18 unchanged sentences
At the peak of the COVID-19 outbreak in China in 2020, approximately 35% of our restaurants were closed.
−Removed: Our operations and financial results of second half of 2021 were also significantly affected by multiple waves of Delta-variant outbreaks, spreading to nearly all provinces in China.
−Removed: In the first quarter of 2022, the largest outbreak since COVID-19 first emerged in early 2020 caused significant volatility in our business operations.
−Removed: The most severe COVID-19 outbreaks to date in China continued to significantly affect the restaurant industry and our operations in the second quarter of 2022.
+Added: Our operations and financial results for the second half of 2021 were also significantly affected by multiple waves of Delta variant outbreaks, spreading to nearly all provinces in China.
+Added: In the first half of 2022, the most severe COVID-19 outbreaks to date in China significantly affected our business operations.
During April and May 2022, over 2,500 of our stores in China, on average, were either temporarily closed or offered only takeaway and delivery services.
Of these stores, approximately 45% were temporarily closed.
−Removed: Same-store sales declined by more than 20% year over year.
We expect that our operations will continue to be impacted by the COVID-19 pandemic, including outbreaks caused by existing or new COVID-19 variants and the actions taken by governmental authorities, such as regional lockdowns, measures restricting travel and large gatherings, and recommendations against dining out.
35 unchanged sentences
Following receipt of the notice, we paid the disputed royalty amounts under a reservation of rights, after which YUM suspended its declaration of material breaches related to payment of the disputed royalty amounts.
−Removed: YUM’s notice in June 2022 also alleged, for the first time, that the Company has engaged in unauthorized use of YUM’s intellectual property under the master license agreement.
+Added: YUM’s notice in June 2022 also alleged, for the first time, that the Company has engaged in unauthorized use of YUM’s intellectual
+Added: property under the master license agreement.
The Company believes the notice is contrary to the terms of the master license agreement and that these allegations are without merit.
−Removed: The parties have submitted the dispute to mediation under the terms of the master license agreement.
−Removed: If the parties are unable to resolve the dispute by mediation, then pursuant to the master license agreement, either party may submit the dispute to arbitration, while retaining all other rights and remedies, which may include the initiation of proceedings for injunctive or other equitable relief, or the exercise of contractual rights up to and including termination of the master license agreement.
+Added: The parties are progressing through the dispute resolution process.
+Added: If the parties are unable to resolve the dispute pursuant to the master license agreement, either party may submit the dispute to arbitration, while retaining all other rights and remedies, which may include the initiation of proceedings for injunctive or other equitable relief, or the exercise of contractual rights up to and including termination of the master license agreement.
If the master license agreement were terminated, or any of our license rights were limited, our business, results of operations and financial condition would be materially adversely affected.
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.