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We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business and geographies, including how it will impact our customers, employees and other business partners.
−Removed: The COVID-19 pandemic has
−Removed: created significant volatility, uncertainty and economic disruption, which will adversely affect our business operations and may materially and adversely affect our results of operations, cash flows and financial position.
+Added: The COVID-19 pandemic has created significant volatility, uncertainty and economic disruption, which will adversely affect our business operations and may materially and adversely affect our results of operations, cash flows and financial position.
For example, customer demand for our services in many parts of our business has been materially and negatively impacted by the mandated closure of our customers’ operations or points of sale, while customer demand for our services in other parts of our business has increased as consumers stockpile goods or switch to e-commerce platforms to make purchases.
−Removed: We experienced declines in demand for our services beginning in the first quarter of 2020, reaching their lowest levels in April, and sequentially strengthening in May and June.
−Removed: Impacts on our business generally began a few weeks earlier in Europe than in the U.S., following the onset of the pandemic in Asia.
+Added: We experienced declines in demand for our services that began in the first quarter, had a substantial impact in the second quarter, and abated throughout the third quarter.
+Added: Impacts on our business generally began a few weeks earlier in Europe than in the U.S., but have meaningfully affected our year-to-date results in both regions.
We have incurred additional costs to ensure we meet the needs of our customers and employees, including costs for PPE, site closures and cleaning, and enhanced employee benefits such as additional paid leave and health benefits (including pandemic paid sick leave).
−Removed: We expect to continue to incur additional costs, which may be significant, as we continue to implement operational changes in response to the pandemic.
+Added: We expect to continue to incur additional costs, which may be significant, as we implement operational changes in response to the pandemic.
Further, our management is focused on mitigating the effects of COVID-19 on our business operations while protecting the health of our employees, which has required and will continue to require, a large investment of time and resources across our enterprise.
−Removed: In addition, we expect to reduce our capital expenditures this year substantially from the level at which we have invested in our business in prior years.
+Added: In addition, we reduced our capital expenditures this year substantially from the level at which we have invested in our business in prior years.
If we do not respond appropriately to the pandemic, or if customers do not perceive our response to be adequate for the United States, Europe or our other international markets, we could suffer damage to our reputation and our brand, which could adversely affect our business.
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the severity and duration of the outbreak;
−Removed: governmental, business and other actions (which could include limitations on our operations or mandates to provide services in a specified manner);
+Added: governmental, business and other actions (which could include limitations on our operations, mandates to provide services in a specified manner or specified liability for workplace infections);
the promotion of social distancing and the adoption of shelter-in-place orders affecting our ability to provide our services;
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Further, provisions for bad debt expense may increase given the financial difficulty faced by our business partners, which could, among other things, impact our ability to borrow under our trade receivables securitization program and/or our revolving credit facility.
−Removed: In addition, if the pandemic continues to create disruptions or turmoil in the credit or financial markets, or impacts our credit ratings, it could adversely affect our ability to access capital on favorable terms and continue to meet our liquidity needs, all of which are highly uncertain and cannot be predicted.
+Added: In addition, if the pandemic continues to create disruptions or turmoil in the credit or
+Added: financial markets, or impacts our credit ratings, it could adversely affect our ability to access capital on favorable terms and continue to meet our liquidity needs, all of which are highly uncertain and cannot be predicted.
There are no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have, and, as a result, the ultimate impact of the outbreak is highly uncertain and subject to change.
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Furthermore, the extent and pace of a recovery remains uncertain and may differ significantly among the countries in which we operate.
−Removed: While we anticipate that our results of operations will continue to be impacted by this pandemic in the third and fourth quarters of 2020, we are unable to reasonably estimate the extent of the impact on our full-year results of operations, our liquidity or our overall financial position.
−Removed: However, the effects could have a material impact on our results of operations and heighten many of our known risks described in this Form 10-Q and the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2019, which is incorporated by reference herein.
+Added: We anticipate that our results of operations will continue to be impacted by this pandemic in the fourth quarter of 2020, and the pandemic could have a material impact on our results of operations and heighten many of our known risks described in this Form 10-Q and the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2019, which is incorporated by reference herein.
Unregistered Sales of Equity Securities and Use of Proceeds.
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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.