This report on Form 10-Q includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All
statements in this report, other than statements of historical fact, are
forward-looking statements for purposes of these provisions, including any
projections of earnings, revenues or other financial items, any statements of
the plans and objectives of management for future operations, any statements
concerning proposed new products or services, any statements regarding future
economic conditions or performance, and any statements of assumptions underlying
any of the foregoing. All forward-looking statements included in this report are
made as of the date hereof and are based on information available to us as of
such date. We assume no obligation to update any forward-looking statement. In
some cases, forward-looking statements can be identified by the use of
terminology such as "may," "will," "expects," "plans," "anticipates," "intends,"
"believes," "estimates," "potential," or "continue," or the negative thereof or
other comparable terminology. Although we believe that the expectations
reflected in the forward-looking statements contained herein are based upon
reasonable assumptions at the time made, there can be no assurance that any such
expectations or any forward-looking statement will prove to be correct. Our
actual results will vary, and may vary materially, from those projected or
assumed in the forward-looking statements. Future financial condition and
results of operations, as well as any forward-looking statements, are subject to
inherent risks and uncertainties, many of which we cannot predict with accuracy
and some of which we might not anticipate, including, without limitation,
product recalls and product liability claims; infringement of our technology or
assertion that our technology infringes the rights of other parties; termination
of supplier relationships, or failure of suppliers to perform; inability to
successfully manage growth; delays in obtaining regulatory approvals or the
failure to maintain such approvals; concentration of our revenue among a few
customers, products or procedures; development of new products and technology
that could render our products obsolete; market acceptance of new products;
introduction of products in a timely fashion; price and product competition,
availability of labor and materials, cost increases, and fluctuations in and
obsolescence of inventory; volatility of the market price of our common stock;
foreign currency fluctuations; changes in key personnel; work stoppage or
transportation risks; integration of business acquisitions; and other factors
referred to in our reports filed with the SEC, including our Annual Report on
Form 10-K for the year ended December 31, 2021. All subsequent forward-looking
statements attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. Additional factors
that may have a direct bearing on our operating results are discussed in  Part
II, Item 1A "Risk Factors" in this Quarterly Report on Form 10-Q and in Part I,
Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2021.



BUSINESS OVERVIEW



ClearOne is a global Company that designs, develops and sells conferencing,
collaboration, and AV networking solutions for voice and visual communications.
The performance and simplicity of our advanced, comprehensive solutions offer a
high level of functionality, reliability and scalability. We derive a major
portion of our revenue from audio conferencing products and microphones by
promoting our products in the professional audio-visual channel. We have
extended our total addressable market from the installed audio conferencing
market to adjacent complementary markets - microphones, video collaboration and
AV networking. We have achieved this through strategic technological
acquisitions as well as by internal product development.



In early January 2022, we introduced DIALOG® 10 USB, the industry's only
pro-quality, single-channel wireless USB microphone system offering
professional-quality audio with USB connectivity for webcasting and cloud-based
collaboration. In March 2022, this new USB wireless mic system won the 2022 NSCA
Excellence in Product Innovation Award. One of only seven winners in this
prestigious award program, the DIALOG® 10 USB is the industry's only pro-quality
single-channel wireless microphone system with USB connectivity for
webcasting and cloud-based collaboration such as Microsoft Teams, Zoom, WebEx,
and GotoMeeting.

During January, at the Las Vegas Customer Electronics Show, CES 2022, the world's most influential annual tech event, our home office Aura™ Xceed™ BMA was singled out for exceptional innovation with a CES Picks Award, presented by Residential Systems magazine.




In early February 2022, our Versa Lite CT, a USB
audio-enabled Beamforming Ceiling Tile Microphone that brings cost-effective and
superb professional conferencing audio to small- and mid-sized spaces received
Google Meet certification. Google Meet ranks among the top 5 for growth in the
cloud meetings and team collaboration market according to Frost & Sullivan.


In early February 2022, we were awarded a new patent
for a beamforming microphone array system with distributed processing. This
patent claims a ceiling tile microphone array that can be physically separated
from the processors running the beamforming algorithm. It enables a single
computing engine to run multiple beamforming algorithms for multiple microphone
arrays, which can lower the overall system cost compared to an integrated design
that is limited to a single computing engine with a single microphone array.
Later in the same month another ClearOne patent was granted which is related
to beamforming microphone arrays with acoustic echo cancellation. The patent,
titled "Band-Limited Beamforming Microphone Array with Acoustic Echo
Cancellation," describes, among other things, a microphone array with one set of
microphones used for beamforming, and one or more additional microphones that
are not used for beamforming, but instead are used to enhance the audio
performance of the microphone array.



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During the first three months of 2022, we continued our efforts, primarily
through litigation, to stop the infringement of our strategic patents. We
believe the decision by the U.S. District Court in August 2019 granting our
request for a preliminary injunction to prevent Shure from manufacturing,
marketing, and selling its competing ceiling microphone array in an infringing
configuration is an incredibly valuable ruling for ClearOne and its business.
The decision validates the strength and importance of ClearOne's intellectual
property rights, recognizes ClearOne's innovations in this space, and
stops Shure from further infringing the Graham patent (U.S. Patent No.
9,813,806) pending a full trial. Although there can be no assurance of any
outcome of a full trial, we believe this ruling will help pave the way
for ClearOne's recovery from the immense harm inflicted by Shure's infringement
of our valuable patents. However, we are not getting the full benefits of the
Court's extraordinary remedy in the form of the preliminary injunction granted
against Shure with respect to infringement of our '806 Patent as we believe
that Shure is still infringing ClearOne's patent.



On September 1, 2020, the U.S. District Court of Northern Illinois held that
"Shure has violated the preliminary injunction order and is found in contempt
because it designed the MXA910-A in such a way that allows it to be easily
installed flush in most ceiling grids". The Court also opined that, "[t]he
record is clear and convincing that Shure - through its design choices -
violated the injunction order by allowing integrators to install the MXA910-A in
the enjoined flush configuration." Ultimately, the Court ordered that
"Shure shall no longer manufacture, market, or sell the
MXA910...". ClearOne's motion to accuse Shure's MXA910-US of infringing the
'806 Patent is still pending with the Court.



Shure expanded the original litigation in the U.S. District Court of North
Illinois to the District of Delaware, where Shure filed claims for patent
infringement, including of a design patent, and trade libel against ClearOne. In
May 2020 and January 2021, we secured an important pair of wins,
defeating Shure's requests first for a temporary restraining order and then a
preliminary injunction, allowing us to continue selling our ground-breaking
audio-conferencing products. In addition to defeating Shure's requests for
preliminary injunctive relief, we also obtained a stay of the proceedings with
respect to the only other asserted patent. During November 2021, after a
three-day jury trial, ClearOne obtained a complete victory against claims
asserted by Shure, when the jury returned a verdict of no infringement and
invalidated the asserted patent.


In February 2022 we claimed another legal victory over Shure. The Patent Trial
and Appeal Board (PTAB) of the United States Patent and Trademark Office (PTO)
issued a final written decision confirming the patentability of all claims
of ClearOne's important U.S. Patent No. 10,728,653 (the "'653 Patent"). The '653
Patent covers aspects of ClearOne's revolutionary innovations in BMAs and
relates to "a ceiling tile combined with [a] beamforming microphone array" that
includes acoustic echo cancellation and "adaptive acoustic processing that
automatically adjusts to a room configuration." Shortly after the '653 patent
was issued in mid-2020, Shure initiated the case in yet another attempt to
disrupt ClearOne's patent rights, but the PTAB rejected each and every one
of Shure's seven challenges and is the latest in a long string of defeats
for Shure. In 2019, the U.S. District Court for the Northern District of
Illinois preliminarily enjoined Shure from infringing a
different ClearOne patent, U.S. Patent No. 9,813,806, and then in 2020
held Shure in contempt of that injunction in case no. 17-cv-3078. In November
2021, a jury in a different court, the U.S. District Court for the District of
Delaware, found a Shure design patent asserted against ClearOne to be invalid
and not infringed.


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We also continued our programs to cut costs and to speed up product development that we believe will enable us to get back to a growth path.





Overall revenue increased by 7% in the first quarter of 2022 when compared to
the first quarter of 2021, primarily due to a significant increase in revenues
from microphones followed by an increase in revenues from audio conferencing
products and partially offset by a decrease in revenues from video products.
Despite the negative impact of COVID-19 and the infringement of our patents by
Shure on all professional installed products, our new solutions incorporating
Beamforming Microphone Array Ceiling Tile ("BMA-CT") continued to result in
overall Beamforming Microphone Array ("BMA") revenue to be significantly higher
than last year. However, revenue from BMA products as well as from our pro audio
products are still far below the levels prior to infringement of our patents.
Our revenue is negatively impacted  due to on-going harm of infringement of
ClearOne's patents despite the preliminary injunction granted against Shure as
we believe Shure continues to infringe certain of our patents and violates the
preliminary injunction. The patent infringement also has negatively impacted
directly the revenue from ClearOne's other products not related to the infringed
patents. Our revenue performance in 2022-Q1 was also impacted negatively due to
the raw material supply shortages that have affected the global manufacturing of
high tech products as well as due to logistics bottlenecks. Despite the negative
impact of COVID-19 and the infringement of our patents by Shure on all
professional installed products, our new solutions incorporating
Beamforming Microphone Array Ceiling Tile ("BMA-CT") continued to result in
overall Beamforming Microphone Array ("BMA") revenue to be significantly higher
than last year. However, revenue from BMA products as well as from our pro audio
products are still far below the levels prior to infringement of our patents.
Our revenue is negatively impacted  due to on-going harm of infringement of
ClearOne's patents despite the preliminary injunction granted against Shure as
we believe Shure continues to infringe certain of our patents and violates the
preliminary injunction. The patent infringement also has negatively impacted
directly the revenue from ClearOne's other products not related to the infringed
patents.


Our gross profit margin decreased to 37.3% during the first quarter of 2022 from
42.7% during the first quarter of 2021. Net loss increased from $1.7 million in
the first quarter of 2021 to $2.0 million in the first quarter of 2022. The
increase in net loss was mainly due to (a) decrease in absolute gross profit
dollars as a result of reduced gross margin, and (b) increased amortization
costs relating to our capitalized patent defense costs.



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Industry conditions



We operate in a very dynamic and highly competitive industry which is dominated
on the one hand by a few players with respect to certain products like
traditional video conferencing appliances while on the other influenced heavily
by a fragmented reseller market consisting of numerous regional and local
players. The industry is also characterized by venture capitalist funded
start-ups and private companies willing to fund cumulative cash losses in order
to gain market share and achieve certain non-financial goals.

Economic conditions, challenges and risks





The audio-visual products market is characterized by intense competition and
rapidly evolving technology. Our competitors vary within each product category.
Our installed professional audio conferencing products, which is our flagship
product category, continue to be ahead of the competition despite the reduction
in revenues. Our strength in this space is largely due to our fully integrated
suite of products consisting of DSP mixers, wide range of professional
microphone products and video collaboration products. Despite our strong
leadership position in the installed professional audio conferencing market, we
face challenges to revenue growth due to the limited size of the market and
pricing pressures from new competitors attracted to the commercial market due to
higher margins.


Our video products and beamforming microphone arrays, especially BMA-CT and the
newly introduced BMA 360 are critical to our long term growth. We face intense
competition in this market from well-established market leaders as well as
emerging players rich with marketing funds. We expect our strategy of combining
curated audio solutions with our high quality professional cameras, and our
high-end audio conferencing technology will generate high growth in the near
future.


We derive a major portion of our revenue (approximately 51% for the year ended
December 31, 2021) from international operations and expect this trend to
continue in the future. Most of our revenue from outside the U.S. is billed in
U.S. dollars and is not exposed to any significant currency risk. However, we
are exposed to foreign exchange risk if the U.S. dollar is strong against other
currencies as it will make U.S. Dollar denominated prices of our products less
competitive.


In December 2019, a novel strain of coronavirus ("COVID-19") started spreading
from China and was declared a pandemic. The COVID-19 pandemic caused severe
global disruptions and had varying impact on our business. The installed audio
conferencing market was negatively impacted due to lockdowns, postponement of
projects and restrictions on installers to visit commercial sites. On the other
hand, COVID-19 generated higher than normal demand for our video products and
personal conferencing products due to the significant expansion of
work-from-home market. The extent of COVID-19's effect on our operational and
financial performance keeps evolving and depends on multiple factors including
the severity and infectiousness of current and future virus strains,
effectiveness of vaccines especially on novel strains of COVID-19, government
regulations, etc., all of which are uncertain and difficult to predict
considering the rapidly evolving landscape. Supply chain disruptions resulting
from COVID-19 have caused significant fluctuations in our costs of goods
resulting in a reduction of our gross margins in 2021 and in the first quarter
of 2022. We expect for these fluctuations to continue in 2022. If the pandemic
continues to be a severe worldwide health crisis, the disease could have a
material adverse effect on our business, results of operations, financial
condition and cash flows and adversely impact the trading price of our common
stock.



Deferred Product Revenue

Deferred product revenue decreased to $46 thousand on March 31, 2022 compared to $54 thousand on December 31, 2021.

A detailed discussion of our results of operations follows below.





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Results of Operations for the three months ended March 31, 2022

The following table sets forth certain items from our unaudited condensed consolidated statements of operations for the three months ended March 31, 2022 ("2022-Q1") and 2021 ("2021-Q1"), respectively, together with the percentage of total revenue which each such item represents:




                                                          Three months ended March 31,
                                                                                    Change Favorable
(dollars in thousands)                         2022                 2021             (Adverse) in %
Revenue                                   $        7,545       $        7,038                        7
Cost of goods sold                                 4,729                4,035                      (17 )
Gross profit                                       2,816                3,003                       (6 )
Sales and marketing                                1,560                1,573                        1
Research and product development                   1,353                1,274                       (6 )
General and administrative                         1,756                1,680                       (5 )
Total operating expenses                           4,669                4,527                       (3 )
Operating loss                                    (1,853 )             (1,524 )                    (22 )
Interest expense net of other income                 (98 )               (117 )                     16
Loss before income taxes                          (1,951 )             (1,641 )                    (19 )
Provision for income taxes                            16                   14                      (14 )
Net loss                                  $       (1,967 )     $       (1,655 )                    (19 )




Revenue



Our revenue increased to $7.5 million in 2022-Q1 compared to $7.0 million in
2021-Q1 primarily due to a 23% increase in microphones and a 13% increase in
audio conferencing products partially offset by a 22% decrease in video
products. Microphones growth continued to be led by our new solutions
incorporating BMA-CT and BMA 360 while our traditional ceiling mics also enjoyed
a significant revenue increase. Audio Conferencing category as a whole increased
mainly due to a strong revenue performance of our professional mixers and
personal audio conferencing products. Video products suffered declines in
2022-Q1 compared to 2021-Q1 due to lack of demand for video products. During the
first quarter of 2022, revenues from Americas increased by 6% primarily due to
increased revenues from USA despite significant revenue decreases from
Latin America and Canada, while revenues from Asia Pacific, including the Middle
East, India and Australia decreased by 6% primarily due to overall decrease in
revenues from all regions except India and China, and revenues from Europe and
Africa increased by 33% primarily due to significant revenue increases from all
parts of Europe except central Europe.

We believe, although there can be no assurance, that we can sustain our revenue growth and return to generating operating profits through our strategic initiatives namely product innovation, cost reduction and defense of our intellectual property.

Costs of Goods Sold and Gross Profit





Cost of goods sold includes expenses associated with finished goods purchased
from outsourced manufacturers, the repackaging of our products, our
manufacturing and operations organization, property and equipment depreciation,
warranty expense, freight expense, royalty payments, and the allocation of
overhead expenses.

Our gross profit margin decreased from 42.7% during 2021-Q1 to 37.3% during 2022-Q1. The gross profit margin was negatively impacted due to increase in material costs due to continuing supply chain constraints, and increased freight and tariff costs, which were partially offset by the absence of inventory obsolescence costs in 2022-Q1.





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Our profitability in the near-term continues to depend significantly on our
revenues from professional installed audio-conferencing products. We hold
long-term inventory and if we are unable to sell our long-term inventory, our
profitability might be affected by inventory write-offs and price mark-downs.
Our long-term inventory includes approximately $0.6 million of wireless
microphone-related finished goods and assemblies, $0.3 million of Converge Pro
and Beamforming microphone array products, $0.1 million of network media
streaming products, $0.6 million of video products, and about $1.7 million of
raw materials that will be used primarily for manufacturing professional audio
conferencing products. Any business changes that are adverse to these product
lines could potentially impact our ability to sell our long-term inventory in
addition to our current inventory.



Operating Expenses



Operating expenses include sales and marketing ("S&M") expenses, research and
product development ("R&D") expenses and general and administrative ("G&A")
expenses. Total operating expenses were $4.7 million in 2022 Q1 compared to $4.5
million in 2021-Q1. The following contains a more detailed discussion of
expenses related to sales and marketing, research and product development,
general and administrative, and other items.

Sales and Marketing - S&M expenses include selling, customer service, and marketing expenses such as employee-related costs, allocations of overhead expenses, trade shows, and other advertising and selling expenses.





S&M expenses in 2022-Q1 remained almost unchanged at $1.6 million when compared
to 2021-Q1. The decrease in employment expenses and consultant expenses due to a
reduction in the headcount were offset by an increase in employee travel and
benefits expenses and increase in advertising expenses.

Research and Product Development - R&D expenses include research and development, product line management, engineering services, and test and application expenses, including employee-related costs, outside services, expensed materials, depreciation, and an allocation of overhead expenses.





R&D expenses increased marginally to $1.4 million in 2022-Q1 compared to
$1.3 million for 2021-Q1. The increase was primarily due to increases in R&D
project expenses, legal expenses, and employee benefits, which were partially
offset by reduction in employment expenses due to reduction in the headcount.



General and Administrative - G&A expenses include employee-related costs,
professional service fees, allocations of overhead expenses, litigation costs,
and corporate administrative costs, including costs related to finance and human
resources teams.



G&A expenses increased marginally from $1.7 million in 2021-Q1 to $1.8 million
in 2022-Q1. The increase was primarily due to increased amortization costs
relating to our capitalized patent defense costs, which were partially offset by
a reduction in legal expenses and consulting expenses.

Other income (expense), net

Other income (expense), net includes interest income and foreign currency changes. Other income remained immaterial during the first quarter of 2022 and 2021.

Interest expense almost remained unchanged at $0.1 million in 2022-Q1 when compared to 2021-Q1.




Provision for income taxes



During the first quarters of 2022 and 2021, we did not recognize any benefit
from the losses incurred due to setting up of a full valuation allowance.
Provision for income taxes recognized in the first quarter of 2022 relates to
foreign jurisdictions.


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LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2022, our cash and cash equivalents were approximately $1.4 million compared to $1.1 million as of December 31, 2021. Our working capital was $19.3 million and $18.0 million as of March 31, 2022 and December 31, 2021, respectively.





Net cash used in operating activities was approximately $1.0 million in 2022-Q1,
an increase of cash used in operating activities of approximately $1.0 million
compared to 2021-Q1. The increase in cash outflow was due to (a) a negative
change in operating assets and liabilities of $0.5 million, (b) a decrease in
non-cash charges by $0.2 million and (c) an increase in net loss by $0.3
million.



Net cash provided by investing activities was $1.8 million in 2022-Q1 compared
to net cash used in investing activities of $1.7 million in 2021-Q1, a change in
cash flow of $3.4 million. The change in cash flow was primarily due to (a) an
increase in proceeds from sale of marketable securities net of any purchases
from $0.1 million in 2021-Q1 to $2.0 million in 2022-Q1, and (b) a decrease in
capitalized patent defense costs by $1.5 million.


Net cash used in financing activities in 2022-Q1 was $0.4 million consisting
primarily of repayment of principal amounts due on senior convertible notes and
Paycheck Protection Program Loans compared to cash used in financing activities
of $86 thousand in 2021-Q1, which consisted primarily of repayment of principal
amounts due on senior convertible notes.



Capitalization of patent defense costs. We capitalize external legal costs
incurred in the defense of our patents when we believe that a significant,
discernible increase in value will result from the defense and a successful
outcome of the legal action is probable. When we capitalize patent defense costs
we amortize the costs over the remaining estimated useful life of the patents,
which is 15 to 17 years. During 2022-Q1 we spent $0.2 million on legal costs
related to the defense of our patents and capitalized the entire amount.



We are currently pursuing all available legal remedies to defend our strategic
patents from infringement. We have already spent approximately $28.3 million
from 2016 through March 31, 2022 towards this litigation and may be required to
spend more to continue our legal defense. We believe the decision by the U.S.
District Court in August 2019 granting our request for a preliminary injunction
to prevent our competitor from manufacturing, marketing, and selling its
competing ceiling microphone array in an infringing configuration is an
incredibly valuable ruling for ClearOne and its business. We believe that the
decision validates the strength and importance of ClearOne's intellectual
property rights, recognizes ClearOne's innovations in this space, and stops our
competitor from further infringing our Graham patent (U.S. Patent No. 9,813,806)
pending a full trial. Although there can be no assurance of any outcome of a
full trial, we believe this ruling will help pave way for ClearOne's recovery
from the immense harm inflicted by our competitor's infringement of our valuable
patents. However, we are not getting the full benefits of the Court's
extraordinary remedy in the form of the preliminary injunction granted against
Shure with respect to infringement of our '806 Patent as we believe that
Shure is still infringing ClearOne's patent. During September 2020, the U.S
District Court of Northern Illinois held Shure in contempt for marketing and
selling their new design in violation of the preliminary injunction.



We have been actively engaged in preserving cash by suspending our dividend
program and allowing our share repurchase program to expire in 2018 and
implementing company-wide cost reduction measures. We have also raised
additional capital of $9.9 million (net of issuance costs) in 2018 by issuing
common stock, $2.7 million (net of issuances costs) in 2019 by issuing senior
convertible notes, $1.5 million in April 2020 by borrowing through Paycheck
Protection Program, $4.8 million (net of issuances costs) in September 2020 by
issuing common stock and warrants, $2.0 million in July 2021 by issuing
short-term debt which repaid through issue of common stock in January 2022, and
$9.3 million (net of issuances costs) in September 2021 by issuing common stock
and warrants.


We also believe that our core strategies of product innovation and prudent cost
management will bring us back to profitability in the future. We believe,
although there can be no assurance, that all of these measures and effective
management of working capital will provide the liquidity needed to meet our
operating needs through at least through May 19, 2023. We also believe that our
strong portfolio of intellectual property and our solid brand equity in the
market will enable us to raise additional capital if and when needed to meet our
short and long-term financing needs; however, there can be no assurance that, if
needed, we will be successful in obtaining the necessary funds through equity or
debt financing. If we need additional capital and are unable to secure
financing, we may be required to further reduce expenses, delay product
development and enhancement, or revise our strategy regarding ongoing
litigation.

As of March 31, 2022, we had open purchase orders of approximately $4.8 million mostly for purchase of inventory.

As of March 31, 2022, we had inventory totaling $13.1 million, of which non-current inventory accounted for $3.2 million. This compares to total inventories of $13.6 million and non-current inventory of $3.6 million as of December 31, 2021.




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Contractual Obligations and Commitments





The following table summarizes our contractual obligations as of March 31, 2022
(in millions):



                                                             Payment Due by Period
                                                Less Than                                           More than 5
                                  Total           1 Year         1-3 Years        3-5 Years            years

Senior convertible notes       $       2.4     $        0.5     $        1.9     $          -     $             -
Payroll Protection Plan loan           0.6              0.6                -                -                   -
Operating lease obligations            1.6              0.6              0.9              0.1                   -
Purchase obligations                   4.8              4.8                -                -                   -
Total                          $       9.4     $        6.5     $        2.8     $        0.1     $             -

OFF-BALANCE SHEET ARRANGEMENTS





We have no off-balance-sheet arrangements that have or are reasonably likely to
have a current or future material effect on our financial condition, changes in
financial conditions, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources, results of operations or liquidity.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES





Our discussion and analysis of our results of operations and financial position
are based upon our unaudited condensed consolidated financial statements
included under Item 1 of this Form 10-Q, which have been prepared in conformity
with accounting principles generally accepted in the United States. We review
the accounting policies used in reporting our financial results on a regular
basis. We believe certain of our accounting policies are critical to
understanding our financial position and results of operations. There have been
no changes to the critical accounting policies as explained in our Annual Report
on Form 10-K for the year ended December 31, 2021.

RECENT ACCOUNTING PRONOUNCEMENTS

For a discussion of recent accounting pronouncements, see Note 1: "Business Description, Basis of Presentation and Significant Accounting Policies" in the notes to our unaudited condensed consolidated financial statements included under Item 1 of this Form 10-Q.

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