Available Information Item 1A. Risk Factors Adverse economic conditions  a reduction in client spending  a deterioration in the credit markets or a delay in client payments could have a material effect on our business  results of operations and financial position. In an economic downturn  the risk of a material loss related to media purchases and production costs incurred on behalf of our clients could significantly increase and methods for managing or mitigating such risk may be less available or unavailable. Clients periodically review and change their advertising  marketing and corporate communications requirements and relationships. If we are unable to remain competitive or retain key clients  our business  results of operations and financial position may be adversely affected. The loss of several of our largest clients could have a material adverse effect on our business  results of operations and financial position. 3 We file annual  quarterly and current reports and any amendments to those reports  proxy statements and other information with the SEC. Documents we file with the SEC are available free of charge on our website at http://investor.omnicomgroup.com  as soon as reasonably practicable after such material is filed with the SEC. The information included on or available through our website is not part of this or any other report we file with the SEC. Any document that we file with the SEC is available on the SEC’s website at www.sec.gov. Economic conditions have a direct impact on our business  results of operations and financial position. Adverse global or regional economic conditions pose a risk that clients may reduce  postpone or cancel spending on advertising  marketing and corporate communications projects. Such actions would reduce the demand for our services and could result in a reduction in our revenue  which would adversely affect our business  results of operations and financial position. A contraction in the availability of credit may make it more difficult for us to meet our working capital requirements. In addition  a disruption in the credit markets could adversely affect our clients and could cause them to delay payment for our services or take other actions that would negatively affect our working capital. In such circumstances  we may need to obtain additional financing to fund our day-to-day working capital requirements  which may not be available on favorable terms  or at all. Even if we take action to respond to adverse economic conditions  reductions in revenue and disruptions in the credit markets by aligning our cost structure and more efficiently managing our working capital  such actions may not be effective. In the normal course of business  our agencies enter into contractual commitments with media providers and production companies on behalf of our clients at levels that can substantially exceed the revenue from our services. These commitments are included in accounts payable when the services are delivered by the media providers or production companies. If permitted by local law and the client agreement  many of our agencies purchase media and production services for our clients as an agent for a disclosed principal. In addition  while operating practices vary by country  media type and media vendor  in the United States and certain foreign markets  many of our agencies’ contracts with media and production providers specify that our agencies are not liable to the media and production providers under the theory of sequential liability until and to the extent we have been paid by our client for the media or production services. Where purchases of media and production services are made by our agencies as a principal or are not subject to the theory of sequential liability  the risk of a material loss as a result of payment default by our clients could increase significantly and such a loss could have a material adverse effect on our business  results of operations and financial position. In addition  our methods of managing the risk of payment default  including obtaining credit insurance  requiring payment in advance  mitigating the potential loss in the marketplace or negotiating with media providers  may be less available or unavailable during a severe economic downturn. We operate in a highly competitive industry. Key competitive considerations for retaining existing clients and winning new clients include our ability to develop solutions that meet client needs in a rapidly changing environment  the quality and effectiveness of our services and our ability to serve clients efficiently  particularly large multinational clients  on a broad geographic basis. While many of our client relationships are long-standing  from time to time clients put their advertising  marketing and corporate communications business up for competitive review. We have won and lost accounts as a result of these reviews. To the extent that we are not able to remain competitive or retain key clients  our revenue may be adversely affected  which could have a material adverse effect on our business  results of operations and financial position. In 2019  our 100 largest clients represented approximately 51% of our revenue. Clients generally are able to reduce or cancel current or future spending on advertising  marketing and corporate communications projects at any time on short notice for any reason. A significant reduction in spending on our services by our largest clients  or the loss of several of our largest clients  if not