Certain statements within "Management's Discussion and Analysis of Financial
Condition and Results of Operations" are forward-looking statements that involve
risks and uncertainties. Words such as may, will, should, would, anticipates,
expects, intends, plans, believes, seeks, estimates and similar expressions
identify such forward-looking statements. The forward-looking statements
contained herein are based on current expectations and entail various risks and
uncertainties that could cause actual results to differ materially from those
expressed in such forward-looking statements. Factors that might cause such a
difference include, among other things, those set forth under "Liquidity and
Capital Resources" below and under "Risk Factors" in Part I, Item 1A to our
  annual report on Form 10-K for the year ended December 31, 2020  , which
discussion is incorporated herein by reference. Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. We assume no obligation to
update these forward-looking statements to reflect actual results or changes in
factors or assumptions affecting forward-looking statements, except as may
be
required by law.



Overview



We are primarily a producer of ion implantation equipment used in the
fabrication of semiconductor chips in the United States, Europe and Asia. In
addition, we provide extensive worldwide aftermarket service and support,
including spare parts, equipment upgrades and maintenance services to the
semiconductor industry. Our product development and manufacturing activities
currently occur primarily in the United States although we are adding additional
manufacturing capacity in South Korea that should come online by year end 2021.
Our equipment and service products are highly technical and are sold through a
direct sales force in the United States, Europe and Asia. Consolidation and
partnering within the semiconductor manufacturing industry has resulted in a
small number of customers representing a substantial portion of our business.
Our ten largest customers accounted for 71.1% of total revenue for the six
months ended June 30, 2021.



In the first half of 2021, we delivered strong financial performance driven by
strong semiconductor industry fundamentals and an increasing demand for our
Purion products, especially in the high growth power device market. The rapid
acceleration of the electrification of the automotive industry is creating
substantial demand for power devices and image sensors, which is driving
sustainable growth for the Purion product extensions specifically developed
for
these markets.



Despite the many difficult logistical challenges brought on by trade tensions
between the United States and China and COVID-19, we are continuing to work
closely with our customers across market segments to provide them with the best
ion implant solutions for their specific manufacturing challenges.



In December 2020, the United States Commerce Department placed one of our major
Chinese customers, Semiconductor Manufacturing International Corporation
("SMIC"), on the U.S. export controls Entity List. As a result of the Entity
List classification, we are required to obtain export controls licenses for all
U.S. shipments to this customer. Although we have begun receiving these
licenses, this situation did delay some shipments to this customer in the first
half of 2021.



Critical Accounting Estimates


Management's discussion and analysis of our financial condition and results of
operations included herein and in our Annual Report on Form 10-K for the year
ended December 31, 2020 are based upon our consolidated financial statements,
which have been prepared in accordance with accounting principles generally
accepted in the United States. The preparation of these financial statements
requires management to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses and related disclosure of
contingent assets and liabilities. On an ongoing basis, we evaluate our
estimates and assumptions. Management's estimates are based on historical
experience and on various other assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions.



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Management has not identified any need to make any material change in, and has
not changed, any of our critical accounting estimates and judgments as described
in Management's Discussion and Analysis of Financial Condition and Results of
Operations included in our Annual Report on Form 10-K for the year ended
December 31, 2020.

Results of Operations



The following table sets forth our results of operations as a percentage of
total revenue:




                               Three months ended          Six months ended
                                    June 30,                   June 30,
                                2021         2020          2021        2020
Revenue:
Product                           95.2 %       95.3 %        95.3 %      94.8 %
Services                           4.8          4.7           4.7         5.2
Total revenue                    100.0        100.0         100.0       100.0
Cost of revenue:
Product                           52.1         53.3          52.5        54.8
Services                           4.5          4.5           4.5         4.9
Total cost of revenue             56.6         57.8          57.0        59.7
Gross profit                      43.4         42.2          43.0        40.3
Operating expenses:
Research and development          11.3         13.0          11.5        12.7
Sales and marketing                8.3          7.7           8.1         7.3
General and administrative         7.6          8.2           7.6         7.9
Total operating expenses          27.2         28.9          27.2        27.9
Income from operations            16.2         13.3          15.8        12.4
Other (expense) income:
Interest income                      -          0.1             -         0.2
Interest expense                 (0.9)        (1.1)         (0.8)       (1.1)
Other, net                           -          0.3         (0.4)       (0.1)
Total other expense              (0.9)        (0.7)         (1.2)       (1.0)
Income before income taxes        15.3         12.6          14.6        11.4
Income tax provision               2.6          1.8           2.0         1.4
Net income                        12.7 %       10.8 %        12.6 %      10.0 %




Revenue


The following table shows the revenues from our products and services:



                           Three months ended       Period-to-Period         Six months ended        Period-to-Period
                                June 30,                 Change                  June 30,                 Change
                           2021         2020            $          %        2021         2020            $          %

                                                              (dollars in thousands)
Revenue:
Product                  $ 140,156    $ 117,194    $    22,962    19.6 %  $
266,765    $ 229,327    $    37,438    16.3 %
Percentage of revenue         95.2 %       95.3 %                              95.3 %       94.8 %
Services                     7,118        5,771          1,347    23.3 %     13,285       12,629            656     5.2 %
Percentage of revenue          4.8 %        4.7 %                               4.7 %        5.2 %
Total revenue            $ 147,274    $ 122,965    $    24,309    19.8 %  $
280,050    $ 241,956    $    38,094    15.7 %




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Three months ended June 30, 2021 Compared to Three months closed June 30, 2020



Product



Product revenue, which includes systems sales, sales of spare parts, product
upgrades and used systems was $140.2 million, or 95.2% of revenue during the
three months ended June 30, 2021, compared with $117.2 million, or 95.3% of
revenue for the three months ended June 30, 2020. The $23.0 million increase in
product revenue for the three-month period ending June 30, 2021, in comparison
to the same period in 2020, was primarily driven by an increase in the number of
systems sold.


A portion of our revenue from systems sales is deferred until installation and
other services related to future performance obligations are performed. The
total amount of deferred revenue at June 30, 2021 and December 31, 2020 was
$35.5 million and $23.1 million, respectively. The increase in deferred revenue
was primarily due to customer prepayments for systems.



Services



Services revenue, which includes the labor component of maintenance and service
contracts and fees for service hours provided by on-site service personnel, was
$7.1 million, or 4.8% of revenue for the three months ended June 30, 2021,
compared with $5.8 million, or 4.7% of revenue for the three months ended June
30, 2020. Although services revenue typically increases with the expansion of
the installed base of systems, it can fluctuate from period to period based on
capacity utilization at customers' manufacturing facilities, which affects
the
need for equipment service.


Six months ended June 30, 2021 Compared with Six months ended June 30, 2020

Product



Product revenue was $266.8 million, or 95.3% of revenue during the six months
ended June 30, 2021, compared with $229.3 million, or 94.8% of revenue for the
six months ended June 30, 2020. The $37.4 million increase in product revenue
for the six-month period ending June 30, 2021, in comparison to the same period
in 2020, was primarily driven by an increase in the number of systems sold and
to a lesser extent revenue increases in spare parts, product upgrades and used
systems.



Services


Revenue from services was $ 13.3 million, i.e. 4.7% of sales for the half-year ended
June 30, 2021, compared to $ 12.6 million, i.e. 5.2% of sales for the half-year ended June 30, 2020.

Income categories used by management

In addition to the categories of line item income described above, management also regularly breaks down income into the following categories, which it deems relevant and useful:

Revenue from ionic implants distinct from revenue from existing nonionic implant products

? as ion implantation systems are the main driver of our growth

   and strategic objectives;



? Systems and secondary market turnover, in which “the secondary market” is:

A. The portion of Products revenue related to spare parts, product upgrades and

used equipment, combined with

B. Service income, which is the labor component of secondary market income




(Aftermarket purchases reflect current fab utilization as opposed to Systems
purchases which reflect capital investment decisions by our customers, which
have differing economic drivers);



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Revenue by geographic area, because the economic factors impacting customers

? purchasing decisions may vary by geographic region; and

Turnover of our customer market segments, as they may be subject to

economic drivers at different time periods, impacting the customer

? probability of purchasing capital goods in a given period.

Currently, management references three customer market segments: memory,

   technology processes and leading edge foundry and logic.



The income categories of ionic implants and the aftermarket for recent periods are discussed below.

Three months ended June 30, 2021 Compared to Three months closed June 30, 2020



Ion Implant



Included in total revenue of $147.3 million during the three months ended June
30, 2021 is revenue from sales of ion implant products and services of
$142.9 million, or 97.0% of total revenue, compared with $118.7 million, or
96.6%, of total revenue for the three months ended June 30, 2020. The remaining
$4.4 million of revenue for the three months ended June 30, 2021 was non-ion
implant parts and services.



Aftermarket



Included in total revenue of $147.3 million during the three months ended June
30, 2021 is revenue from our Aftermarket business of $47.1 million, compared to
$46.2 million for the three months ended June 30, 2020. The remaining $100.2
million of revenue for the three months ended June 30, 2021 was from system
sales. Aftermarket revenue fluctuates from period to period based on capacity
utilization at customers' manufacturing facilities, which affects the sale of
spare parts and demand for equipment service. Aftermarket revenue can also
fluctuate from period to period based on the demand for system upgrades or
used
equipment.


Six months ended June 30, 2021 Compared with Six months ended June 30, 2020

Ion Implant



Included in total revenue of $280.1 million during the six months ended June 30,
2021 is revenue from sales of ion implant products and services of
$271.6 million, or 97.0% of total revenue, compared with $233.8 million, or
96.6%, of total revenue for the six months ended June 30, 2020. The remaining
$8.5 million of revenue for the six months ended June 30, 2021 was non-ion
implant parts and services.



Aftermarket


Included in the total turnover of $ 280.1 million in the past six months June 30, 2021 is the turnover of our Aftermarket activity of $ 98.9 million, compared to
$ 82.8 million for the six months ended June 30, 2020. The rest $ 181.2 million of sales for the half-year ended June 30, 2021 came from sales of systems.


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Gross Profit / Gross Margin



The following table shows our gross profit / gross margin:



                           Three months ended       Period-to-Period        Six months ended        Period-to-Period
                                June 30,                 Change                 June 30,                 Change
                            2021         2020         $          %           2021         2020         $          %

                                                             (dollars in thousands)
Gross Profit:
Product                  $   63,468    $ 51,675    $ 11,793       22.8 %  $ 119,743    $ 96,636    $   23,107     23.9 %
Product gross margin           45.3 %      44.1 %                              44.9 %      42.1 %

Services                        546         224         322    (143.8) %        706         812         (106)   (13.1) %
Services gross margin           7.7 %       3.9 %                               5.3 %       6.4 %
Total gross profit       $   64,014    $ 51,899    $ 12,115       23.3 %  $ 120,449    $ 97,448    $   23,001     23.6 %
Gross margin                   43.4 %      42.2 %                              43.0 %      40.3 %



Three months ended June 30, 2021 Compared to Three months closed June 30, 2020



Product



Gross margin from product revenue was 45.3% for the three months ended June 30,
2021, compared to 44.1% for the three months ended June 30, 2020. The increase
resulted from improved gross margins on parts and upgrades and

Purion systems.



Services


Gross margin from services revenue was 7.7% for the three months ended June 30,
2021, compared to 3.9% for the three months ended June 30, 2020. The increase in
gross margin is attributable to changes in the mix of service contracts.



Six months ended June 30, 2021 Compared with Six months ended June 30, 2020

Product



Gross margin from product revenue was 44.9% for the six months ended June 30,
2021, compared to 42.1% for the six months ended June 30, 2020. The increase in
gross margin resulted from an increased mix of higher margin parts and upgrades
and improved margins on Purion systems.



Services



Gross margin from services revenue was 5.3% for the six months ended June 30,
2021, compared to 6.4% for the six months ended June 30, 2020. The decrease in
gross margin is attributable to changes in the mix of service contracts.



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Operating Expenses


The following table shows our operating expenses:



                          Three months ended        Period-to-Period       Six months ended        Period-to-Period
                               June 30,                  Change                June 30,                 Change
                           2021         2020          $           %        2021        2020          $            %

                                                             (dollars in thousands)
Research and
development             $   16,623    $ 16,040    $      583       3.6 % $ 32,308    $ 30,646    $    1,662        5.4 %
Percentage of
revenue                       11.3 %      13.0 %                             11.5 %      12.7 %
Sales and marketing         12,177       9,437         2,740      29.0 %   22,564      17,641         4,923       27.9 %
Percentage of
revenue                        8.3 %       7.7 %                              8.1 %       7.3 %
General and
administrative              11,217      10,041         1,176      11.7 %   21,230      19,077         2,153       11.3 %
Percentage of
revenue                        7.6 %       8.2 %                              7.6 %       7.9 %
Total operating
expenses                $   40,017    $ 35,518    $    4,499      12.7 % $ 76,102    $ 67,364    $    8,738       13.0 %
Percentage of
revenue                       27.2 %      28.9 %                             27.2 %      27.9 %




Our operating expenses consist primarily of personnel costs, including salaries,
commissions, incentive based compensation, stock-based compensation and related
benefits and taxes; project material costs related to the design and development
of new products and enhancement of existing products; and professional fees,
travel and depreciation expenses.



Personnel costs are our largest expense, representing $25.4 million or 63.5% of
our total operating expenses for the three months ended June 30, 2021, compared
to $22.8 million or 64.3% of our total operating expenses for the three months
ended June 30, 2020. Personnel costs were $47.5 million or 62.4% of our total
operating expenses for the six months ended June 30, 2021, compared to
$42.8 million or 63.5% of our total operating expenses for the six months ended
June 30, 2020. The higher personnel costs for the three and six months ended
June 30, 2021 is primarily due to an increase in personnel expenses to support
growth.



Research and Development




                              Three months ended     Period-to-Period         Six months ended           Period-to-Period
                                  June 30,                Change                  June 30,                    Change
                              2021        2020           $         %          2021        2020             $           %

                                                                 (dollars in thousands)
Research and development    $ 16,623    $ 16,040    $     583       3.6 %   $ 32,308    $ 30,646      $    1,662        5.4 %
Percentage of revenue           11.3 %      13.0 %                              11.5 %      12.7 %




Our ability to remain competitive depends largely on continuously developing
innovative technology, with new and enhanced features and systems and
introducing them at competitive prices on a timely basis. Accordingly, based on
our strategic plan, we establish annual R&D budgets to fund programs that we
expect will solve customers' high value, high impact, ion implantation
challenges.



Three months ended June 30, 2021 Compared to Three months closed June 30, 2020

Research and development expense was $16.6 million during the three months ended
June 30, 2021, an increase of $0.6 million, or 3.6%, compared with $16.0 million
during the three months ended June 30, 2020. The increase is primarily due to
higher personnel expenses and incentive based pay expense.



Six months ended June 30, 2021 Compared with Six months ended June 30, 2020



Research and development expense was $32.3 million during the six months ended
June 30, 2021, an increase of $1.7 million, or 5.4%, compared with $30.6 million
during the six months ended June 30, 2020. The increase is primarily due to
higher personnel expenses, supplies and materials costs for ongoing projects and
increased depreciation associated with capital additions.



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Sales and Marketing




                                Three months ended       Period-to-Period        Six months ended       Period-to-Period
                                     June 30,                 Change                 June 30,                Change
                                 2021         2020           $          %        2021        2020           $          %

                                                                  (dollars in thousands)
Sales and marketing           $    12,177    $ 9,437     $    2,740    29.0 %  $ 22,564    $ 17,641     $    4,923    27.9 %
Percentage of revenue                 8.3 %      7.7 %                              8.1 %       7.3 %



Our sales and marketing expenses result primarily from the sale of our equipment and services through our direct sales force.

Three months ended June 30, 2021 Compared to Three months closed June 30, 2020

Sales and marketing expense was $12.2 million during the three months ended June
30, 2021, an increase of $2.7 million, or 29.0%, compared with $9.4 million
during the three months ended June 30, 2020. The increase is primarily due to
increases in freight expense and project material costs as well as higher
personnel related expenses.



Six months ended June 30, 2021 Compared with Six months ended June 30, 2020



Sales and marketing expense was $22.6 million during the six months ended June
30, 2021, an increase of $4.9 million, or 27.9%, compared with $17.6 million
during the six months ended June 30, 2020. The increase is primarily due to
increases in freight expense and project material costs as well as higher
personnel related expenses.



General and Administrative




                                Three months ended       Period-to-Period        Six months ended       Period-to-Period
                                     June 30,                 Change                 June 30,                Change
                                 2021         2020           $          %        2021        2020          $           %

                                                                  (dollars in thousands)
General and administrative    $   11,217    $ 10,041      $   1,176    11.7 %  $ 21,230    $ 19,077    $    2,153     11.3 %
Percentage of revenue                7.6 %       8.2 %                              7.6 %       7.9 %



Our general and administrative expenses result primarily from the costs associated with our management, finance, information technology, legal and human resources functions.

Three months ended June 30, 2021 Compared to Three months closed June 30, 2020

General and administrative costs were $ 11.2 million during the three months ended June 30, 2021, an augmentation of $ 1.2 million, or 11.7%, compared to
$ 10.0 million during the three months ended June 30, 2020. The increase is mainly due to an increase in personnel costs and salary costs related to incentive compensation.

Six months ended June 30, 2021 Compared with Six months ended June 30, 2020

General and administrative costs were $ 21.2 million in the past six months
June 30, 2021, an augmentation of $ 2.2 million, or 11.3%, compared to
$ 19.1 million in the past six months June 30, 2020. The increase is mainly due to an increase in personnel costs and salary costs related to incentive compensation.



Other (Expense) Income




                            Three months ended       Period-to-period          Six months ended        Period-to-period
                                 June 30,                 change                   June 30,                 change
                              2021        2020         $           %           2021        2020           $           %

                                                               (dollars in thousands)
Other expense             $    (1,249)   $ (808)   $     441        54.6 %   $ (3,398)   $ (2,249)   $     1,149     51.1 %
Percentage of revenue            (0.9) %   (0.7) %                               (1.2) %     (1.0) %


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Other (expense) income consists primarily of interest expense relating to the
finance lease obligation we incurred in connection with the 2015 sale of our
headquarters facility and other financing obligations, foreign exchange gains
and losses attributable to fluctuations of the U.S. dollar against local
currencies of certain of the countries in which we operate as well as interest
earned on our invested cash balances.



Other expense was $1.2 million for the three months ended June 30, 2021,
compared with $0.8 million for the three months ended June 30, 2020. The
increase in other expense was primarily due to an increase in foreign currency
exchange losses. Other expense was $3.4 million for the six months ended June
30, 2021, compared with $2.2 million for the six months ended June 30, 2020. The
increase in other expense was primarily due to an increase in foreign currency
exchange losses of $0.6 million as well as a reduction of $0.5 million in
interest income when compared to the six-month period ended June 30, 2020.



During the six-month periods ended June 30, 2021 and 2020, we had no significant
off-balance-sheet risk such as exchange contracts, option contracts or other
hedging arrangements.



Income Tax Provision




                          Three months ended       Period-to-period         Six months ended        Period-to-period
                               June 30,                 change                  June 30,                 change
                           2021         2020          $          %          2021        2020           $           %

                                                             (dollars in thousands)
Income tax provision    $    3,842      $ 2,271   $    1,571   (69.2) %   $   5,563     $ 3,312   $     2,251      68.0 %
Percentage of revenue          2.6 %        1.8 %                               2.0 %       1.4 %




Income tax expense was $3.8 million for the three months ended June 30, 2021,
compared to $2.3 million for the three months ended June 30, 2020. The $1.5
million increase was primarily due to a $7.2 million increase in pretax income.
Income tax expense was $5.6 million during the six months ended June 30, 2021,
compared to $3.3 million for the six months ended June 30, 2020. The $2.3
million increase was primarily due to a $13.1 million increase in pretax income.
The effective tax rate for the three and six months ended June 30, 2021 and
2020, respectively, was less than the U.S. statutory rate of 21% due to
favorable discrete items related to equity compensation in those periods as well
as Federal research and development tax credits that reduce the annual tax rate.



We had $51.4 million and $57.9 million of net deferred tax assets worldwide
relating to net operating loss carryforwards, tax credit carryforwards and other
temporary differences, as of June 30, 2021 and December 31, 2020, respectively.
These deferred tax assets are available to reduce income taxes in future years.
We have a $9.1 million valuation allowance in the U.S. against certain tax
credits and state net operating losses due to the uncertainty of their
realization based on long-term Company forecasts and the expiration dates on
these tax assets. If future operating results of the Company within the U.S. or
these foreign jurisdictions are significantly less than our expectations, it is
reasonably possible that we would be required to record an additional valuation
allowance on our deferred tax assets in the future.

.



Liquidity and capital resources

We had $219.7 million in unrestricted cash and cash equivalents at June 30,
2021, in addition to $0.8 million in restricted cash. Management believes that
maintaining a strong cash balance is necessary to provide funding for potential
ramps in our business which can require significant cash investment to meet
sudden demand. Additionally, we are using cash in our 2021 stock repurchase
program and are considering both organic and inorganic opportunities to drive
future growth, for which cash resources will be necessary.



Our liquidity is affected by many factors. Some of these relate specifically to
the operations of our business, for example, the rate of sale of our products,
and others relate to the uncertainties of global economic conditions, including
the availability of credit and the condition of the overall semiconductor
equipment industry. Our established cost structure, other than cost of goods
sold, does not vary significantly with changes in volume. We experience
fluctuations in operating results and cash flows depending on these factors.
Stock repurchases, as discussed below, also reduce our cash balances.

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During the six months ended June 30, 2021, we generated $45.9 million of cash
related to operating activities. During the six months ended June 30, 2020, we
generated $56.6 million of cash related to operating activities.



Investing activities for the six months ended June 30, 2021 and 2020 resulted in
cash outflows of $2.4 million and $3.0 million, respectively, used for capital
expenditures.



Financing activities for the six months ended June 30, 2021 resulted in a cash
usage of $28.3 million. During the first six months of 2021, $25.0 million in
cash was used to repurchase our common stock and $6.5 million was used for
payments to government tax authorities for income tax withholding on employee
compensation arising from the vesting of RSUs, where shares are withheld by the
Company, as well as $0.4 million relating to the reduction of the liability
under the finance lease of our corporate headquarters. These amounts were
partially offset by $3.6 million of proceeds from the exercise of stock options
and purchase of shares under our 2020 ESPP during the first six months of 2021.
In comparison, financing activities for the six months ended June 30, 2020
resulted in cash usage of $3.7 million, $7.5 million of which related to the
repurchase of our common stock and $3.9 million related to payments made to
government tax authorities for income tax withholding on employee compensation
arising from the vesting of RSUs, as well as $0.1 million relating to the
reduction of our financing lease liability. These amounts were partially offset
by $7.8 million of proceeds related to the exercise of stock options and
purchase of shares under our prior employee stock purchase plan during the
first
six months of 2020.


Under the rules of the U.S. Securities and Exchange Commission (the "SEC"), we
qualify as a "well-known seasoned issuer," which allows us to file shelf
registration statements to register an unspecified amount of securities that are
effective upon filing. On May 29, 2020, we filed such a shelf registration
statement with the SEC for the issuance of an unspecified amount of common
stock, preferred stock, various series of debt securities and/or warrants to
purchase any of such securities, either individually or in units, from time to
time at prices and on terms to be determined at the time of any such offering.
This registration statement was effective upon filing and will remain in effect
for up to three years from filing, prior to which time we may file another shelf
registration statement to maintain the availability of this financing option.



On July 31, 2020, we entered into a Senior Secured Credit Facilities Credit
Agreement (the "Credit Agreement") with Silicon Valley Bank. The Credit
Agreement provides for a revolving credit facility in an aggregate principal
amount not to exceed $40.0 million. Our obligations under the Credit Agreement
are secured by a security interest, senior to any current and future debts and
to any security interest, in all of our rights, title, and interest in, to and
under substantially all of our assets, subject to limited exceptions, including
permitted liens. The revolving credit facility terminates on July 31, 2023. As
of June 30, 2021, we were in compliance with all covenant requirements of the
Credit Agreement. As of such date, no borrowings had been made under the Credit
Agreement, although a letter of credit for $5.9 million reduces the funds
available for borrowing under the credit line. We have no immediate plans to
borrow under the Credit Agreement, but we will use the facility for letters of
credit, for ongoing working capital needs and to fund general corporate
purposes, as desired. We entered into a First Amendment to the Credit Agreement
with Silicon Valley Bank in March 2021 to (i) align the covenants with our 2021
stock repurchase program, and (ii) establish terms to transition from a
Eurodollar based interest rate option to an interest rate benchmark using a
secured overnight financing rate (known as "SOFR") published by the Federal
Reserve Bank of New York.



We believe that based on our current market, revenue, expense and cash flow
forecasts, our existing cash, cash equivalents and equity and debt financing
capacity will be sufficient to satisfy our anticipated cash requirements for the
short and long-term.




Commitments and contingencies



Significant commitments and contingencies at June 30, 2021 are consistent with
those discussed in Item 7, "Management's Discussion and Analysis of Financial
Condition and Results of Operations," and Note 16 to the consolidated financial
statements in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2020.



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