What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2023-03-08 compared with 2022-03-04 · 31 added, 15 removed, 22 unchanged (68% of the section changed)

2 unchanged sentences

Our stockholders of record on March 3, 2023 numbered 166.

We have never paid cash dividends on our common stock, nor do we currently intend to pay any cash dividends on our common stock in the foreseeable future.

We intend to retain our earnings, if any, for the future operation and expansion of our business.

We have never paid cash dividends on our common stock.

We intend to retain our earnings, if any, to reinvest in the business for future operations and expansion and, as such, we do not anticipate paying any cash dividends in the foreseeable future.

Purchases of Equity Securities

6 unchanged sentences

Total 76,072 $ 22.86 —

(1) Of the repurchases in October, November and December, 625, 3,708 and 23,522 shares, respectively, represent common shares of the Company that were owned and tendered by employees to satisfy option cost and tax withholding obligations in connection with stock option exercises and the vesting of restricted shares.

(2) On October 20, 2021, our Board of Directors approved a new repurchase plan with an effective date of November 9, 2021 (the "November 2021 Program").

Pursuant to the November 2021 Program, we were authorized to repurchase up to 300,000 shares of our common stock at predetermined prices until the earlier of the repurchase of all 300,000 shares or February 17, 2022.

The November 2021 Program was completed in December 2021, upon repurchase by us of all 300,000 shares as authorized.

On February 10, 2022, our Board approved a new share repurchase program with an effective date of February 22, 2022 (the "February 2022 Program").

Pursuant to the February 2022 Program, we may, from time to time until May 5, 2022, repurchase up to 300,000 shares of our common stock.

We may repurchase shares of common stock in privately negotiated and/or open-market transactions, including pursuant to plans complying with Rule 10b5-1 promulgated under the Exchange Act.

(1) Of the repurchases in November and December, 3,057 and 73,015 shares, respectively, represent common shares of the Company that were owned and tendered by employees to satisfy option cost and tax withholding obligations in connection with stock option exercises and the vesting of restricted shares.

Performance Chart

The following graph and table compares the cumulative total stockholder return with respect to our common stock versus the cumulative total return of the Standard & Poor's Small Cap 600 (the "S&P Small Cap 600"), the NASDAQ Composite Index, and the Peer Group Index for the five-year period ended December 31, 2021.

The comparison assumes that $100 was invested on December 31, 2016 in each of our common stock, S&P Small Cap 600, the NASDAQ Composite Index, and the Peer Group Index and that all dividends were reinvested.

The following graph and table compares the cumulative total stockholder return with respect to our common stock versus the cumulative total return of the Standard & Poor's Small Cap 600 (the "S&P Small Cap 600"), the NASDAQ Composite Index, and the Peer Group Indices for the five-year period ended December 31, 2022.

We amended our peer group during 2022 to more accurately reflect the current overall business of the Company.

The comparison assumes that $100 was invested on December 31, 2017 in each of our common stock, S&P Small Cap 600, the NASDAQ Composite Index, and the Peer Group Indices and that all dividends were reinvested.

We have not paid any dividends and, therefore, our cumulative total return calculation is based solely upon stock price appreciation and not upon reinvestment of dividends.

The graph and table depicts year-end values based on actual market value increases and decreases relative to the initial investment of $100, based on information provided for each calendar year by the NASDAQ Stock Market and the New York Stock Exchange.

The comparisons in the graph and table below are based on historical data and are not intended to forecast the possible future performance of our common stock.

4 unchanged sentences

NASDAQ Composite Index $ 100 $ 96 $ 130 $ 187 $ 227 $ 152

Peer Group Index (1)

Peer Group - Legacy Index (1)

$ 100 $ 96 $ 117 $ 195 $ 181 $ 134

(1) Companies in the Peer Group Index are as follows:

Xperi Corporation (formerly TiVo Corporation), Logitech International, Dolby Laboratories, Inc., and VOXX International Corp.

Peer Group - Updated Index (2)(3)

$ 100 $ 82 $ 120 $ 173 $ 171 $ 112

(1) Companies in the legacy Peer Group Index are as follows:

Dolby Laboratories, Inc.;

Logitech International S.A.;

VOXX International Corp.;

and Xperi Corporation (formerly TiVo Corporation).

(2) Companies in the updated Peer Group Index are as follows:

Arlo Technologies, Inc.;

Charter Communications, Inc.;

Comcast Corporation;

CommScope Holding Company, Inc.;

Computime Group Limited;

Dish Network Corporation;

Home Control International Limited;

LG Display Co., Ltd.;

Liberty Global PLC;

Logitech International S.A.;

Samsung Electronics Co.

Sony Group Corporation;

and Turtle Beach Corporation.

(3) Cumulative stockholder return data for Arlo Technologies, Inc.

and Home Control Limited was not included in the updated Peer Group Index calculations, as these companies were not public until after the December 31, 2017 base period.

The information presented above is as of December 31, 2017 through December 31, 2022.

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-K

Item 5. Market for Registrant’s Common Equity