Risk Factors.
−Removed: The following risk factor is in addition to the Company's risk factors previously disclosed in Part I, Item 1A of the Company's Annual Report filed on the Form 10-K for year ended December 29, 2019.
+Added: The following risk factor has been updated from the Company's risk factors previously disclosed in Part I, Item 1A of the Company's Annual Report filed on the Form 10-K for year ended January 3, 2021.
Our business has been adversely impacted by the recent novel coronavirus (COVID-19) outbreak and we expect adverse business and economic conditions will continue in the future.
−Removed: The outbreak of the novel coronavirus across the globe continues to negatively impact the economies and general welfare in the countries in which we operate.
+Added: The outbreak of the novel coronavirus across the globe continues to negatively impact the economies and general welfare in the countries in which we operate, as well as in the countries in which demand for our customers' goods and services are created.
As the pandemic continues, we have maintained our focus on the health and safety of our employees, contractors, customers and suppliers around the world.
−Removed: Our emergency management team continues to track the impact of COVID-19, implement health and safety measures across our various business lines, and develop plans for safely continuing operations in the event of an extended duration of the pandemic.
+Added: Our emergency management team continues to track the impact of COVID-19, including the deployment of vaccines, implementation of health and safety measures across our various business segments, and development of plans for safely continuing operations during the pandemic.
The demand for staffing services is significantly affected by general economic conditions.
−Removed: The economic downturn and uncertainties related to the duration of the COVID-19 pandemic had and is expected to continue to have an adverse impact on the staffing industry and the Company’s ability to forecast its financial performance.
−Removed: Containment and mitigation measures taken to combat the spread of COVID-19, including travel bans, quarantines, shelter-in-place orders, temporary shutdowns, and social distancing and other health and safety precautions, have decreased customer demand for staffing services, specifically in our education business unit where many school districts have remained closed for physical instruction since March 2020.
−Removed: The disruptions in on-site instruction and the uncertainties related to the deployment of services via virtual and hybrid education models may continue to materially impact the Company’s financial performance.
+Added: The economic downturn and uncertainties related to the duration of the COVID-19 pandemic have had and are expected to have an adverse impact on the staffing industry and the Company’s ability to forecast its financial performance.
+Added: Containment and mitigation measures taken to combat the spread of COVID-19, including travel bans, quarantines, shelter-in-place orders, temporary shutdowns, social distancing, and other health and safety precautions have decreased customer demand for staffing services.
+Added: In our Education segment, many school districts previously responded to an increase in COVID-19 cases by moving to virtual or hybrid education models.
+Added: While many school districts have returned to in-person instruction, future disruptions in on-site instruction and the uncertainties related to the deployment of services via virtual and hybrid education models may materially impact the Company’s financial performance.
We continue to assess and address the impact of COVID-19 on the financial viability of third parties on which we rely to provide staffing services or manage critical business functions.
2 unchanged sentences
We are not able to predict the timing or the extent of the recovery.
−Removed: In the second quarter, we took a number of cost management actions to address declines in our revenues and adverse business conditions.
−Removed: Certain actions, such as reducing officer and employee compensation and furloughing and redeploying employees, ended in the fourth quarter.
−Removed: Other actions taken, including reducing full-time employee staffing levels, reducing discretionary expenses and projects, enacting certain hiring freezes and suspending dividends payable on our common stock, continue.
+Added: Business decisions by customers made in response to the COVID-19 pandemic, including automation, social distancing, and remote work, if sustained in a post-pandemic business environment, could negatively impact customer demand for our services.
+Added: In the second quarter of 2020, we took a number of cost management actions to address declines in our revenues and adverse business conditions.
+Added: Certain actions, such as reducing officer and employee compensation and furloughing and redeploying employees, ended in the fourth quarter of 2020.
+Added: Other actions taken, including reducing full-time employee staffing levels, reducing discretionary expenses and projects, and suspending dividends payable on our common stock, continue.
There can be no assurance that these actions will be adequate, and further actions may be required in the future.
−Removed: Due to uncertainty regarding the sufficiency of the containment and mitigation measures to combat the COVID-19 outbreak and the duration of their implementation, coupled with the unknown timeline for development of COVID-19 treatments or vaccines, the extent or the duration of the impact on our business, financial condition, ability to meet financial covenants and restrictions in our debt facilities, and results of operations cannot be predicted with certainty, however, such impacts could be material.
+Added: Due to uncertainty regarding the sufficiency of the containment and mitigation measures to combat the COVID-19 outbreak and the duration of their implementation, coupled with the unknown timeline for effective deployment of COVID-19 vaccines to a large portion of the workforce, the extent or the duration of the impact on our business, financial condition, ability to meet financial covenants and restrictions in our debt facilities, and results of operations cannot be predicted with certainty, however, such impacts could be material.
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.