11 unchanged sentences
Each of our segments—Concerts, Ticketing and Sponsorship & Advertising—depends on live music and sporting events in order to generate most of its revenue, whether through promotion of music tours or the operation of venues that host concerts, sales of sponsorship and advertising for such venues or show activity, or ticketing of concerts and sporting events.
−Removed: As of the date of this report, certain sports leagues have recommenced, but they have largely done so without fans, and thus without the need for ticketing.
+Added: As of the date of this report, certain sports leagues have recommenced, but they have largely done so without fans or at greatly reduced capacity, and thus without the typical need for ticketing.
There has also been extremely limited concert activity, largely outside of the United States, at reduced capacity.
−Removed: Until such time as fans are allowed at sporting events and concerts recommence in a meaningful way, our revenue will be minimal;
+Added: Until such time as fans are allowed at sporting events at capacity and concerts recommence in a meaningful way, our revenue will be minimal;
the possibility exists that these circumstances might continue for a longer period of time than current expectations.
30 unchanged sentences
The terms of future debt agreements could include more restrictive covenants, or require incremental collateral, which may further restrict our business operations or be unavailable due to our covenant restrictions then in effect.
−Removed: Due to potential liquidity concerns caused by the global COVID-19 pandemic, in March 2020, Moody’s downgraded our Corporate Family Ratings and in May 2020, S&P downgraded the company’s credit ratings to B+ with a negative outlook;
+Added: Due to potential liquidity concerns caused by the global COVID-19 pandemic, in March and August 2020, Moody’s downgraded our Corporate Family Ratings and in May 2020, S&P downgraded the company’s credit ratings to B+ with a negative outlook;
the likelihood that we may experience further negative credit actions increases the longer the duration of the pandemic and its ancillary effects.
2 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.