Inseego Corp.
−Removed: is a Delaware corporation formed in 2016 as the successor to Novatel Wireless, Inc., a Delaware corporation formed in 1996, resulting from an internal reorganization that was completed in November 2016.
−Removed: Our principal executive office is located at 12600 Deerfield Parkway, Suite 100, Alpharetta, GA 30004, our corporate offices are located at 9710 Scranton Road, Suite 200, San Diego, CA 92121 and our sales and engineering offices are located throughout the world.
−Removed: Inseego’s common stock trades on The NASDAQ Global Select Market under the trading symbol “INSG”.
−Removed: Inseego Corp.
is a leader in the design and development of fixed and mobile wireless solutions (advanced 4G and 5G NR), IIoT and cloud solutions for Fortune 500 enterprises, service providers, small and medium-sized businesses, governments, and consumers around the globe.
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Our solutions are powered by our key wireless innovations in mobile and FWA technologies, including a suite of products employing the 5G NR standards, and purpose-built SaaS cloud platforms.
−Removed: We have been at the forefront of the ways in which the world stays connected and accesses information, and protects, and derives intelligence from that information.
+Added: We have been at the forefront of the ways in which the world stays connected and accesses information, protects, and derives intelligence from that information.
With multiple first-to-market innovations across a number of wireless technologies, including 5G, and a strong and growing portfolio of hardware and software innovations for IIoT solutions, Inseego has been advancing technology and driving industry transformations for over 30 years.
It is this proven expertise, commitment to quality, obsession with innovation and a relentless focus on execution that makes us a preferred global partner of service providers, distributors, value-added resellers, system integrators, and enterprises worldwide.
+Added: Inseego Corp.
+Added: is a Delaware corporation formed in 2016 as the successor to Novatel Wireless, Inc., a Delaware corporation formed in 1996, resulting from an internal reorganization that was completed in November 2016.
+Added: Our principal executive office is located at 12600 Deerfield Parkway, Suite 100, Alpharetta, GA 30004, our corporate offices are located at 9710 Scranton Road, Suite 200, San Diego, CA 92121 and our sales and engineering offices are located throughout the world.
+Added: Inseego’s common stock trades on The NASDAQ Global Select Market under the trading symbol “INSG”.
Industry Trends
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The scale and pace of innovation in mobile technology, especially around connectivity and computing capabilities, is also impacting industries beyond traditional wireless.
−Removed: Looking forward, Inseego is working with leading global service providers and enterprises in the mobile and FWA ecosystems to further develop, commercialize and accelerate the availability of 5G NR based solutions, which represents the next generation of mobile technology.
−Removed: 5G has been coined “the 4 th industrial revolution” due to the richness of use cases targeted, and refers to 5G NR, which is the standard adopted by the 3rd Generation Partnership Project (“3GPP”), an international consortium responsible for the development of mobile standards.
−Removed: 5G has been designed to support multi-gigabit data rates, sub-millisecond network latency and wider spectrum bandwidths.
−Removed: Incorporating many of the innovations developed for 4G LTE, 5G is also expected to be scalable and adaptable across a variety of use cases, which include, among others, empowering new industries and services, such as autonomous vehicles, telemedicine, live ultra-high definition video streaming, cloud gaming, edge computing, and countless industrial applications such as augmented reality and robotics for smart manufacturing.
−Removed: According to coverage maps posted on each carrier’s website, as of February 2021, Verizon Wireless’ commercial 5G network was live in 57 cities, including San Diego, AT&T’s reached 179 million people and T-Mobile/Sprint’s reached 280 million people.
−Removed: The widespread adoption of IoT in enterprise applications, including the manufacturing, agriculture, industrial automation, retail and healthcare industry sectors, among others, along with an increasing dependence on smartphone applications and always-connected computers, and the constraints of 4G LTE technology are prompting mobile network operators to embark on an accelerated rollout of 5G communications to keep pace with expected network demands.
−Removed: As the fifth-generation wireless broadband technology, 5G NR is based on the 3GPP Release 15 standard.
+Added: We are working with leading global service providers and enterprises in the mobile and FWA ecosystems to further develop, commercialize and accelerate the availability of 5G-based solutions, which represent the next generation of mobile technology.
+Added: 5G enables intelligent connectivity and is a catalyst for innovation and acceleration of the fourth industrial revolution across a wide range of vertical markets, including manufacturing, agriculture, utilities, industrial automation, retail, education, government, and healthcare.
+Added: The widespread adoption of the Internet of Things (IoT) and advancements in enterprise applications along with an increasing dependence on mobile applications and always-connected machines and operations have become impacted by the constraints of 4G LTE technology.
+Added: Addressing these needs is the primary driver for mobile network operators to accelerate the rollout of 5G communications in order to keep pace with expected network demands.
+Added: 5G addresses the constraints of 4G LTE technology with wider spectrum bandwidths, multi-gigabit speeds, and ultra-reliable low latency, in addition to other advancements.
+Added: As the fifth-generation wireless broadband technology, 5G is based on the Release 15 standard defined by the Generation Partnership Project (“3GPP”), an international consortium responsible for the development of mobile standards.
The key operating ranges for 5G spectrum globally are in the sub-6 GHz (below 6 GHz), and millimeter wave (28 GHz and 39 GHz) bands, with speed offerings greater than 1 Gigabit (“Gb”) per second and sub-millisecond latency, providing better coverage and signaling efficiency.
−Removed: Networks utilizing 5G technology are expected to deploy meaningfully in 2020 and beyond.
−Removed: The growing demand for high speed data, increased demand for machine-to-machine communications and low latency requirements for new applications are key factors contributing to the growth of the 5G.
+Added: The technological advancements of 5G technology, combined with many of the innovations developed for 4G LTE, provide a scalable and adaptable solution for a variety of use cases, which enable the creation of new industries and services, such as autonomous vehicles, telemedicine, live ultra-high-definition video streaming, cloud gaming, edge computing, and countless industrial applications such as augmented reality and robotics for smart manufacturing.
+Added: The development of these new services and applications results in a growing demand for high-speed data, increased capacity, and low latency requirements which are key factors contributing to the accelerated growth and roll-out of 5G networks.
4G LTE is expected to continue to operate alongside 5G as a major part of the wireless ecosystem.
−Removed: Based on industry reports, such as GSMA Intelligence’s report on The 5G era in the US , we believe that 4G and 5G networks will coexist and remain complementary for many years.
−Removed: This means that operators will be able to service a significant share of the data traffic on 4G networks, leaving 5G with the dual
−Removed: remit of absorbing overflow capacity and underpinning consumer and enterprise services that require higher speeds and/or lower latency.
+Added: Based on industry reports, such as the Global System for Mobile Communications Association (“GSMA”) Intelligence’s report The Mobile
+Added: Economy , and the biannual Ericsson Mobility Report we believe that 4G and 5G networks will coexist and remain complementary for many years.
+Added: This means that operators will be able to service a significant share of the data traffic on 4G networks, leaving 5G with the dual remit of absorbing overflow capacity and underpinning consumer and enterprise services that require higher speeds and/or lower latency.
As such, most 5G devices are expected to include multimode support for 4G and Wi-Fi, enabling service continuity where 5G has yet to be deployed and simultaneous connectivity across 4G and Wi-Fi technologies, while also allowing mobile operators to utilize current network deployments.
At the same time, 4G is expected to continue to evolve in parallel with the development of 5G and become fundamental to many of the key 5G technologies, such as support for unlicensed spectrum, gigabit LTE user data rates (currently available from Inseego) and cellular IoT with connectivity designed to meet the needs of ultra-low-power and low-cost applications.
−Removed: Further, based on GSMA Intelligence’s November 2020 paper titled Internet of Things in the 5G Era , we expect that the number of IoT connections could grow to 25.2 billion by 2025.
−Removed: As of September 30, 2020, there were approximately 6.2 billion 4G connections globally, representing 78% of total mobile connections (GSMA Intelligence, November 2020).
−Removed: By 2024, global 4G connections are projected to reach 6.5 billion, with approximately 89% of these connections in emerging regions and China (GSMA Intelligence, November 2020).
−Removed: Meanwhile, 5G is gaining pace and by 2025, 5G is expected to account for 20% of global connections, with take-up particularly strong across Asia, North America, and Europe.
+Added: Further, based on reports from analyst firms including GSMA Intelligence and IoT Analytics, we expect that the number of IoT connections could grow to 27 billion by 2025.
+Added: As of September 30, 2021, there were approximately 2 billion IoT devices using cellular connectivity worldwide (IoT Analytics, 2021).
+Added: By 2023, global 4G connections will reach just under 60% of total connections (GSMA, 2021).
+Added: Meanwhile, 5G migration is gaining pace.
+Added: According to Ericsson’s Mobility Report, November 2021 Edition, this migration to 5G is expected to be faster than that of 4G following its launch in 2009, reaching 1 billion subscriptions over 2 years sooner than the 4G rate of adoption.
+Added: By the end of 2027, Ericsson’s Mobility Report forecasts 4.4 billion 5G subscriptions globally, accounting for 49% of all mobile subscriptions, which means that 5G is expected to become the dominant mobile access technology by subscriptions in 2027.
+Added: As a core member of the 5G ecosystem, we continue to work closely with wireless operators, chipset suppliers, and infrastructure vendors around the world on 5G developments and trials in preparation for the roll-out of commercial network launches.
+Added: As of December 2021, the Global mobile Suppliers Association (GSA) reported 464 operators in 139 countries/territories had confirmed investments in 5G networks.
Based on reports such as those by GSMA Intelligence, we believe that 5G will bring a number of enhanced benefits not available using 4G networks including massive numbers of both fixed and mobile wireless devices with differing speed, bandwidth and quality of service demands, allowing the networks to provide support for “massive numbers of IoT devices and wireless edge technologies” for use cases including manufacturing, augmented and virtual reality, and autonomous vehicles.
−Removed: As a core member of the 5G ecosystem, we continue to work closely with wireless operators, chipset suppliers and infrastructure vendors around the world on 5G developments and trials in preparation for commercial network launches.
−Removed: We are currently working with 11 wireless carriers globally and are involved in 21 5G trials, which could provide access to over 600 million wireless subscribers.
−Removed: Beyond 2020, over 50 wireless operators are contemplating commercial 5G network launches—potentially providing 5G access to over 2 billion wireless subscribers.
−Removed: According to Ericsson’s Mobility Report November 2019 Edition, this migration to 5G is roughly twice as fast as that of previous wireless generations, and we are increasingly diversifying our business as this 5G opportunity comes into realization and our addressable market expands.
+Added: We are increasingly diversifying our business as this 5G opportunity comes into realization and our addressable market expands.
The adoption of IoT technology continues to grow as companies across a wide range of industries are leveraging cellular IoT technologies to increase efficiency, gain better customer insights, facilitate compliance and build new business models.
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In addition, our cloud solutions can turn the data that our solutions provide into actionable insights for our customers so they can develop new services and create revenue growth.
−Removed: Since January 1, 2020, demand has significantly increased for products and services in our industry, driven by an increase in the number of professionals globally that are working from home.
−Removed: We are continually looking for ways to capitalize on this increased demand.
Our objective is to be a leader in high performance 5G fixed, mobile, and IIoT device-to-cloud solutions for large enterprise verticals, service providers and small and medium-sized businesses around the globe.
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The key elements of our strategy are to:
−Removed: • Capitalize on our direct relationships with wireless operators, original equipment manufacturers (“OEMs”) and component suppliers.
−Removed: We intend to continue to capitalize on our direct and long-standing relationships with wireless operators, OEMs and component suppliers in order to strengthen our worldwide market position, using these long standing relationships to springboard both the expansion of the 4G and 4G LTE platforms globally, and influence the adoption of our 5G NR products around the world.
+Added: • Capitalize on our direct relationships with wireless operators, infrastructure providers, original equipment manufacturers (“OEMs”) and component suppliers.
+Added: We intend to continue to capitalize on our direct and long-standing relationships with wireless operators, infrastructure providers, OEMs and component suppliers in order to strengthen our worldwide market position, using these long-standing relationships to springboard both the expansion of the 4G LTE and 5G platforms globally, and influence the adoption of our 5G solutions around the world.
• Expand our IoT solutions portfolio by leveraging our core mobile technologies and platforms developed for our mobile portfolio.
−Removed: We intend to expand our IoT solutions portfolio with end-to-end solutions that include edge devices based on the latest mobile technologies and cloud solutions.
+Added: We intend to expand our IoT solutions portfolio with 5G device-to-cloud solutions for the enterprise in North America and focused international markets that include edge devices based on the latest mobile technologies and cloud solutions.
• Aggressively expand our go-to-market offerings through sales and marketing expansion, channel development and strategic partnerships .
−Removed: We intend to expand our go-to-market IoT, mobile and cloud offerings in North America as well as in international markets.
+Added: We intend to expand our go-to-market IoT, mobile and cloud offerings in North America as well as in focused international markets.
• Improve SaaS solution penetration .
−Removed: Through our Ctrack telematics and asset tracking platform and subscription management solutions, we provide customers around the world with actionable insights and workflow efficiencies with high security from our cutting-edge cloud platforms.
+Added: Through our telematics and asset tracking platform solutions, we provide customers in our current target markets throughout Europe, the United Kingdom, Australia and New Zealand with actionable insights and workflow efficiencies with highly secure intelligent device-to-cloud platforms.
+Added: We also intend to roll out our Inseego Manage cloud-based SaaS portfolio with enhancements in the areas of device management and security in our target markets, and we continue to offer the subscription management solution in North America.
• Increase the value of our offerings.
−Removed: As we seek to capitalize on potential growth opportunities, we continue to develop cutting edge IoT, mobile and cloud solutions, with specific focus on end-to-end solutions that enable the best IoT and mobile experience for our customers.
−Removed: In addition, our complete portfolio of advanced 4G solutions in conjunction with our new 5G solution portfolio opens us up to larger worldwide potential markets.
+Added: As we seek to capitalize on potential growth opportunities, we continue to develop cutting edge IoT, mobile and cloud solutions, with specific focus on end-to-end solutions that enable the best connected experiences for our customers.
+Added: In addition, our complete portfolio of advanced 4G and 5G solutions opens us up to larger worldwide potential markets.
Finally, continued investment within both edge devices and cloud platform solutions in predictive analytics, machine learning, and edge intelligence should expand our market opportunities.
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Our hardware products address multiple vertical markets including private LTE/5G networks, the First Responders Network Authority/Firstnet, SD-WAN, telematics, remote monitoring and surveillance, and fixed wireless access and mobile broadband devices.
−Removed: Our broad range of products principally includes intelligent 4G and 5G fixed wireless routers and gateways, and mobile hotspots, and wireless gateways and routers for IIoT applications, Gb speed 4G LTE hotspots and USB modems, integrated telematics and mobile tracking hardware devices, which are supported by applications software and cloud services designed to enable customers to easily analyze data insights and configure/manage their hardware remotely.
+Added: Our broad range of products principally includes intelligent 4G and 5G fixed wireless routers and gateways, mobile hotspots, wireless gateways and routers for IIoT applications, Gb speed 4G LTE hotspots and USB modems, integrated telematics and mobile tracking hardware devices, which are supported by applications software and cloud services designed to enable customers to easily analyze data insights and configure/manage their hardware remotely.
Our products currently operate on most major global cellular wireless networks.
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Our MiFi customer base is comprised of wireless operators to whom we provide intelligent fixed and mobile wireless devices.
−Removed: These wireless operators include Verizon Wireless, AT&T, T-Mobile and Sprint in the United States, Rogers in Canada, Telstra in Australia, as well as other international wireless operators, distributors and various companies in other vertical markets and geographies.
+Added: These wireless operators include Verizon Wireless, T-Mobile and U.S.
+Added: Cellular in the United States, Rogers and Telus in Canada, Telstra in Australia, Swisscom in Switzerland, as well as other international wireless operators, distributors and various companies in other vertical markets and geographies.
We sell our wireless routers for IIoT, integrated telematics and mobile tracking hardware devices through our direct sales force, value-added resellers and through distributors.
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We sell SaaS, software and services solutions across multiple mobile and IIoT vertical markets, including fleet management, vehicle telematics, stolen vehicle recovery, asset tracking, monitoring, business connectivity and subscription management.
+Added: Our SaaS delivery platforms include our telematics and asset tracking and management platforms, which provide fleet, vehicle, aviation, asset and other telematics applications.
Our SaaS platforms are device-agnostic and provide a standardized, scalable way to order, connect and manage remote assets and to improve business operations.
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Both IoT & Mobile Solutions and Enterprise SaaS Solutions revenues include any hardware and software required for the respective solution.
−Removed: Effective in the third quarter ended on September 30, 2020, our IoT & Mobile Solutions now also includes our Device Management System, rebranded as Inseego Subscribe TM , a hosted SaaS platform that helps organizations manage the selection, deployment and spend of their customer’s wireless assets, helping them save money on personnel and telecom expenses.
−Removed: We reclassified our Inseego Subscribe revenue stream, from Enterprise SaaS solutions, to better reflect our end user delineation.
−Removed: Our SaaS delivery platforms include our Ctrack platforms, which provide fleet, vehicle, aviation, asset and other telematics applications.
−Removed: For the years ended December 31, 2020 and 2019, the Company’s total net revenues were $313.8 million and $219.5 million, respectively.
−Removed: IoT and Mobile Business
+Added: For the years ended December 31, 2021, 2020 and 2019, our total net revenues were $262.4 million, $313.8 million and $219.5 million, respectively.
+Added: IoT and Mobile Solutions
Our IoT business focuses on addressing applications for a variety of markets including large enterprise verticals and IIoT markets.
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Our Skyus branded wireless gateways, routers and modems serve as connectivity solutions for the rapidly growing and underpenetrated IoT market segments.
−Removed: Worldwide IoT spending is expected to increase at an 11.3% compound annual growth rate between 2020 and 2024, surpassing $1.1 trillion (as reported by International Data Corporation, 2019).
+Added: Worldwide IoT spending is expected to increase at a 26.7% compound annual growth rate beyond 2021 (as reported by IoT Analytics, 2021).
With many enterprise customers using our solutions, we believe that we already have a solid footing in this market.
−Removed: We are continuing to invest and grow this portfolio to realize the opportunities in the growing IoT market.
+Added: We are continuing to invest and grow our product portfolio to realize the opportunities in the growing IoT market.
Our mobile business has been driving advanced mobile technologies for a multitude of consumer and enterprise applications for over 20 years.
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We believe we are strategically well placed to realize the opportunity for 5G and we are focused on developing a comprehensive portfolio of 5G products for fixed and mobile wireless applications.
−Removed: Telematics and Asset Tracking Business
−Removed: Inseego entered the telematics software and services industry through the acquisition of DigiCore Holdings Limited (which was renamed Ctrack Holdings (Pty) Ltd (“Ctrack” or “DigiCore”)) in October 2015.
+Added: IoT & Mobile Solutions also includes Inseego Subscribe TM which helps organizations manage the selection, deployment and spend of their customer’s wireless assets, helping them save money on personnel and telecom expenses.
+Added: Telematics and Asset Tracking Business/Enterprise SaaS Solutions
+Added: Inseego entered the telematics software and services industry through the acquisition of DigiCore Holdings Limited (which was renamed Ctrack Holdings (Pty) Ltd (“Ctrack”) in October 2015).
Ctrack was founded in South Africa in 1985, and today Ctrack operations span over 50 countries on six continents.
−Removed: Through a series of global acquisitions and mergers, the Ctrack group broadened its international reach by expanding into the United Kingdom, Europe, and Australia/New Zealand, and using distributors in emerging markets such as Asia and the balance of the African continent.
+Added: Through a series of global acquisitions and mergers, the Ctrack group broadened its international reach by expanding into the United Kingdom, Europe, and Australia/New Zealand, and using distributors in emerging markets such as Asia.
+Added: On February 24, 2021, we entered into a Share Purchase Agreement (the “Purchase Agreement”) with an affiliate of Convergence Partners (“Convergence”), an investment management firm in South Africa, to sell our Ctrack business operations in Africa, Pakistan and the Middle East (together, “Ctrack South Africa”), in an all-cash transaction for 528.9 million South African Rand (“ZAR”) (approximately $36.6 million U.S.
+Added: On July 30, 2021, we completed the sale of Ctrack South Africa (the “Ctrack Transaction”).
+Added: See Part IV Item 15 Note 5.
+Added: Business Divestiture for additional information about the divestiture of Ctrack South Africa.
+Added: Following the Ctrack Transaction, we continue to provide telematics solutions in the rest of the world including in Europe and Australia.
With more than 30 years of experience, we are recognized as a leading global provider of advanced fleet management telematics and asset tracking solutions that add value to a global base of customers.
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Our current competitors include:
−Removed: • Fleet management SaaS and services providers, such as Fleetmatics, Masternaut, TomTom, Telogis, MiX Telematics and Cartrack;
−Removed: • Fixed wireless, Mobile hotspot and wireless data modem providers, such as NETGEAR, Franklin Wireless, WNC, Sierra Wireless, Nokia, TCL, ZTE and Huawei;
+Added: • Fleet management SaaS and services providers, such as Lytx, Sierra Wireless, Samsara and Cartrack;
+Added: • Fixed wireless, mobile hotspot and wireless data modem providers, such as NETGEAR, Franklin Wireless, WNC, Nokia, TCL, ZTE and Huawei;
• IoT solution providers, such as Cradlepoint and Sierra Wireless;
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The patents that we currently own will expire at various times between 2021 and 2040.
−Removed: We, along with our subsidiaries, also hold a number of trademarks or registered trademarks including “Inseego”, “Inseego North America”, the Inseego logo, “DigiCore”, “Ctrack”, the Ctrack logo, “Skyus”, “Novatel Wireless”, the Novatel Wireless logo, “MiFi”, and “MiFi Intelligent Mobile Hotspot”.
+Added: We, along with our subsidiaries, also hold a number of trademarks or registered trademarks including “Inseego”, “Inseego Subscribe”, “Inseego Manage”, “Inseego Secure”, “Inseego Vision”, the Inseego logo, “MiFi”, “MiFi Intelligent Mobile Hotspot”, “Wavemaker”, “Clarity” and “Skyus”.
Key Partners and Customers
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Our strong customer and partner relationships provide us with the opportunity to expand our market reach and sales.
−Removed: We partner with leading OEMs, wireless telecom service providers, wireless network infrastructure providers such as Ericsson and Nokia, value-added resellers and distributors which allows us to offer customers integrated and holistic solutions.
−Removed: Ctrack uses leading cellular providers such as AT&T, Sprint, T-Mobile, Vodafone, MTN, Telstra and Optus to ensure the optimal real-time visibility of tracked vehicles and systems, supported by accurate and sophisticated mapping services such as the HERE Open Location Platform.
−Removed: Customers for our products include transportation companies, industrial companies, governmental agencies, manufacturers, application service providers, system integrators, distributors, and enterprises in various industries, including fleet and vehicle transportation, finance, accounting, legal, insurance, energy and industrial automation, security and safety, medical monitoring and government.
+Added: We partner with leading OEMs, wireless telecom service providers, wireless network infrastructure providers such as Ericsson and Nokia, value-added resellers and distributors which allows us to offer customers integrated and holistic soluti ons.
+Added: Our telematics platform uses leading cellular providers such as Vodafone, Telstra and Optus to ensure the optimal real-time visibility of tracked vehicles and systems, supported by accurate and sophisticated mapping services such as the HERE Open Location Platform.
+Added: Customers for our products include transportation companies, industrial companies, governmental agencies, manufacturers, application service providers, system integrators, distributors, and enterprises in various industries, including
+Added: fleet and vehicle transportation, finance, accounting, legal, insurance, energy and industrial automation, security and safety, medical monitoring and government.
Our telematics customer base is comprised of wireless operators, distributors, OEMs and various companies in other vertical markets.
Fleet management customers include global enterprises such as BHP Billiton, Super Group, Mammoet and Australia Post.
−Removed: Our customers for our business connectivity products include EnerNOC, Thermo Fisher Scientific, US Army, Fastenal, T-Mobile, Sprint and Verizon Wireless, amongst others.
−Removed: Our customers for our device management solutions include T-Mobile and Sprint.
−Removed: A significant portion of our revenue during the year ended December 31, 2020 came from one customer, Verizon Wireless, which represented approximately 55% of our total revenues for the year ended December 31, 2020.
−Removed: It is our intention to diversify our customer base.
+Added: Our customers for our business connectivity products include EnerNOC, Thermo Fisher Scientific, US Army, Fastenal, T-Mobile and Verizon Wireless, amongst others.
+Added: Customers for our device management solutions include carriers such as T-Mobile.
+Added: A significant portion of our revenue during the year ended December 31, 2021 came from two customers, Verizon and T-Mobile, which together represented approximately 70.3% of our total revenues for the year ended December 31, 2021.
+Added: It is our intention to continue to diversify our customer base.
Manufacturing and Operations
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We also use the services of consultants and temporary workers from time to time.
−Removed: With the exception of a small number of our employees in South Africa, our employees are not represented by any collective bargaining unit and we consider our relationship with our employees to be good.
+Added: Our employees are not represented by any collective bargaining unit and we consider our relationship with our employees to be good.
Human Capital Resources
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Community Engagement, Employee Development, Recruiting, Women in Technology, and Affinity Groups.
−Removed: The foundation has been set in 2020 to accelerate important work in this area in 2021 and beyond.
+Added: In 2021, we launched our first global mentoring program, connecting employees across the globe in a meaningful and productive way.
We believe that Talent is key to our success.
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In 2020, we initiated Talent Reviews with Senior Leaders to holistically evaluate the talent across the company.
−Removed: This will enable the company to focus on accelerating development for those who are top performers and strengthen the talent pipeline.
+Added: This will enable
+Added: the company to focus on accelerating development for those who are top performers and strengthen the talent pipeline.
+Added: In 2021, we piloted a Manager Forum to build leadership capability in order to motivate and retain critical talent at Inseego.
Work Life Harmony :
−Removed: We believe that it is important to provide Work Life Harmony and its practices can vary globally.
−Removed: In the US, employees have Friday ‘summer hours’ where two hours in the afternoon are blocked from meetings to ensure that there is “work” and “think” time.
+Added: We believe that it is important to provide Work Life Harmony and our practices can vary globally.
+Added: In the U.S., employees have Friday ‘summer hours’ where two hours in the afternoon are blocked from meetings to ensure that there is “work” and “think” time.
This time can be used to catch up on tasks, conduct a review of the past week, and plan for the following week.
−Removed: During 2020, the Company launched an Unlimited Paid Time Off program for exempt employees in the U.S.
+Added: During 2020, we launched an Unlimited Paid Time Off program for exempt employees in the U.S.
This program gives team members the flexibility to take time off that makes sense for them and frees employees from the confines of traditional accrued time off policies.
−Removed: In 2020, Inseego also launched the Health & Wellness Initiative in the U.S.
+Added: In 2020, we also launched the Health & Wellness Initiative in the U.S.
to help employees find ways to create more balance in their lives.
As part of this initiative, all employees were given a complimentary Calm App membership that includes useful resources designed to strengthen mental fitness and provide tools to tackle stress.
+Added: Recognizing that burnout was becoming a global issue, we launched several company-wide events in 2021 to enhance wellness.
+Added: These include providing complimentary self-care kits to employees, fitness challenges and a virtual company 5/10K.
Data & Insights :
−Removed: In 2020 Inseego consolidated multiple human resource systems to a common platform.
−Removed: This will allow the Company to deliver real time employee self-service and data and insights to management.
+Added: In 2020, we consolidated multiple human resource systems to a common platform.
+Added: This will allow us to deliver real time employee self-service and data and insights to management.
The migration to one platform will enable the human resources team to obtain valuable employee insights and enact changes more quickly.
+Added: Governmental Regulations
+Added: Environmental Laws :
+Added: Our products and manufacturing process are subject to numerous governmental regulations, which cover both the use of various materials as well as environmental concerns.
+Added: Environmental issues such as pollution and climate change have had significant legislative and regulatory effects on a global basis, and there are expected to be additional changes to the regulations in these areas.
+Added: These changes could directly increase the cost of energy, which may have an impact on the way we manufacture products or utilize energy to produce our products.
+Added: In addition, any new regulations or laws in the environmental area might increase the cost of raw materials we use in our products and the cost of compliance.
+Added: Other regulations in the environmental area may require us to continue to monitor and ensure proper disposal or recycling of our products.
+Added: To the best of our knowledge, we maintain compliance with all current government regulations concerning our production processes for all locations in which we operate.
+Added: Since we operate on a global basis, this is a complex process that requires continual monitoring of regulations and compliance effort to ensure that we and our suppliers are in compliance with all existing regulations.
+Added: Other Regulations :
+Added: As a company with global operations, we are subject to complex foreign and U.S.
+Added: laws and regulations, including trade regulations, tariffs, import and export regulations, anti-bribery and corruption laws, antitrust or competition laws, data privacy laws, such as the EU General Data Protection Regulation (the “GDPR”), and environmental regulations, among others.
+Added: We have policies and procedures in place to promote compliance with these laws and regulations.
+Added: To date, our compliance actions and costs relating to these laws, rules and regulations have not resulted in a material cost or effect on our capital expenditures, earnings or competitive position.
+Added: Government regulations are subject to change, and accordingly we are unable to assess the possible effect of compliance with future requirements or whether our compliance with such regulations will materially impact our business in the future.
Website Access to SEC Filings
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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.