−Removed: This quarterly report should be read in conjunction with the risk factors included in our 2019 Annual Report and our Quarterly Report for the quarter ended March 27, 2020.
−Removed: The following risk factor supersedes and replaces the risk factors contained in our Quarterly Report on Form 10-Q for the quarter ended March 27, 2020 under the caption entitled, “The extent to which the coronavirus (COVID-19) pandemic and measures taken in response thereto impact our business, results of operations and financial condition will continue to depend on future developments, which are highly uncertain and difficult to predict.”
−Removed: Our business has been adversely affected by the Novel Coronavirus pandemic (“COVID‑19”) and we continue to face risks related to COVID‑19 which could significantly disrupt our operations, customer demand, and our suppliers’ ability to support us, resulting in material adverse impacts to our business, financial condition, operating results, and cash flows.
−Removed: We are closely monitoring the outbreak of respiratory illness caused by COVID‑19.
−Removed: The virus has spread to many countries and has been declared by the World Health Organization to be a pandemic, resulting in action from federal, state and local governments that has significantly affected virtually all facets of the U.S.
−Removed: and global economies.
−Removed: government has implemented enhanced screenings, quarantine requirements, and travel restrictions in connection with the COVID‑19 outbreak.
−Removed: Shelter-in-place orders and other measures, including work-from-home and social distancing policies implemented to protect employees, have resulted in reduced workforce availability at product manufacturing sites, construction delays, and reduced capacity at some of our vendors and suppliers.
−Removed: Restrictions on our access to or operation of manufacturing facilities or on our support operations or workforce, or similar limitations for our vendors and suppliers, can impact our ability to meet customer demand and could have a material adverse effect on our financial condition and results of operations, particularly if prolonged.
−Removed: Similarly, current and future restrictions or disruptions of transportation, such as reduced availability of air transport, port closures, and increased border controls or closures, can also impact our ability to meet demand and could materially adversely affect us.
−Removed: Our customers have experienced, and may continue to experience, disruptions in their operations and supply chains, which can result in delayed, reduced, or canceled orders, or collection risks, and which may adversely affect our results of operations.
−Removed: Our business may be more adversely impacted by the effects of COVID‑19 in the future.
−Removed: We source materials from different parts of the world that have been affected by the virus which could have an adverse impact on our supply chain operations and ability to get materials needed to build our products.
−Removed: Additionally, the disruption to global markets that has occurred due to the epidemic has increased uncertainty for semi-conductor demand.
−Removed: It is likely that the current outbreak and continued spread of COVID‑19 will cause an economic slowdown, and it is possible that it could cause a global recession.
−Removed: There is a significant degree of uncertainty and lack of visibility as to the extent and duration of any such slowdown or recession.
−Removed: Given the significant economic uncertainty and volatility created by the pandemic, it is difficult to predict the nature and extent of impacts on demand for our products.
−Removed: These expectations are subject to change without warning and investors are cautioned not to place undue reliance on them.
−Removed: The spread of COVID‑19 has caused us to modify our business practices (including employee travel, employee work locations, cancellation of physical participation in meetings, events and conferences, and social distancing measures), and we may take further actions as may be required by government authorities or that we determine are in the best interests of our employees, customers, partners, vendors, and suppliers.
−Removed: Work-from-home and other measures introduce additional operational risks, including cybersecurity risks, and have affected the way we conduct our product development, validation, and qualification, customer support, and other activities, which could have an adverse effect on our operations.
−Removed: There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus, and illness and workforce disruptions could lead to unavailability of key personnel and harm our ability to perform critical functions.
−Removed: The extent of the impact of COVID‑19 on our operational and financial performance will depend on future developments, including, but not limited to, the duration and spread of the outbreak and related travel advisories and restrictions, all of which are highly uncertain and cannot be predicted.
−Removed: Government shutdown orders or a change to our business classification as an “essential business” may result in a closure of operations for an uncertain duration impacting our business results.
−Removed: Preventing the effects from and responding to this market disruption if any other public health threat, related or otherwise, may further increase costs of our business and may have a material adverse effect on our business, financial condition, and results of operations.
−Removed: While we have taken step s to minimize the potential for COVID ‑ 19 exposure in the workplace, the potential for a COVID ‑ 19 outbreak within our facilities occurring and significantly disrupting operations remains possible.
−Removed: Increased infection rates in geographic locations in which we operate have the potential to result in disruptions to our operations at an increased rate than we currently experience.
−Removed: 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 pandemic is highly uncertain and subject to change.
−Removed: We do not yet know the full extent of the impacts on our business, our operations or the global economy as a whole.
−Removed: However, the effects could materially heighten many of our known risks described in the “Risk Factors” section of our 2019 Annual Report.
+Added: This quarterly report should be read in conjunction with the risk factors included in our 2019 Annual Report and our Quarterly Reports for the quarters ended March 27, 2020 and June 26, 2020, and there have been no material changes in our risk factors from the risk factors disclosed in those reports.
+Added: These risk factors do not identify all risks that we face – our operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial to our operations.
+Added: Due to risks and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
3 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.