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Reference is made to Part I, Item 1A, “Risk Factors” included in our 2023 Form 10-K for information concerning risk factors, which should be read in conjunction with the factors set forth in the Statement Pursuant to the Private Securities Litigation Reform Act of 1995 -- Forward-Looking Statements in Part I, Item 2 of this Quarterly Report on Form 10-Q.
−Removed: Except as set forth below, there have been no material changes with respect to the risk factors disclosed in our 2022 Form 10-K.
+Added: There have been no material changes with respect to the risk factors disclosed in our 2023 Form 10-K.
You should carefully consider such factors, which could materially affect our business, financial condition or future results.
−Removed: The risks described in this Quarterly Report on Form 10-Q and in the 2022 Form 10-K are not the only risks facing our company.
+Added: The risks described in the 2023 Form 10-K are not the only risks facing our company.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
−Removed: We face risks from doing business and maintaining offices in international markets.
−Removed: A significant portion of our licensees, potential licensees and customers are international, and our licensees, potential licensees and customers sell their products to markets throughout the world.
−Removed: In addition, in recent years, we have expanded, and we may continue to expand, our international operations, opening offices in China, France, Belgium and Finland.
−Removed: Accordingly, we are subject to the risks and uncertainties of operating internationally.
−Removed: Our international operations could exacerbate the other risk factors we have identified, and we could be affected by a variety of uncontrollable and changing factors, including, but not limited to:
−Removed: difficulty in protecting our intellectual property in foreign jurisdictions;
−Removed: enforcing contractual commitments in foreign jurisdictions or against foreign corporations;
−Removed: government regulations, tariffs and other applicable trade barriers;
−Removed: biased enforcement of foreign laws and regulations to promote industrial or economic policies at our expense;
−Removed: retaliatory practices by foreign actors;
−Removed: currency control regulations;
−Removed: export license requirements and restrictions on the use of technology;
−Removed: social, economic and political instability;
−Removed: costly, time consuming and changing regulatory regimes;
−Removed: natural disasters, acts of terrorism, widespread illness and war;
−Removed: potentially adverse tax consequences;
−Removed: general delays in remittance of and difficulties collecting non-U.S.
−Removed: foreign labor regulations;
−Removed: anti-corruption laws;
−Removed: public health issues;
−Removed: and difficulty in staffing and managing operations remotely.
−Removed: Managing operations and complying with relevant laws and regulations in China may be particularly complex, costly and time-consuming.
−Removed: We also are subject to risks specific to the individual countries in which we and our licensees, potential licensees and customers do business.
−Removed: In addition, adverse movements in currency exchange rates may negatively affect our business due to a number of situations, including the following:
−Removed: • If the effective price of products sold by our licensees were to increase as a result of fluctuations in the exchange rate of the relevant currencies, demand for the products could fall, which in turn would reduce our royalty revenues.
−Removed: • Assets or liabilities of our consolidated subsidiaries may be subject to the effects of currency fluctuations, which may affect our reported earnings.
−Removed: • Certain of our operating and investing costs, such as foreign patent prosecution, are based in foreign currencies.
−Removed: If these costs are not subject to foreign exchange hedging transactions, strengthening currency values in selected regions could adversely affect our near-term operating expenses, investment costs and cash flows.
−Removed: In addition, continued strengthening of currency values in selected regions over an extended period of time could adversely affect our future operating expenses, investment costs and cash flows.
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.