disruptions w ill depend on numerous evolving factors, which are highly uncertain, rapidly changing and cannot be predicted , and could result in significantly more severe impacts in the future, including:
+Added: The extent of future disruptions w ill depend on numerous evolving factors, which are highly uncertain, rapidly changing and cannot be predicted , and could result in significantly more severe impacts in the future, including:
• reduced ad budgets and spend, order cancellations and increased competition for advertising revenue;
• the effect of the outbreak on our customers and other business partners and vendors ;
−Removed: cancellation or postponement of events;
+Added: • changes in how we conduct operations, including our events;
• increased competition with alternative media platforms and technologies;
5 unchanged sentences
• impacts from prolonged remote work arrangements, including increased cybersecurity risks.
−Removed: We expect that these disruptions will negatively impact our revenue, results of operations and financial position in 2020.
−Removed: The COVID-19 pandemic continues to rapidly evolve.
−Removed: The extent to which the outbreak impacts our business, liquidity and financial results will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the pandemic, stay-at-home and shelter-in-place orders, travel restrictions and social distancing throughout the United States, the duration and extent of business closures or business disruptions and the effectiveness of actions taken to contain and treat the disease.
−Removed: If we or our customers experience prolonged shutdowns or other business disruptions beyond current expectations, our ability to conduct our business in the manner and within planned timelines could be materially and adversely impacted, and our business, liquidity and financial results will be adversely affected.
−Removed: Additionally, concerns over the economic impact of the COVID-19 pandemic have caused extreme volatility in financial and other capital markets, which has adversely impacted and may continue to adversely impact our stock price, our ability to access capital markets and our ability to maintain our credit ratings.
−Removed: Delaware law and certain provisions in our certificate of incorporation may prevent efforts by our stockholders to change the direction or management of our company.
−Removed: Our certificate of incorporation and our by-laws contain provisions that may make the acquisition of our company more difficult without the approval of our Board of Directors (the “Board”), including, but not limited to, the following:
−Removed: for the first three years following the Effective Date, our Board will be divided into three equal classes, with members of each class elected in different years for different terms, making it impossible for stockholders to change the composition of our entire Board in any given year;
−Removed: action by stockholders may only be taken at an annual or special meeting duly called by or at the direction of a majority of our Board;
−Removed: advance notice for all stockholder proposals is required;
−Removed: subject to the rights of holders of any outstanding shares of our preferred stock, for so long as our board remains classified our directors may only be removed for cause and upon the affirmative vote of holders of a majority of the voting power of the outstanding shares of our Class A common stock;
−Removed: for the first three years following the Effective Date, any amendment, alteration, rescission or repeal of the anti-takeover provisions of the charter, requires the affirmative vote of at least 66 2/3% in voting power of the outstanding shares of our stock entitled to vote generally in the election of directors.
−Removed: We are also subject to the anti-takeover provisions contained in Section 203 of the General Corporation Law of the State of Delaware.
−Removed: Under these provisions, a corporation may not, in general, engage in a business combination with any holder of 15% or more of its voting stock unless the holder has held the stock for three years or, among other exceptions, the board of directors has approved the business combination or the transaction by which the person became an interested stockholder.
−Removed: In addition, we have adopted a stockholder rights plan that could make it more difficult for a third-party to acquire our Class A common stock, Class B common stock or warrants without the approval of our Board.
−Removed: These and other provisions in our certificate of incorporation, bylaws and Delaware law could make it more difficult for stockholders or potential acquirers to obtain control of our Board or initiate actions that are opposed by our Board, including actions to delay or impede a merger, tender offer or proxy contest involving our company.
−Removed: The existence of these provisions could negatively affect the price of our common stock and limit opportunities for you to realize value in a corporate transaction.
+Added: These disruptions have negatively impacted our revenue, results of operations and financial position for the three and six months ended June 30, 2020 and we expect these disruptions to continue to have a negative impact for the remainder of 2020.
+Added: The COVID-19 pandemic continues to evolve.
+Added: The extent to which the outbreak continues to impact our business, liquidity and financial results will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the duration of the pandemic, stay-at-home and shelter-in-place orders, travel restrictions and social distancing throughout the United States, the duration and extent of business closures or business disruptions and the effectiveness of actions taken to contain and treat the disease.
+Added: If we or our customers continue to experience prolonged shutdowns or other business disruptions beyond current expectations, our ability to conduct our business in the manner and within planned timelines could be materially and adversely impacted, and our business, liquidity and financial results will be adversely affected.
+Added: Additionally, concerns over the economic impact of the COVID-19 pandemic caused extreme volatility in financial and other capital markets, which has adversely affected our stock price and credit rating and could impact our ability to access the capital markets in the future.
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.