What changed in this filing

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Item 1A. Risk Factors

2022-12-06 compared with 2022-08-09 · 61 added, 53 removed, 358 unchanged (24% of the section changed)

5 unchanged sentences

We have a history of losses, and regaining profitability may take longer than we anticipate or may not be achievable.

We recorded substantial losses from continuing operations in the six months ended June 30, 2022 and each of the last three fiscal years (notwithstanding the income we recognized in 2021 from the forgiveness of the PPP Loan).

We recorded substantial losses from continuing operations in the nine months ended September 30, 2022 and each of the last three fiscal years (notwithstanding the income we recognized in 2021 from the forgiveness of the PPP Loan).

We may continue to incur losses as we increase satellite capacity to handle our growing subscriber base, as we continue to shift our business from a model based primarily on product sales to a model based primarily on recurring revenue, as we confront the impact of the COVID-19 pandemic (especially regarding the global chip shortage and supply chain constraints) on our business, as we incur expenses to restructure our business (including severance expenses) and as we continue to invest in research and development to improve our existing products and develop new products.

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In 2020, our annual impairment test resulted in an impairment charge of $10.5 million in our KVH Media reporting unit.

Even after recording this impairment, our consolidated balance sheet at June 30, 2022 includes $5.9 million of goodwill and other intangible assets, of which $1.5 million relates to KVH Media Group.

Even after recording this impairment, our consolidated balance sheet at September 30, 2022 includes $5.7 million of goodwill and other intangible assets, of which $1.3 million relates to KVH Media Group.

Our annual impairment analysis in the fourth quarter of 2021 did not identify any further impairments.

19 unchanged sentences

Moreover, the reduction in force may yield unintended consequences and costs, such as attrition beyond the intended reduction in force, the distraction of employees and reduced employee morale, and could adversely affect our reputation as an employer.

In the first and second quarters of this year we incurred severance and other expenses in connection with the reduction in force, which will reduce our earnings at least in the near term.

In the first, second and third quarters of this year we incurred severance and other expenses in connection with the reduction in force, which will reduce our earnings at least in the near term.

The current job market for our personnel is very competitive, resulting in increased compensation, and we face challenges in seeking to retain our continuing personnel and attract new personnel to fulfill our unmet needs.

9 unchanged sentences

Restructuring activities could disrupt our business and affect our results of operations.

In the first and second quarters of this year we carried out a restructuring to re-align our workforce to match strategic and financial objectives and optimize resources for long-term growth, including a reduction in force.

In the first nine months of 2022, we carried out a restructuring to re-align our workforce to match strategic and financial objectives and allocate resources for long-term growth, including a reduction in force.

We also implemented a management transition, and our new management may take similar steps in the future to generate operating synergies, to achieve our target operating model and financial objectives, or to reflect more closely changes in the strategic direction of our business.

We may also choose to make strategic divestitures.

We may also choose to make strategic divestitures, such as the sale of our inertial navigation business on August 9, 2022.

Any of these changes could be disruptive to our business, including our research and development and product launch efforts, and could result in significant expense, including losses on any divestiture, accounting charges for inventory and technology-related write-offs and workforce reduction costs, and significant transaction costs, including for potential transactions that do not proceed.

1 unchanged sentence

Any divestiture could also result in the retention of liabilities and expenses that are not assumed by the acquirer or the loss of operating income from the divested operations, either of which could negatively impact profitability after any divestiture.

We must generate a certain level of sales of the TracPhone V-HTS series products and our mini-VSAT Broadband service in order to maintain or improve our service gross margins.

We must generate a certain level of sales of the TracNet-H series and TracPhone V-HTS series products and our mini-VSAT Broadband service in order to maintain or improve our service gross margins.

As a result of our mini-VSAT Broadband network infrastructure, our cost of service sales includes certain costs that generally do not vary directly in proportion with the volume of service sales, and we have limited ability to reduce these fixed costs in the short term.

1 unchanged sentence

We expect that this trend will continue in 2022 and beyond.

If sales of our TracPhone V-HTS series products and the mini-VSAT Broadband service, including through our AgilePlans subscription model, do not generate the level of revenue that we expect or if those revenues decline, our service gross margins may decline.

If sales of our TracNet-H series and TracPhone V-HTS series products and the mini-VSAT Broadband service, including through our AgilePlans subscription model, do not generate the level of revenue that we expect or if those revenues decline, our service gross margins may decline.

The failure to improve our mini-VSAT Broadband service gross margins and unit or subscriber sales would have a material adverse effect on our overall profitability.

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Specifically, we may encounter a decrease in new airtime activations as well as an increase in the number of cancellations or temporary suspensions of our airtime service.

We have single dedicated manufacturing facilities for each of our mobile connectivity product categories, and any significant disruption to a facility will impair our ability to deliver our products.

We currently manufacture all of our mobile connectivity products at our manufacturing facility in Middletown, Rhode Island.

We have a single dedicated manufacturing facility for all of our product categories, and any significant disruption to this facility will impair our ability to deliver our products.

We currently manufacture all of our products at our manufacturing facility in Middletown, Rhode Island.

Some of our production processes are complex, and we may be unable to respond rapidly to the loss of the use of our production facility.

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We currently offer satellite television products compatible with the DIRECTV and DISH Network services in the United States, the Bell TV service in Canada, the Sky Mexico service in Mexico, the Sky UK service in the United Kingdom, Canal+ service in France and Movistar service in Spain and various other regional satellite TV services in other parts of the world.

Intelsat and Sky Perfect-JSAT currently provide the satellite capacity to support the mini-VSAT Broadband service and our TracPhone and V-HTS series products.

Intelsat and Sky Perfect-JSAT currently provide the satellite capacity to support the mini-VSAT Broadband service and our TracNet-H series and TracPhone V-HTS series products.

In addition, we have agreements with various teleports and Internet service providers around the globe to support the mini-VSAT Broadband service.

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Although we take certain protective measures and endeavor to modify them as we believe circumstances warrant, invasive technologies and techniques continue to evolve rapidly, and increasingly sophisticated hacking organizations are targeting business systems.

As a result, the computer systems, software and networks that we use are vulnerable to disruption, shutdown, unauthorized access, misuse, erasure, alteration, employee error, phishing, computer viruses, ransomware or other malicious code, and other events that could have a security impact.

The protective measures on which we rely may be inadequate to prevent or detect cybersecurity breaches or determine the extent of any breach, and there can be no assurance that undetected breaches have not already occurred.

If any of these events were to occur, they could disrupt our operations, distract our management, cause us to lose existing customers and fail to attract new customers, as well as subject us to regulatory actions, litigation, fines, damage to our reputation or competitive position, or orders or decrees requiring us to modify our business practices, any of which could have a material adverse effect on our financial position, results of operations or cash flows.

The protective measures on which we rely may be inadequate to prevent or detect all material cybersecurity breaches or determine the extent of any material breach, and there can be no assurance that material undetected breaches have not already occurred.

If any material cybersecurity event were to occur, it could disrupt our operations, distract our management, cause us to lose existing customers and fail to attract new customers, as well as subject us to regulatory actions, litigation, fines, damage to our reputation or competitive position, or orders or decrees requiring us to modify our business practices, any of which could have a material adverse effect on our financial position, results of operations or cash flows.

Risks related to economic conditions and trade relations

Our revenues, results of operations and financial condition have been, and are expected to be, adversely impacted by economic turmoil, political events, macroeconomic conditions, credit tightening and associated declines in consumer and enterprise spending, and by the continuation of the COVID-19 pandemic, including related supply chain issues.

Economic conditions in the various geographic markets we serve have experienced significant turmoil over the last several years, including a potential global recession, downturns related to the COVID-19 pandemic, slow economic activity, tight credit markets, inflation and deflation concerns, low consumer confidence, limited capital spending, adverse business conditions, war and refugee crises in the Middle East and Europe, terrorist attacks, the departure of the United Kingdom from the European Union, changes in government priorities, trade wars, a government shutdown, gridlock from a divided Congress, and liquidity concerns.

Economic conditions in the geographic markets we serve have experienced significant turmoil over the last several years, including a potential global recession, downturns related to the COVID-19 pandemic, slow economic activity, tight credit markets, inflation and deflation concerns, low consumer confidence, limited capital spending, adverse business conditions, war and refugee crises in the Middle East and Europe, terrorist attacks, the departure of the United Kingdom from the European Union, changes in government priorities, trade wars, a government shutdown, gridlock from a divided Congress, and liquidity concerns.

These factors vary in intensity by region.

Further, in response to the COVID-19 pandemic, governments have implemented, revised, withdrawn, reinstituted and expanded extensive safety precautions, including quarantines, travel restrictions, business closures, cancellations of public gatherings and other measures.

Other organizations and individuals continue to take additional steps to avoid or reduce infection, including limiting travel and implementing work-at-home policies.

These measures have significantly disrupted normal business operations both in and outside of affected areas, and complying with them has increased our costs.

Further, in response to the COVID-19 pandemic, governments and others have implemented, revised, withdrawn, reinstituted and expanded extensive safety precautions, including quarantines, travel restrictions, business closures, cancellations of public gatherings and other measures.

These measures have significantly

disrupted normal business operations, and complying with them has increased our costs.

Travel restrictions and safety precautions have also limited our ability to service and install our equipment.

1 unchanged sentence

The operations of our KVH Media Group were particularly impacted due in part to the global reduction in travel resulting from the pandemic.

We anticipate that, until the pandemic is contained, governmental, individual, business and other organizational measures to limit the spread of the virus will continue to adversely affect our revenues, results of operations and financial condition, perhaps materially.

We anticipate that measures to limit the spread of the virus will continue to adversely affect our revenues, results of operations and financial condition, perhaps materially.

An outbreak of infection in any of our facilities could severely disrupt our operations.

We continue to monitor government recommendations and have made modifications to our operations because of the pandemic.

Our customers’ businesses could be further disrupted, and our revenues could continue to be adversely affected.

Additionally, global economic disruptions like the COVID-19 pandemic have negatively impacted, and could continue to negatively impact, our supply chain and continue to cause delays in the delivery of raw materials, components and other supplies that we need to conduct our operations and generate revenue.

The extent to which the pandemic will continue to impact our business will depend on many factors beyond our control, including the speed of contagion, the appearance of new variants, the development and implementation of effective preventative measures and vaccines, the scope of governmental and other restrictions on travel and other activity, and public reactions to these factors.

There can be no assurances that government programs to maintain or improve economic conditions, including stimulus and other aid programs intended to combat the impact of the pandemic, will be effective.

As a result of these and other factors, customers and government entities could continue to slow or suspend spending on our products and services.

There can be no assurances that government programs to maintain or improve economic conditions, including stimulus and other aid programs, will be effective.

As a result of these and other factors, customers could continue to slow or suspend spending on our products and services.

We may also incur increased credit losses and need to further increase our allowance for doubtful accounts, which would have a negative impact on our earnings and financial condition.

3 unchanged sentences

trade policy, including changes to existing trade agreements and any resulting changes in international trade relations, may have a material adverse effect on us.

The change in U.S.

presidential administrations may alter the U.S.’s approach to international trade, which may impact existing bilateral or multi-lateral trade agreements and treaties with foreign countries.

may continue to alter its approach to international trade, which may impact existing bilateral or multi-lateral trade agreements and treaties with foreign countries.

has imposed tariffs on certain foreign goods and may increase tariffs or impose new ones, and certain foreign governments have retaliated and may continue to do so.

We derive a majority of our revenues from international sales (including sales by our recently sold inertial navigation business), which makes us especially vulnerable to increased tariffs.

We derive a majority of our revenues from international sales, which makes us especially vulnerable to increased tariffs.

Changes in U.S.

trade policy have created ongoing turmoil in international trade relations, and it is unclear what future actions the U.S.

government or foreign governments will or will not take with respect to tariffs or other international trade agreements and policies.

trade policy have created ongoing turmoil in international trade relations, and it is unclear what future actions governments will or will not take with respect to tariffs or other international trade agreements and policies.

Current trade negotiations may fail, which may exacerbate these risks.

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We face potential liabilities and disruptions arising from the sale of our inertial navigation business.

On August 9, 2022, we sold our inertial navigation business, one of our two operating segments, to EMCORE Corporation, for aggregate consideration of $55.0 million, less specified deductions and a holdback of $1.0 million and subject to a working capital adjustment.

On August 9, 2022, we sold our inertial navigation business to EMCORE Corporation, for aggregate consideration of $55.0 million, less specified deductions and subject to a working capital adjustment.

As a result of these provisions, we could receive proceeds that are less than we anticipate.

5 unchanged sentences

Any such disputes could divert the attention of our management or otherwise have a material adverse effect on our business, financial condition and results of operations.

The sale of the inertial navigation business will have the effect of reducing our operating and profit margins, and we will be solely reliant on our mobile connectivity business.

As a result of the sale of the inertial navigation business, we will no longer generate revenues associated with that business.

Accordingly, the costs we incur to operate our continuing business, including the significant overhead costs associated with being a public company, will be spread over a smaller revenue base and will have the immediate effect of magnifying the impact of those costs on our operating and profit margins.

The sale of the inertial navigation business has had the effect of reducing our operating and profit margins, and we are solely reliant on our mobile connectivity business.

As a result of the sale of the inertial navigation business, we no longer generate revenues associated with that business.

Accordingly, the costs we incur to operate our continuing business, including the significant overhead costs associated with being a public company, are spread over a smaller revenue base and will have the immediate effect of magnifying the impact of those costs on our operating and profit margins.

In order to improve those margins, we will have to increase our revenue or reduce our costs.

8 unchanged sentences

In most cases, our board of directors will be able to deploy the net proceeds without obtaining stockholder approval and, as a result, may use the net proceeds in ways with which our stockholders may disagree.

stockholder expectations for our remaining business, including expectations regarding the use of proceeds, profitability and cash flow, may lead to significant fluctuations in our stock price.

Divergent stockholder expectations for our remaining business, including expectations regarding the use of proceeds, profitability and cash flow, may lead to significant fluctuations in our stock price.

Risks related to our industry

Competition may limit our ability to sell our mobile connectivity products and services.

Competition may limit our ability to sell our products and services.

The mobile connectivity market is very competitive, and we expect this competition to intensify.

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In the marine market for voice, fax, data, and Internet communications equipment, we compete primarily with Intellian and Cobham SATCOM.

In the marine market for high-speed voice, fax, data, and Internet services, we compete primarily with Inmarsat, Marlink and Network Innovations.

In the marine market for high-speed voice, fax, data, and Internet services, we compete primarily with Inmarsat, Marlink, Speedcast, Viasat and Network Innovations.

Additionally, we are starting to face competition

from new LEO networks such as SpaceX's Starlink and OneWeb.

We also face competition from providers of low-speed data services, which include Inmarsat, Globalstar LP, and Iridium Satellite LLC.

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Many of our competitors are well-established companies that have substantially greater financial, managerial, technical, marketing, personnel and other resources than we do, which may help them to compete more effectively against us.

The emergence of a competing small maritime VSAT antenna and complementary service or other similar service could reduce the competitive advantage we believe we currently enjoy with our smaller TracPhone V-HTS series antennas and Ku-band mini-VSAT Broadband service, or with our TracPhone V11-HTS antenna and our C/Ku-band mini-VSAT Broadband service.

Our TracPhone V-HTS and V-IP systems offer customers a range of benefits due to their integrated design, hardware costs that are lower than existing maritime Ku-band VSAT systems, and broadband technology.

We currently compete against companies that offer established maritime Ku-band VSAT service using, in some cases, antennas 1-meter in diameter or larger.

While we are unaware of any company offering a 37-cm VSAT solution comparable to our TracPhone V3-HTS or V30, we are encountering regional competition from companies offering 60-cm VSAT systems and services, which are comparable in size to our TracPhone V7-HTS.

The emergence of a competing small maritime VSAT antenna and complementary service or other similar service could reduce the competitive advantage we believe we currently enjoy with our smaller TracNet H series and TracPhone V-HTS series antennas and the Ku-band KVH ONE Hybrid Network, which offers seamless communications and intelligent switching among satellite, cellular, and Wi-Fi services, or with our TracPhone V11-HTS antenna and our C/Ku-band KVH ONE Hybrid Network service.

Our TracNet-H series, which integrates satellite, cellular, and Wi-Fi services utilizing one terminal, and TracPhone V-HTS series systems offer customers a range of benefits due to their integrated design, hardware costs that are lower than existing maritime Ku-band VSAT systems, and broadband technology.

We currently compete against companies that offer established maritime Ku-band VSAT service using, in most cases, antennas 1-meter in diameter or larger.

While we are unaware of any company offering a 37-cm VSAT solution comparable to our TracNet H30, TracPhone V3-HTS or V30, we are encountering regional competition from companies offering 60-cm VSAT systems and services, which are comparable in size to our TracNet-H60 and TracPhone V7-HTS.

Likewise, our TracPhone V11-HTS, at 1.1-meters in diameter, is approximately 85% smaller and lighter than competing C-band maritime VSAT systems, which use antennas in excess of 2.4-meters in diameter to provide similar global services.

We are unaware of any competitor currently offering a similar size solution for global C-band coverage, but any introduction of such a product could adversely impact our success.

In addition, other companies could replicate some of the distinguishing features of our TracPhone V-HTS series products, which could potentially reduce the appeal of our solution, increase price competition, and adversely affect sales.

In addition, other companies could replicate some of the distinguishing features of our TracNet H-series products, which could potentially reduce the appeal of our solution, increase price competition, and adversely affect sales.

We compete against Inmarsat's Fleet Xpress service, a global Ka-band mobile VSAT service that Inmarsat claims is faster and has a lower price per megabit than existing Ku-band services.

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Any failure to maintain and expand our third-party distribution relationships may limit our ability to penetrate markets for mobile connectivity products and services.

We market and sell our mobile connectivity products and services through an international network of independent retailers, chain stores and distributors, as well as to manufacturers of marine vessels, recreational vehicles and buses.

We market and sell our products and services through an international network of independent retailers, chain stores and distributors, as well as to manufacturers of marine vessels, recreational vehicles and buses.

Most of these relationships are non-exclusive, allowing these third parties to market competing products.

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For example, the global chip shortage and supply chain constraints resulting from the COVID-19 pandemic have impacted our ability to deliver products in a timely manner and have increased our cost of sales due to rising prices for materials.

In the second quarter of 2022, we estimate that raw material costs exceeded our expectations by approximately $0.6 million, and that orders for approximately $2.7 million could not be filled due to component shortages.

In the third quarter of 2022, we estimate that raw material costs exceeded our expectations by approximately $1.3 million, and that orders for approximately $2.3 million could not be filled due to component shortages.

We may not be able to pass along any or all of these cost increases to our customers, and customers may not wait for our products to become available.

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From time to time, we have recorded significant inventory charges and/or inventory write-offs as a result of substantial declines in customer demand.

For example, in the second quarter of 2022, we recorded a $1.6 million inventory reserve related to a specialized component in our former TACNAV product line.

This component was originally purchased in anticipation of an order from a long-standing customer;

however, that order never materialized.

For example, in 2019, we recorded a $2.3 million inventory reserve relating to our TracPhone V-IP products as we decided to no longer promote sales of these products but instead to focus our efforts on migrating customers to our HTS network and products.

Market or competitive changes could lead to future charges for excess or obsolete inventory, especially if we are unable to appropriately adjust the supply of material from our vendors.

1 unchanged sentence

We are devoting significant resources to research and development efforts that may be unsuccessful.

If we are unable to improve our existing mobile connectivity and inertial navigation products and services and develop new, innovative products and services, our sales and market share may decline.

If we are unable to improve our existing products and services and develop new, innovative products and services, our sales and market share may decline.

The market for mobile connectivity products and services is characterized by rapid technological change, frequent new product innovations, changes in customer requirements and expectations, and evolving industry standards.

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Historically, sales to customers outside the United States have accounted for a significant portion of our net sales.

We derived 63%, 60% and 64% of our revenues in the six months ended June 30, 2022 and the years ended December 31, 2021 and 2020, respectively, from sales to these foreign customers (including sales by our recently sold inertial navigation business).

We have foreign offices in Denmark, the United Kingdom, Singapore, Japan, Norway, Cyprus and the Philippines, as well as a subsidiary in Brazil that manages local sales.

We derived 61%, 58% and 58% of our revenues from continuing operations in the nine months ended September 30, 2022 and the years ended December 31, 2021 and 2020, respectively, from sales to these foreign customers.

We have foreign offices in Denmark, the United Kingdom, Singapore, Japan, Norway and the Philippines, as well as a subsidiary in Brazil that manages local sales.

Nonetheless, substantially all of our personnel and operations are located in the United States.

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sanctions or other trade restrictions that preclude or restrict doing business with particular foreign governments, companies or individuals;

technical challenges we may face in adapting our mobile connectivity products to function with different satellite services and technology in use in various regions around the world;

technical challenges we may face in adapting our products to function with different satellite services and technology in use in various regions around the world;

satisfaction of international regulatory requirements and delays and costs associated with procurement of any necessary licenses or permits;

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Although we believe our tax estimates are reasonable, the ultimate tax outcome may differ materially from our estimates and may materially affect our income tax benefit or expense, net loss or income, and cash flows in the period in which such determination is made.

As of June 30, 2022, we had gross uncertain tax positions of $1.9 million, consisting of a $1.3 million reduction to deferred tax assets and a $0.6 million liability for uncertain tax positions.

As of September 30, 2022, we had gross uncertain tax positions of $1.9 million, consisting of a $1.3 million reduction to deferred tax assets and a $0.6 million liability for uncertain tax positions.

Deferred tax assets are recognized for the expected future tax consequences of temporary differences between the carrying amount for financial reporting purposes and the tax bases of assets and liabilities, and for net operating losses and tax credit carry forwards.

6 unchanged sentences

Our stock price has historically been volatile.

During the period from January 1, 2018 to June 30, 2022, the trading price of our common stock ranged from $6.36 to $15.29.

During the period from January 1, 2018 to September 30, 2022, the trading price of our common stock ranged from $6.36 to $15.29.

Many factors may cause the market price of our common stock to fluctuate, including variations in our quarterly results of operations;

12 unchanged sentences

Amended and Restated Certificate of Incorporation, as amended 10-Q August 6, 2010 3.1

Certificate of Designations of Series A Junior Participating Cumulative Preferred Stock of KVH Industries, Inc.

classifying and designating the Series A Junior Participating Cumulative Preferred Stock 8-A August 19, 2022 3.1

Amended and Restated Bylaws 10-Q November 1, 2017 3.2

Specimen certificate for the common stock 10-K March 2, 2018 4.1

Description of Capital Stock

8-K August 4, 2020 4.1

KVH Industries, Inc.

Amended and Restated 2016 Equity and Incentive Plan, as amended DEF 14A May 2, 2022 App.

Executive Employment Agreement dated as of May 2, 2022 between KVH Industries, Inc.

4 unchanged sentences

and Robert J.

Asset Purchase Agreement dated as of August 9, 2022 by and between KVH Industries, Inc., EMCORE Corporation and Delta Acquisition Sub, Inc.

8-K August 10, 2022 2.1

Stockholder Rights Agreement, dated as of August 18, 2022, between KVH Industries, Inc.

and Computershare Trust Company, N.A., as Rights Agent 8-A August 19, 2022 4.1

Amendment No.

1 dated as of October 11, 2022 to Executive Employment Agreement between KVH Industries, Inc.

Rule 13a-14(a)/15d-14(a) certification of principal executive officer X

1 unchanged sentence

Section 1350 certification of principal executive officer and principal financial officer X

101 The following financial information from KVH Industries, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, formatted in Inline XBRL (Extensible Business Reporting Language):

(i) the Consolidated Balance Sheets (unaudited), (ii) the Consolidated Statements of Operations (unaudited), (iii) the Consolidated Statements of Comprehensive Loss (unaudited), (iv) the Consolidated Statement of Stockholders' Equity (unaudited), (v) the Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to Consolidated Interim Financial Statements (unaudited).

101 The following financial information from KVH Industries, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL (Extensible Business Reporting Language):

(i) the Consolidated Balance Sheets (unaudited), (ii) the Consolidated Statements of Operations (unaudited), (iii) the Consolidated Statements of Comprehensive Income (Loss) (unaudited), (iv) the Consolidated Statement of Stockholders' Equity (unaudited), (v) the Consolidated Statements of Cash Flows (unaudited), and (vi) the Notes to Consolidated Interim Financial Statements (unaudited).

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

August 9, 2022

December 6, 2022

KVH Industries, Inc.

1 unchanged sentence

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.

What changed 10-Q

Item 1A. Risk Factors