In addition to the other information set forth in this Quarterly Report on Form 10-Q, readers should carefully consider the factors discussed in Part I, Item 1A—Risk Factors in the 2025 Annual Report on Form 10-K, and in the Company’s other filings with the SEC, which could materially affect the Company’s business, financial condition, cash flows or future results.
−Removed: Except as noted below, there have been no material changes from the risk factors previously disclosed in Part I, Item 1A—Risk Factors in the 2024 Annual Report on Form 10-K .
−Removed: We face risks related to the uncertainty regarding the future of international trade agreements and the United States’ position on international trade.
−Removed: Significant political, trade, regulatory developments, and other circumstances beyond our control, are expected to have a material impact on our business, financial condition, and results of operations if we are unable to successfully implement various mitigating actions.
−Removed: The Company sources almost all of its products from suppliers located outside the United States, primarily in China.
−Removed: Additionally, the Company has a presence in international markets through subsidiaries and affiliate companies that are based outside of the United States, including in China.
−Removed: As a result of the tariffs announced on April 2, 2025 by the Trump Administration, we are anticipating increased supply chain challenges, cost volatility, and consumer and economic uncertainty due to rapid changes in global trade policies.
−Removed: We continue to analyze the impact of these tariffs on our business and actions we can take to minimize their impact.
−Removed: We expect these new tariffs to have a material impact on our business and results of operations in fiscal year 2025 and in the longer term if we are unable to successfully implement various mitigating actions noted below.
−Removed: Uncertainty regarding policies of the Trump Administration with respect to the future of trade partnerships and relations, including as a result of the tariffs announced on April 2, 2025 and additional tariffs that may be announced or implemented in the future, are expected to impact our market share, revenue and gross margins and reduce our competitiveness in countries that will be affected by those policies.
−Removed: In addition, these developments may also negatively impact the carrying value of our reporting units.
−Removed: As a result of the tariffs announced on April 2, 2025 or additional tariffs or other restrictions, quotas, embargoes, or safeguards that are placed on goods imported into the United States, or any related counter-measures that are taken by other countries, we expect to take actions which may include, but not be limited to, pricing of our products, product configurations, and inventory management.
−Removed: The actions that we take may not fully offset the impact of tariffs and, as a result, our market share, revenue, gross margins, and results of operations may be materially harmed.
+Added: There have been no material changes from the risk factors previously disclosed in Part I, Item 1A—Risk Factors in the 2025
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.