The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with the Unaudited Interim Consolidated
Financial Statements included herein.
Our interim consolidated financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America.
Operating results for the three months ended March 31, 2021 are not necessarily
indicative of the results to be expected for the full year ending December 31,
Changes in local currencies exclude the effect of currency exchange rate
fluctuations. Local currency amounts are determined by translating current and
previous year consolidated financial information at an index utilizing
historical currency exchange rates. We believe local currency information
provides a helpful assessment of business performance and a useful measure of
results between periods. We do not, nor do we suggest that investors should,
consider such non-GAAP financial measures in isolation from, or as a substitute
for, financial information prepared in accordance with GAAP. We present non-GAAP
financial measures in reporting our financial results to provide investors with
an additional analytical tool to evaluate our operating results.
We also include in the discussion below disclosures of immaterial qualitative
factors that are not quantified. Although the impact of such factors is not
considered material, we believe these disclosures can be useful in evaluating
our operating results.
The ongoing coronavirus pandemic ("COVID-19") pandemic has resulted in millions
of confirmed cases throughout the world and in all countries where we conduct
business. The outbreak has caused many governments to implement stay-at-home
orders, quarantines, and significant restrictions on travel. Several governments
have also implemented work restrictions that prohibit many employees from going
to their customary work locations and that require these employees to work
remotely if possible. These restrictions continue to change as COVID-19 evolves
in each country and region.
The health and safety of our employees and business partners have been our
highest priority throughout the COVID-19 pandemic, and we have implemented
several preventative and protective measures. We have also continued to support
our customers with their essential businesses such as life sciences, food
manufacturing, chemicals (e.g., sanitizers, disinfectants, soaps, etc.), food
retail, and transportation and logistics. Our production and logistics
facilities are currently operational, and our office-based employees have been
able to work remotely in adherence to applicable jurisdictional stay-at-home
orders. Our supply chain is currently continuing with minimal interruption, and
we generally maintain adequate product inventory levels and safety stock for
certain components. We continue to leverage our digital and remote sales and
service capabilities, while also meeting delivery requirements with our global
supply chain. Our service organization also continues to provide on-site and
remote customer support to facilitate uptime, productivity, and regulatory
COVID-19 presents several risks to our business as further described in Part I,
Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020.
Uncertainties related to COVID-19 and the resulting impact to the global economy
continue in most regions of the world and market conditions can change quickly.
The longer-term effects on our business will be impacted by the global economy
and any recession implications in different regions of the world.
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