16 unchanged sentences
Disruptions to our supply chain in connection with the sourcing of materials, equipment and engineering support, and services from geographic areas that have been impacted by COVID-19 and by efforts to contain the spread of COVID-19;
+Added: As a result of the implementation of our work-from-home policy, the potential opportunities for the Company to be subject to an adverse cybersecurity event have increased which in turn could give rise to business disruptions, loss of information, intellectual property and critical date as well as other negative impacts;
A decrease in availability under our credit agreement, which permits us to borrow up to 70% of the value of eligible securities held at the time the line of credit is accessed, due a decrease in the value of eligible securities resulting from the impact of COVID-19 on global markets;
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Compliance with foreign laws .
−Removed: Our business is subject to risks inherent in doing business internationally, including compliance with, inconsistencies among, and unexpected changes in, a wide variety of foreign laws and regulatory environments with which we are not familiar, including, among other issues, with respect to employees, protection of our intellectual property, and a wide variety of operational regulations and trade and export controls under domestic, foreign, and international law.
+Added: Our business is subject to risks inherent in doing business internationally, including compliance with, inconsistencies among, and unexpected changes in, a wide variety of foreign laws and regulatory environments with which we are not familiar, including, among other issues, with respect to employees, protection of our
+Added: intellectual property, and a wide variety of operational regulations and trade and export controls under domestic, foreign, and international law.
Unexpected changes in legal and regulatory requirements including tariffs and other market barriers .
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In particular, these restrictive measures may reduce overall global demand for our customers’ products or for other products produced or manufactured in the United States or based on United States technology, in turn reducing demand for our products, which could have a material adverse effect on our business, financial condition and results of operations.
−Removed: We are faced with various risks that may be associated with our compliance with existing, new, different, inconsistent or conflicting laws, regulations and rules enacted by governments and/or their regulatory agencies in the countries in which we
−Removed: operate as well as rules and policies implemented at our customer sites.
+Added: We are faced with various risks that may be associated with our compliance with existing, new, different, inconsistent or conflicting laws, regulations and rules enacted by governments and/or their regulatory agencies in the countries in which we operate as well as rules and policies implemented at our customer sites.
These laws, regulations, rules and policies could relate to any of an array of issues including, but not limited to, environmental, tax, intellectual property, trade secrets, product liability, contracts, antitrust, employment, securities, import/export and unfair competition.
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Defects may be created during probing, bumping, dicing or general handling, and can have a major impact on device and process quality.
−Removed: this occurs, our credibility and the market acceptance and sales of our systems could be harmed.
+Added: When this occurs, our credibility and the market acceptance and sales of our systems could be harmed.
Further, if our systems contain errors, defects or bugs, computer viruses or malicious code as a result of cyber-attacks to our computer networks, we may be required to expend significant capital and resources to alleviate these problems.
Defects could also lead to product liability as a result of product liability lawsuits against us or against our customers.
−Removed: We have agreed to indemnify our customers under certain circumstances against liability arising from defects in our systems.
−Removed: Our product liability insurance policy currently provides $2.0 million of aggregate coverage, with an overall umbrella limit of $14.0 million.
+Added: We have agreed to indemnify our customers under certain circumstances against liability arising from defects in our systems provided that we also include a cap on our liability in the related sales agreements.
+Added: Our product liability insurance policy currently provides both aggregate coverage as well as an overall umbrella coverage.
In the event of a successful product liability claim, we could be obligated to pay damages significantly in excess of our product liability insurance limits.
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In addition to patent protection, we rely upon trade secret protection for our confidential and proprietary information and technology.
−Removed: We routinely enter into confidentiality agreements with our employees and other third parties.
+Added: routinely enter into confidentiality agreements with our employees and other third parties.
Even though these agreements are in place, there can be no assurances that trade secrets and proprietary information will not be disclosed, that others will not independently develop substantially equivalent proprietary information and techniques or otherwise gain access to our trade secrets, or that we can fully protect our trade secrets and proprietary information.
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We may be required to initiate litigation in order to enforce any patents issued to or licensed by us or to determine the scope or validity of a third party’s patent or other proprietary rights.
−Removed: Any litigation, regardless of outcome, could be expensive and time consuming and could subject us to significant liabilities or require us to re-engineer our products or obtain expensive
−Removed: licenses from third parties.
+Added: Any litigation, regardless of outcome, could be expensive and time consuming and could subject us to significant liabilities or require us to re-engineer our products or obtain expensive licenses from third parties.
There can be no assurance that any patents issued to or licensed by us will not be challenged, invalidated or circumvented, or that the rights granted thereunder will provide us with a competitive advantage.
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We have, from time to time, selectively reduced prices on our systems in order to protect our market share, and competitive pressures may necessitate further price reductions.
−Removed: We expect our competitors in each product area to continue to improve the design and performance of their products and to introduce new products with competitive prices and performance characteristics.
+Added: We expect our
+Added: competitors in each product area to continue to improve the design and performance of their products and to introduce new products with competitive prices and performance characteristics.
These product introductions would likely require us to decrease the prices of our systems and increase the level of discounts that we grant our customers.
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We may not be able to successfully implement the ERP transition without experiencing delays, increased costs and other difficulties.
−Removed: Beyond cost and scheduling, if there are flaws in the implementation of the ERP system, or if the ERP system does not operate as expected, this may pose risks to the Company’s ability to operate successfully and efficiently, including the risk that the effectiveness of our disclosure controls and procedures or internal controls over financial reporting may be negatively impacted, affecting our ability to make timely and accurate SEC filings.
+Added: Beyond cost and scheduling, if there are flaws in the implementation of the ERP system, or if the
+Added: ERP system does not operate as expected, this may pose risks to the Company’s ability to operate successfully and efficiently, including the risk that the effectiveness of our disclosure controls and procedures or internal controls over financial reporting may be negatively impacted, affecting our ability to make timely and accurate SEC filings.
If we are unable to successfully implement the consolidated ERP system as planned, our financial position, results of operations and cash flows could be negatively impacted.
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In response to the COVID-19 pandemic, our expanded reliance on remote access to our information systems has further increased our exposure to potential cybersecurity breaches.
−Removed: As the techniques used to obtain unauthorized access or sabotage systems change frequently and generally are not identified until they are launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures.
−Removed: In addition, third parties may attempt to fraudulently induce employees or users to disclose information to gain access to our data or our customers’ data.
−Removed: If any of these events occur, our or our customers’ and vendors’ information could be accessed or disclosed improperly.
+Added: As the techniques used to obtain unauthorized access or sabotage systems change frequently and generally are not identified until they are launched against a target, our ability to anticipate these techniques or to implement adequate preventative measures is reduced.
+Added: In addition, third parties have made attempts to fraudulently induce employees or users to disclose information to gain access to our data or our customers’ data.
+Added: As a result of any of these events, our or our customers’ and vendors’ information could be accessed or disclosed improperly.
Any or all of these issues could negatively affect our ability to attract new customers, cause existing customers to choose to purchase from our competitors, result in reputational damage or subject us to third-party lawsuits, regulatory fines or other action or liability, which could adversely affect our operating results.
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From time to time in the past, we have experienced temporary difficulties in receiving shipments from our suppliers.
−Removed: The lead-time required for shipments of some of our components can be as long as six months.
+Added: time required for shipments of some of our components can be as long as six months.
In addition, the lead time required to qualify new suppliers for lasers and certain optics could be as long as a year, and the lead time required to qualify new suppliers of other components could be as long as nine months.
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However, by entering into these arrangements, we are exposed to additional risks.
−Removed: If any of these financial institutions experiences financial difficulties or
−Removed: is otherwise unable to honor the terms of our factoring arrangements, we may experience material financial losses due to the failure of such arrangements, which could have an adverse impact upon our operating results, financial condition and cash flows.
+Added: If any of these financial institutions experiences financial difficulties or is otherwise unable to honor the terms of our factoring arrangements, we may experience material financial losses due to the failure of such arrangements, which could have an adverse impact upon our operating results, financial condition and cash flows.
We are subject to various environmental laws and regulations that could impose substantial costs upon us and may harm our business, operating results and financial condition.
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Risks Related to the 2019 Merger
−Removed: Any ongoing actions related to the combination of the businesses of Rudolph and Nanometrics may be more difficult, costly or time-consuming than expected and we may fail to realize the anticipated benefits of the 2019 Merger, which may adversely affect our business results and negatively affect the value of our common stock.
−Removed: The success of the 2019 Merger depends on, among other things, our ability to combine the businesses of Rudolph and Nanometrics in a manner that realizes cost savings and facilitates growth opportunities.
−Removed: In addition, we must achieve the anticipated growth and cost savings without adversely affecting current revenues and investments in future growth.
−Removed: If we are not able to successfully achieve these objectives, the anticipated benefits of the 2019 Merger may not be realized fully, or at all, or may take longer to realize than expected.
−Removed: An inability to realize the full extent of the anticipated benefits of the 2019 Merger, as well as any delays encountered in any remaining activities which are part of the integration process, could have an adverse effect upon our revenues, level of expenses and operating results, which may adversely affect the value of our common stock.
−Removed: In addition, any remaining integration activities may result in additional and unforeseen expenses, and the anticipated benefits of the integration plan may not be realized.
−Removed: Actual growth and cost savings, if achieved, may be lower than what we expect and may take longer to achieve than anticipated.
−Removed: If we are not able to adequately address any remaining integration challenges, we may be unable to realize the anticipated benefits of the integration of Rudolph and Nanometrics.
−Removed: The failure to complete the successful integration of the businesses and operations of Rudolph and Nanometrics in the expected time frame may adversely affect our future results.
+Added: Any ongoing actions related to the combination of the businesses of Rudolph and Nanometrics may be more difficult, costly or time-consuming than expected and we may fail to complete the successful integration of the businesses and operations in the expected time frame and/or realize the anticipated benefits of the 2019 Merger, which may adversely affect our business results and negatively affect the value of our common stock.
Prior to completion of the 2019 Merger, Rudolph and Nanometrics operated independently.
−Removed: There can be no assurances that their businesses can be fully integrated successfully.
−Removed: It is possible that the ongoing integration process could result in the loss of key employees, the loss of customers, the disruption of our ongoing businesses, inconsistencies in standards, controls, procedures and policies, unexpected integration issues, higher than expected integration costs or an overall post-completion integration process that takes longer than originally anticipated.
+Added: There can be no assurances that these businesses can be fully integrated successfully.
+Added: It is possible that the ongoing integration process could result in the loss of key employees, the loss of customers, the disruption of our ongoing businesses, inconsistencies in standards, controls, procedures and policies, unexpected integration issues, higher than expected integration costs, unforeseen expenses or an overall post-completion integration process that takes longer than originally anticipated.
+Added: Further, the success of the 2019 Merger depends on, among other things, our ability to combine the businesses of Rudolph and Nanometrics in a manner that realizes cost savings and facilitates growth opportunities.
Specifically, the following issues, among others, continue to be addressed in integrating the operations of Rudolph and Nanometrics in order to realize the anticipated benefits of the 2019 Merger so we perform as expected:
3 unchanged sentences
coordinating geographically dispersed organizations.
−Removed: In addition, at times the attention of certain members of management and resources may be focused on the integration of the businesses of the two companies and diverted from day-to-day business operations or other opportunities that may have been beneficial, which may disrupt our business.
+Added: As a result, at times the attention of certain members of management and resources may be focused on the integration of the businesses of the two companies and diverted from day-to-day business operations or other opportunities that may have been beneficial, which may disrupt our business.
+Added: In addition, we must achieve the anticipated growth and cost savings without adversely affecting current revenues and investments in future growth.
+Added: However, actual growth and cost savings, if achieved, may be lower than what we expect and may take longer to achieve than anticipated.
+Added: If we are not able to adequately address any remaining integration challenges and successfully achieve our objectives, we may be unable to realize the anticipated benefits of the integration the 2019 Merger or it may take longer to realize than expected.
+Added: An inability to realize the full extent of the anticipated benefits of the 2019 Merger, any delays encountered in any remaining activities which are part of the integration process, or failure to complete the integration could have an adverse effect upon our revenues, level of expenses and operating results, which may adversely affect the value of our common stock.
Risks Related to the Global Economy and the Semiconductor Industry
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Growth in the inspection market is dependent to a large extent upon microelectronic manufacturers replacing manual inspection with automated inspection technology.
−Removed: Growth in the metrology market is dependent to a large extent upon new chip designs and capacity expansion of microelectronic manufacturers.
+Added: Growth in the metrology market is dependent to a large extent upon
+Added: new chip designs and capacity expansion of microelectronic manufacturers.
Growth in the lithography market is dependent on the development of cost-effective packaging with high fine pitch RDLs, ultimately migrating to multi-die, large, form-factor packages.
29 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.