Risk Factors.
−Removed: We have disclosed the risk factors affecting our business, results of operations and financial condition in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 , filed with the SEC on February 26, 2020 .
−Removed: The impact of the COVID-19 pandemic described in this Quarterly Report on Form 10-Q have heightened certain of the risks disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019 , and such risk factors are further qualified by the information relating to the COVID-19 pandemic described in this Quarterly Report on Form 10-Q.
−Removed: There have been no material changes from the risk factors previously disclosed other than disclosed below.
−Removed: The novel coronavirus (COVID-19) pandemic and any other pandemics could, materially adversely affect our business, financial condition and results of operations.
−Removed: The recent novel coronavirus (COVID-19) pandemic and the related preventative measures taken to mitigate the effects of any pandemic, including shutdowns and slowdowns of, and restrictions on, businesses, public gatherings, social interactions and travel (including reductions in foot traffic, roadway traffic and transit commuting) throughout the markets in which we do business have had, and may continue to have, an impact on the global economy and our business.
−Removed: Though generally we remain able to continue to sell and service our displays, our business operates billboards and transit franchise agreements in the top DMAs, such as New York and Los Angeles, where the COVID-19 pandemic has had a particularly significant impact.
−Removed: The COVID-19 pandemic has (i) interrupted our ability to build and deploy advertising structures and sites, including digital displays;
−Removed: (ii) reduced or curtailed our customers’ advertising expenditures and overall demand for our services through purchase cancellations or otherwise;
−Removed: (iii) increased the volatility of our customers’ advertising expenditure patterns from period-to-period through short-notice purchases, purchase deferrals or otherwise;
−Removed: and (iv) extended delays in the collection of earned advertising revenues from our customers, all of which could have a material adverse effect on our business, financial condition and results of operations .
−Removed: See “Part I, Item 2.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
−Removed: The COVID-19 pandemic may, and any other pandemic could, impact the global economy and our business in an even more significant manner if we experience a complete or partial shutdown of our ability to operate safely and securely, the loss of major customers and key personnel, significant disruptions with respect to our manufacturers, suppliers and related logistics that may prevent us from fulfilling our contractual obligations to our counterparties, a failure to satisfy our contractual obligations or a need to seek relief from our contractual obligations that we may be unable to receive from our counterparties, a failure to realize the benefits of any cost savings initiatives such as reducing or deferring capital expenditures and expenses, impairment charges, a cybersecurity incident, and difficulties accessing the capital markets and/or obtaining or incurring debt financing on reasonable pricing or other terms or at all, any of which could have a material adverse effect on our business, financial condition and results of operations.
−Removed: See “Part I, Item 1A.
−Removed: Risk Factors—Risks Related to Our Business and Operations—Our business is sensitive to a decline in advertising expenditures, general economic conditions and other external events beyond our control,” “—Implementing our digital display platform and the deployment of digital advertising displays to our transit franchise partners, may be more difficult, costly or time consuming than expected and the anticipated benefits may not be fully realized,” and “—The terms of the agreements governing our indebtedness restrict our current and future operations, particularly our ability to incur debt that we may need to fund initiatives in response to changes in our business, the industries in which we operate, the economy and governmental regulations” of our Annual Report on Form 10-K for the year ended December 31, 2019.
−Removed: The extent to which the COVID-19 pandemic, or any other pandemic that may occur, will impact our business will depend on future developments, including the severity and duration of such pandemic and the measures taken in response to such pandemic, which are highly uncertain and cannot be predicted.
−Removed: Accordingly, the Company cannot reasonably estimate the full impact of COVID-19 pandemic, or any other pandemic that may occur, on our business, financial condition and results of operations at this time, which may be material.
+Added: We have disclosed the risk factors affecting our business, results of operations and financial condition in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020, and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, filed with the SEC on May 8, 2020.
+Added: The impact of the COVID-19 pandemic described in this Quarterly Report on Form 10-Q have heightened certain of the risks disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019, and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, and such risk factors are further qualified by the information relating to the COVID-19 pandemic described in this Quarterly Report on Form 10-Q.
+Added: There have been no material changes from the risk factors previously disclosed.
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.