United states securities and exchange commission

Macroeconomic and Industry Risks
The Company’s operations and performance depend significantly on global and regional economic conditions and 
adverse economic conditions can materially adversely affect the Company’s business, results of operations and financial 
condition.
The Company has international operations with sales outside the U.S. representing a majority of the Company’s total net sales. 
In addition, the Company’s global supply chain is large and complex and a majority of the Company’s supplier facilities, including 
manufacturing and assembly sites, are located outside the U.S. As a result, the Company’s operations and performance depend 
significantly on global and regional economic conditions.
Adverse macroeconomic conditions, including inflation, slower growth or recession, new or increased tariffs and other barriers to 
trade, changes to fiscal and monetary policy, tighter credit, higher interest rates, high unemployment and currency fluctuations 
can adversely impact consumer confidence and spending and materially adversely affect demand for the Company’s products 
and services. In addition, consumer confidence and spending can be materially adversely affected in response to financial 
market volatility, negative financial news, conditions in the real estate and mortgage markets, declines in income or asset values, 
energy shortages and cost increases, labor and healthcare costs and other economic factors. 
In addition to an adverse impact on demand for the Company’s products, uncertainty about, or a decline in, global or regional 
economic conditions can have a significant impact on the Company’s suppliers, contract manufacturers, logistics providers, 
distributors, cellular network carriers and other channel partners. Potential effects include financial instability; inability to obtain 
credit to finance operations and purchases of the Company’s products; and insolvency.
A downturn in the economic environment can also lead to increased credit and collectibility risk on the Company’s trade 
receivables; the failure of derivative counterparties and other financial institutions; limitations on the Company’s ability to issue 
new debt; reduced liquidity; and declines in the fair value of the Company’s financial instruments. These and other economic 
factors can materially adversely affect the Company’s business, results of operations, financial condition and stock price.