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Within weeks of this announcement, travel bans, the state of emergency, quarantines, lockdowns, “shelter in place” orders, and business restrictions and shutdowns were issued in most countries where TTEC does business.
−Removed: While we are unable to accurately predict the full impact that COVID-19 pandemic will have on our results from operations, financial condition, liquidity and cash flows due to numerous uncertainties, including the duration and severity of the pandemic and its containment measures, our compliance with these measures has impacted our day-to-day operations and disrupted our business.
−Removed: We have experienced temporary suspension of operations in some of our TTEC Engage customer experience delivery sites as a result of COVID-19 pandemic and related government-mandated restrictions.
−Removed: To support the health and well-being of our employees and communities and to provide a stable service delivery platform to our clients, we made a business decision to transition as many employees as was reasonably possible to our work from home environment between March and April 2020.
+Added: These restrictions eased during the summer of 2020, but recent increases in the rates of COVID-19 infections around the globe and in countries where TTEC does business are leading to reinstatements of many of the restrictions that we experienced earlier in the year.
+Added: While we are unable to accurately predict the full impact that COVID-19 pandemic will have on our results from operations, financial condition, liquidity and cash flows due to numerous uncertainties, including the duration and severity of the pandemic and its containment measures, our compliance with these measures will continue to impact our day-to-day operations and disrupt our business.
+Added: We have experienced temporary suspension of operations in many of our TTEC Engage customer experience delivery sites as a result of COVID-19 pandemic and related government-mandated restrictions.
+Added: To support the health and well-being of our employees and communities and to provide a stable service delivery platform to our clients, we transitioned as many employees as was reasonably possible to our work from home environment during March and April 2020;
+Added: many of those employees continue to work from home and most of the new employees we hire are hired to work from home.
Such large-scale rapid transition resulted in certain inefficiencies, additional costs unlikely to be recouped from our clients, and heightened cybersecurity, regulatory compliance, and fraud risks.
−Removed: Our inability to manage these risk and costs effectively could have a material adverse effect on our business, financial condition and results of operations.
−Removed: The social distancing rules and other government mandates that continue during the sustained pandemic are likely to impact the structure and configuration of large-scale facilities, like our customer experience delivery centers, where employees work in close proximity.
−Removed: These new regulatory requirements are forcing TTEC to make investments to reconfigure our existing customer experience centers and to accept lower capacity utilization than the utilization priced under our multi-year contracts.
+Added: While to date we have been able to manage these risk and costs effectively, there can be no assurance that we will continue to be able to do that on a going forward basis and this could have a material adverse effect on our business, financial condition and results of operations.
+Added: The social distancing rules and other government mandates that continue during the sustained pandemic impacted the structure and configuration of our large-scale facilities, like our customer experience delivery centers, where employees work in close proximity.
+Added: These new regulatory requirements forced TTEC to make investments to reconfigure our existing customer experience centers and to accept lower capacity utilization than the utilization priced under our multi-year contracts.
If we are unable to renegotiate our contracts to recoup these additional costs, manage these costs by continuing to maintain a large work at home delivery platform, or adjust our cost structure to absorb them, our margins and profitability will be impacted and will result in adverse impact on our results of operations.
−Removed: The COVID-19 pandemic and government-mandated restrictions on business adopted to contain it, is resulting in what is likely to be an extended global economic downturn, which could affect demand for our services and impact our results of operations and financial condition, even after the pandemic is contained and the business restrictions and “shelter in place” orders are lifted.
−Removed: Although COVID-19 pandemic disruptions did not have a material adverse impact on our financial results for the first two quarters of fiscal 2020, there can be no assurances that we will not experience such impacts through the end of 2020 and beyond.
+Added: While we have been able to manage these adverse impacts year to date, there can be no assurance that we will continue to be able to manage them, especially given the additional government imposed restrictions and regulations that are likely because of the recent increases in COVID-19 infection rates.
+Added: The COVID-19 pandemic and government-mandated restrictions on business adopted to contain it, is resulting in what is likely to be an extended global economic downturn, which could affect demand for our services and impact our results of operations and financial condition, even after the pandemic is contained and the business restrictions are lifted.
+Added: Although COVID-19 pandemic disruptions did not have a material adverse impact on our financial results for the first three quarters of fiscal 2020, there can be no assurances that we will not experience such impacts through the end of 2020 and beyond.
Due to the evolving and highly uncertain nature of the global response to the COVID-19 pandemic, we cannot predict at this time the full extent to which the pandemic will adversely impact our business, results of operations and financial condition, which will depend on many factors that are not known at this time.
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We may also experience payment defaults or bankruptcy of some of our clients, which could also have a material adverse effect our financial condition and results of operation.
−Removed: Our ability to recruit, hire, and retain qualified employees at a price point acceptable to our clients may be impacted by the COVID-19 pandemic and by the US government pandemic recovery measures such as enhanced unemployment benefits.
+Added: Our ability to recruit, hire, and retain qualified employees at a price point acceptable to our clients may be impacted by the COVID-19 pandemic and by government pandemic recovery measures such as enhanced unemployment benefits.
Our business is labor intensive and our ability to recruit and hire employees with the right skills, at the right price point is critical to meeting our contractual commitments and attaining our growth objective.
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The inability of some of our employees in some parts of the world to work from home resulted in the need to transition some of our service delivery to other jurisdictions where work from home is easier to facilitate, which further increases our need to rapidly hire qualified employees.
−Removed: The recent adoption of various pandemic recovery measures by the U.S.
−Removed: and other governments in jurisdictions where we hire employees is aimed at supporting citizens who lost their jobs due to COVID-19 pandemic.
−Removed: Such individuals may be attractive employment prospects for TTEC, but COVID-19 enhanced unemployment benefits in some jurisdictions where we hire may exceed local prevailing wages and may make it more difficult for us to hire a sufficient number of employees to support our contractual commitments or may result in higher costs, lower contract profitability, higher turnover and reduced operational efficiencies, which could, in the aggregate, have a material adverse impact on our results of operations.
+Added: In the second quarter of 2020, the U.S.
+Added: and other governments in jurisdictions where we hire employees adopted pandemic recovery measures aimed at supporting citizens who lost their jobs due to COVID-19 pandemic.
+Added: Some of these recovery measures have now expired, but may be reinstated by governments as the COVID-19 pandemic continues and the rates of infection grow.
+Added: The individuals who benefit from these income support measures may be attractive employment prospects for TTEC, but COVID-19 enhanced unemployment benefits in some jurisdictions where we hire, if they continue into the future, may exceed local prevailing wages and may make it more difficult for us to hire a sufficient number of employees to support our contractual commitments or may result in higher costs, lower contract profitability, higher turnover and reduced operational efficiencies, which could, in the aggregate, have a material adverse impact on our results of operations.
To the extent the COVID-19 pandemic or any worsening of the global business and economic environment as a result of the pandemic or government actions to contain it adversely affects our business and financial results, it may also have the effect of heightening or exacerbating many of the other risks described in Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for our fiscal year ended December 31, 2019, such as the risk factors relating to our strategy execution, cyber security of our information systems, consolidation activities being undertaken by our clients, geographic concentration of our operations in jurisdictions ill prepared to manage large scale health crisis and pandemics, our ability to comply with laws and regulations that impact our business, the reliability of our information technology infrastructure and our ability to delivery uninterrupted service to our clients;
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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.