6 unchanged sentences
The impact of the COVID-19 pandemic is complex and continuously evolving, resulting in significant disruption to the Company’s business and the global economy.
−Removed: The pandemic has led authorities around the world to impose measures intended to control the spread of COVID-19, including stay-at-home orders and restrictions on large public gatherings, which caused movie theaters in countries around the world to temporarily close, including the IMAX theaters in those countries.
+Added: At various points during the pandemic, authorities around the world imposed measures intended to control the spread of COVID-19, including stay-at-home orders and restrictions on large public gatherings, which caused movie theaters in countries around the world to temporarily close, including the IMAX theaters in those countries.
As a result of the theater closures, movie studios postponed the theatrical release of most films originally scheduled for release in 2020 and early 2021 , including many scheduled to be shown in IMAX theaters , while several other films were released directly or concurrently to streaming platforms .
−Removed: More recently, stay-at-home orders and capacity restrictions have been lifted in many key markets and, beginning in the third quarter of 2020, movie theaters throughout the IMAX network gradually reopened.
−Removed: However, there is no assurance that movie theaters will remain open or continue to reopen given a resurgence in COVID-19 cases in certain jurisdictions.
−Removed: As of June 30, 2021 , 89% of the theaters in the IMAX commercial multiplex network were open, spanning 62 countries.
−Removed: This included 93% of Domestic theaters (i.e., in the United States and Canada), 90% of the global theaters in Greater China and 75% of the theaters in Rest of World markets.
−Removed: The impact of the COVID-19 pandemic has resulted in significantly lower levels of the Company’s revenues, earnings, and operating cash flows for the Company during 2020 and through the end of the second quarter of 2021, when compared to periods prior to the onset of the pandemic, as GBO results from the Company’s theater customers declined significantly, the installation of certain theater systems was delayed, and maintenance services were generally suspended for theaters that were closed .
−Removed: Even as the pandemic has receded in many markets around the world, through the end of the second quarter of 2021, there continued to be few new films released by Hollywood movie studios and a significant number of theaters in the IMAX network remain either closed or operating with capacity restrictions.
−Removed: As a result, for the three and six months ended June 30, 2021, the Company continued to experience a significantly lower level of earnings and operating cash flows as it generated lower than normal levels of GBO-based revenue from its joint revenue sharing arrangements and digital remastering services, it was unable to provide normal maintenance services to any of the theaters that remained closed, and while some installation activity continued, certain theater system installations were, and may continue to be delayed.
+Added: More recently, stay-at-home orders and capacity restrictions have been lifted in almost all key markets and, beginning in the third quarter of 2020, movie theaters throughout the IMAX network gradually reopened.
+Added: However, there is no assurance that movie theaters will remain open or continue to reopen if there is a resurgence in COVID-19 cases in certain jurisdictions.
+Added: As of September 30, 2021 , 93% of the theaters in the global IMAX commercial multiplex network were open at various capacities , spanning 70 countries.
+Added: This included 100% of Domestic theaters (i.e., in the United States and Canada), 93% of the theaters in Greater China and 87% of the theaters in Rest of World markets.
+Added: The impact of the COVID-19 global pandemic has resulted in significantly lower levels of revenues, earnings and operating cash flows for the Company during 2020 and, to a lesser extent, during the nine months ended September 30, 2021, when compared to periods prior to the onset of the pandemic, as GBO results from the Company’s theater customers declined significantly, the installation of certain theater systems was delayed, and maintenance services were generally suspended for theaters that were closed .
+Added: As a result, for the three and nine months ended September 30, 2021, the Company continued to experience a significantly lower level of earnings and operating cash flows as it generated lower than normal levels of GBO-based revenue from its joint revenue sharing arrangements and digital remastering services, it was unable to provide normal maintenance services to any of the theaters that remained closed, and while some installation activity continued, certain theater system installations were, and may continue to be delayed.
Moreover, given the uncertainty around when movie-going will return to historical levels, there is no guarantee that the effects of the COVID-19 global pandemic will end even after theaters are reopened.
6 unchanged sentences
There are no guarantees that the Company will apply for or receive such benefits in the future or that the Company will receive any additional material financial support through these or other programs that may be created, expanded, or implemented by governments in the countries in which the Company operates.
−Removed: In addition, as a result of the financial difficulties faced by certain of the Company’s exhibition customers arising out of pandemic related closures, the Company has experienced and may continue to experience delays in collecting payments due under existing theater sale or lease arrangements.
+Added: In addition, as a result of the financial difficulties faced by certain of the Company’s exhibition customers arising out of the COVID-19 pandemic related closures, the Company has experienced and may continue to experience delays in collecting payments due under existing theater sale or lease arrangements.
The Company has provided temporary relief to certain exhibitor customers by waiving or reducing maintenance fees during periods when theaters are closed or operating with reduced capacities and, in certain situations, by providing extended payment terms on annual minimum payment obligations in exchange for a corresponding or longer extension of the term of the underlying sale or lease arrangement.
Certain of the Company’s exhibitor partners that had reopened theaters have temporarily suspended operations of their theater network in certain jurisdictions and other exhibitor partners have reduced their theaters’ operating hours, which may exacerbate existing financial difficulties.
−Removed: Our exhibitor partners may continue to experience operational and/or financial difficulties if the COVID-19 pandemic continues and Hollywood movie studios continue to delay the release of new films, or for other reasons, which would further increase the risks associated with payments under existing agreements with the Company.
+Added: Our exhibitor partners may continue to experience operational and/or financial difficulties if the COVID-19 pandemic continues or consumers change their behavior and consumption patterns in response to the prolonged suspension of movie-going, or for other reasons, which would further increase the risks associated with payments under existing agreements with the Company.
The ability of such partners to make payments cannot be guaranteed and is subject to changing economic circumstances.
4 unchanged sentences
Such events are highly uncertain and cannot be accurately forecast.
−Removed: Moreover, there can be no guarantees that the Company’s liquidity needs will not increase materially over the course of this pandemic.
+Added: Moreover, there can be no guarantees that the Company’s liquidity needs will not increase materially over the course of the COVID-19 pandemic.
In addition, liquidity needs as well as other changes to the Company’s business and operations may impact the Company’s ability to maintain compliance with certain covenants under the amended Credit Agreement.
8 unchanged sentences
The Company’s indebtedness and liabilities could limit the cash flow available for its operations, expose the Company to risks that could adversely affect its business, financial condition and results of operations.
−Removed: As of June 30, 2021 , the Company had approximately $347.8 million of consolidated indebtedness.
+Added: As of September 30, 2021 , the Company had approximately $354.9 million of consolidated indebtedness.
The Company may also incur additional indebtedness to meet future financing needs.
9 unchanged sentences
If the Company fails to comply with these covenants or to make payments under its indebtedness when due, then the Company would be in default under that indebtedness, which could, in turn, result in that and our other indebtedness becoming immediately payable in full.
−Removed: For a description of the Company outstanding indebtedness, see Note 7 to the Company’s unaudited financial statements in this report.
+Added: For a description of the Company outstanding indebtedness, see Note 7 of Notes to Condensed Consolidated Financial Statements.
Provisions in the indenture could delay or prevent an otherwise beneficial takeover of us.
18 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.