Business," "Item 1A. Risk Factors," "Item 5. in Item 1A of this Annual Report for additional information. Users design software in low code visual models that reflect the needs of the business. We offer both instructor-led and online training to our employees, clients, and partners. As a high technology company, our employees are critical to our success. We strive to be an employer of choice that can attract and retain exceptional talent. In 2020, more than 90% of our employees participated in a formal education program. We may not be able to achieve one or more of our key initiatives. Our clients also typically purchase maintenance on our perpetual and term licenses. We have established offices in the Americas, Europe, Asia, and Australia. These exposures may change over time as business practices evolve. High-profile security breaches at other companies have increased in recent years. The cost of these steps could negatively impact our operating results. The Capped Call Transactions may affect the value of the Notes and our common stock. Debt" in Item 8 of this Annual Report for additional information. These amounts have been excluded from the table above. We regularly assess the need for a valuation allowance against our deferred tax assets. Management applies judgment in its determination of expected volatility. Interest is recorded when earned. Property and equipmentProperty and equipment are recorded at cost. It can be adopted on either a full retrospective or modified retrospective basis. As of December 31, 2019, the Company did not hold any marketable securities.4. 2) Included in other long-term assets. ( in thousands)202020192018Depreciation expense$17,378 $14,771 $13,875 7. The Capped Call Transactions are accounted for as derivative instruments. The Company applies judgment in its determination of expected volatility. Debt" for additional information. As a result, the 2006 ESPP is non-compensatory and is tax-qualified. The tax holiday reduces or eliminates income tax in India. The tax holiday in the Hyderabad SEZ is scheduled to expire in 2024. 12.EMPLOYEE'S RIGHTS AS STOCKHOLDER. The Plan was adopted by the Board on March 30, 2006 to become effective as of said date. Such laws are often complex and change frequently. b.Stock Plan Administration Service Providers. The Company and its service providers are based in the United States. The Optionee's provision of Personal Data is a contractual requirement. General Information OnlyThe information herein is general information only. Risk FactorsInvestment in shares of Common Stock involves a degree of risk. There is no guarantee that the price of a share of Common Stock will increase. Each holder of a share of Common Stock is entitled to one vote. The Exercise Price is denominated in USD. NETHERLANDSThere are no country-specific provisions. This information is designed to help investors to make an informed decision. As a result, the Optionee may not be given all the information usually required. The Optionee will also have fewer other legal protections for this investment. The shares of Common Stock are quoted on the Nasdaq Global Select Market ("Nasdaq"). The price will depend on the demand for the shares of Common Stock. POLANDThere are no country-specific provisions. Exhibit B constitutes part of this Award Agreement.25.Imposition of Other Requirements. The Recipient may receive a return if dividends are paid. The Recipient may lose some or all of his/her investment. Tenant
