−Removed: Item 1A, “Risk Factors,”
−Removed: on pages 12 through 20 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, provides information on the significant risks associated with our business.
−Removed: Except as set forth below, there have been no subsequent material changes to these risks.
−Removed: We may not realize the benefits of our strategic partnership with Advantest, which could have an adverse effect on our business and results of operations.
−Removed: On July 29, 2020, we entered into a strategic partnership with Advantest Corporation through its wholly-owned subsidiary, Advantest America, Inc.
−Removed: (collectively, “Advantest”), that includes:
−Removed: (i) a significant agreement for our assistance in development of cloud-based applications for Advantest tools that leverage our Exensio software analytics platform;
−Removed: (ii) a commercial agreement providing for the license to third parties of solutions that result from the development work that combine Advantest’s testing applications and our Exensio platform;
−Removed: (iii) a 5-year cloud-based subscription for our Exensio analytics platform and related services;
−Removed: and (iv) the purchase of 3,306,924 shares of our common stock, for aggregate gross proceeds of $65.2 million.
−Removed: This strategic partnership is in the early stages of development, and the full extent of its future impact on our financial condition and results of operations is currently unknown and the failure to reap the anticipated benefits of Advantest’s financial resources, technology, customer relationships, and global footprint and/or develop successful joint solutions could have an adverse effect on our business and results of operations.
−Removed: The COVID-19 pandemic has significantly affected how we and our customers are operating our business and the duration and extent to which this will impact our future results of operations and overall financial performance remains uncertain.
−Removed: The COVID-19 pandemic has significantly affected how we and our customers are operating our business.
−Removed: For example, most U.S.
−Removed: states and countries worldwide have imposed and may continue to impose from time-to-time for the foreseeable future, restrictions on the physical movement of our employees, partners, and customers to limit the spread of COVID-19, including travel restrictions and shelter-in-place orders.
−Removed: As a result, our Shanghai office was temporarily shut down and the restrictions limited the ability of our local employees to travel to customer sites or visit our other offices from January to April 2020.
−Removed: Our offices in Italy and Germany were closed in February 2020 and by March 2020, our corporate headquarters in the United States and several other impacted locations were temporarily closed as well.
−Removed: In addition, our personnel worldwide are subject to various country to country travel restrictions, which limit our ability to provide services to customers at their facilities.
−Removed: These impacts have disrupted our normal operations.
−Removed: If the COVID-19 pandemic has a substantial impact on our employees’
−Removed: productivity, our results of operations and overall financial performance may be harmed.
−Removed: Moreover, the conditions caused by the COVID-19 pandemic could adversely affect our customers’
−Removed: ability or willingness to purchase our products or services, delay prospective customers’
−Removed: purchasing decisions, adversely impact our ability to provide or deliver products and on-site services to our customers, delay the provisioning of our offerings, lengthen payment terms, reduce the value or duration of their subscriptions, or affect attrition rates, all of which could adversely affect our future sales, operating results and overall financial performance.
−Removed: While the potential economic impact brought by the COVID-19 pandemic may be difficult to assess or predict, the pandemic has resulted in significant disruption of global financial markets and on June 8, 2020, the National Bureau of Economic Research announced that the U.S.
−Removed: was in a recession.
−Removed: A long-term recession or long-term market downturn resulting from the spread of COVID-19 could materially impact the value of our common stock, impact our access to capital and affect our business in the near and long-term.
−Removed: The duration and extent of the impact from the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of the virus, the extent and effectiveness of containment actions and the impact of these and other factors on our employees, customers, partners and vendors.
−Removed: If we are not able to respond to and manage the impact of such events effectively, or if the macroeconomic conditions of the general economy continue to worsen or the industries in which we operate are negatively impacted over the long-term, our business, operating results, financial condition and cash flows could be adversely affected.
+Added: As of the date of this Quarterly Report on Form 10-Q, there have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 11, 2021.
+Added: Any of such factors could result in a significant or material adverse effect on our result of operations or financial conditions.
+Added: Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.
+Added: We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.
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.