Management’s Discussion and Analysis of Financial Condition and Results of Operations.
−Removed: Certain statements within "Management's Discussion and Analysis of Financial Condition and Results of Operations"
−Removed: are forward-looking statements that involve risks and uncertainties.
+Added: Certain statements within "Management's Discussion and Analysis of Financial Condition and Results of Operations" are forward-looking statements that involve risks and uncertainties.
Words such as may, will, should, would, anticipates, expects, intends, plans, believes, seeks, estimates and similar expressions identify such forward-looking statements.
The forward-looking statements contained herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements.
−Removed: Factors that might cause such a difference include, among other things, those set forth under "Liquidity and Capital Resources"
−Removed: below and under “Risk Factors” in Part I, Item 1A to our Annual Report on Form 10-K for the year ended December 31, 2022 , which discussion is incorporated herein by reference.
+Added: Factors that might cause such a difference include, among other things, those set forth under "Liquidity and Capital Resources" below and under “Risk Factors” in Part I, Item 1A to our 2023 Form 10-K , which discussion is incorporated herein by reference.
Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof.
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Consolidation and partnering within the semiconductor manufacturing industry has resulted in a small number of customers representing a substantial portion of our business.
−Removed: Our ten largest customers accounted for 55.1% of total revenue for the nine months ended September 30, 2023.
−Removed: The first nine months of 2023 exhibited continued strong demand for our capital equipment, despite a downturn in the memory segment of our industry that is causing other semiconductor equipment makers to experience lower revenues than the same period in the prior year.
−Removed: Supply chain performance has improved from challenges experienced during the global pandemic between 2020 and 2022, but has not completely recovered.
−Removed: Axcelis’ strong results in 2023 demonstrate our ability to meet demand and manage supply chain difficulties.
−Removed: Our performance is closely related to the growing mature process technology market, with 94% of shipments during the first nine months of 2023 going to mature foundry/logic customers.
+Added: Our ten largest customers accounted for 54.8% of total revenue for the three months ended March 31, 2024.
+Added: The first three months of 2024 exhibited continued strong demand for our capital equipment.
+Added: The overall mature process segment represented 99% of our shipped systems revenue, with 1% of shipments to dynamic random-access memory (“DRAM”).
+Added: Power device shipments comprised 55% of total systems revenue with the general mature segment representing 41%, and image sensors at 3%.
+Added: Looking ahead, we expect that the general mature process technology markets may improve in the second half of 2024, and DRAM and “Not AND” memory segments are forecast to have a strong year in 2025.
Critical Accounting Estimates
−Removed: Management’s discussion and analysis of our financial condition and results of operations included herein and in our Annual Report on Form 10-K for the year ended December 31, 2022 are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.
+Added: Management’s discussion and analysis of our financial condition and results of operations included herein and in our 2023 Form 10-K are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.
The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.
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Actual results may differ from these estimates under different assumptions or conditions.
−Removed: Management has not identified any need to make any material change in, and has not changed, any of our critical accounting estimates and judgments as described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2022.
+Added: Management has not identified any need to make any material change in, and has not changed, any of our critical accounting estimates and judgments as described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2023 Form 10-K.
Results of Operations
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Three months ended
−Removed: Nine months ended
−Removed: September 30,
−Removed: September 30,
Total revenue
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Interest expense
−Removed: Total other income (expense)
+Added: Total other income
Income before income taxes
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Period-to-Period
−Removed: Nine months ended
−Removed: Period-to-Period
−Removed: September 30,
−Removed: September 30,
−Removed: (dollars in thousands)
Percentage of revenue
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Total revenue
−Removed: Three months ended September 30, 2023 Compared with Three months ended September 30, 2022
−Removed: Product revenue, which includes systems sales, sales of spare parts, product upgrades and used systems, was $283.4 million, or 96.9% of revenue, during the three months ended September 30, 2023, compared with $221.5 million, or 96.7% of revenue, for the three months ended September 30, 2022.
−Removed: The $61.8 million increase in product revenue for the
−Removed: three-month period ended September 30, 2023, in comparison to the same period in 2022, was primarily driven by an increase in the number of systems sold.
+Added: Product revenue, which includes systems sales, sales of spare parts, product upgrades and used systems, was $243.4 million, or 96.5% of revenue, during the three months ended March 31, 2024, compared with $246.0 million, or 96.8% of revenue, for the three months ended March 31, 2023.
+Added: The $2.6 million decrease in product revenue for the three-month period ended March 31, 2024, in comparison to the same period in 2023, was primarily driven by a decrease in aftermarket sales.
Deferred revenue includes payments received in advance of system sales as well as deferral of revenue from systems sales for installation and other future performance obligations.
−Removed: The total amount of deferred revenue at September 30, 2023 and December 31, 2022 was $202.0 million and $154.7 million, respectively.
−Removed: The increase in deferred revenue was primarily due to payments received in advance of sales.
−Removed: Services revenue, which includes the labor component of maintenance and service contracts and fees for service hours provided by on-site service personnel, was $9.0 million, or 3.1% of revenue, for the three months ended September 30, 2023, compared with $7.6 million, or 3.3% of revenue, for the three months ended September 30, 2022.
+Added: The total amount of deferred revenue at March 31, 2024 and December 31, 2023 was $208.4 million and $210.9 million, respectively.
+Added: Services revenue, which includes the labor component of maintenance and service contracts and fees for service hours provided by on-site service personnel, was $9.0 million, or 3.5% of revenue, for the three months ended March 31, 2024, compared with $8.0 million, or 3.2% of revenue, for the three months ended March 31, 2023.
Although services revenue typically increases with the expansion of the installed base of systems, it can fluctuate from period to period based on capacity utilization at customers’ manufacturing facilities, which affects the need for equipment service.
−Removed: Nine months ended September 30, 2023 Compared with Nine months ended September 30, 2022
−Removed: Product revenue was $795.0 million, or 96.9% of revenue, during the nine months ended September 30, 2023, compared with $632.0 million, or 96.6% of revenue, for the nine months ended September 30, 2022.
−Removed: The $163.0 million increase in product revenue for the nine-month period ended September 30, 2023, in comparison to the same period in 2022, was primarily driven by an increase in the number of systems sold.
−Removed: Services revenue was $25.3 million, or 3.1% of revenue, for the nine months ended September 30, 2023, compared with $21.9 million, or 3.4% of revenue, for the nine months ended September 30, 2022.
Revenue Categories used by Management
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Aftermarket and Systems Revenue
−Removed: Three months ended September 30, 2023 Compared with Three months ended September 30, 2022
−Removed: Included in total revenue of $292.3 million during the three months ended September 30, 2023 is revenue from our Aftermarket business of $60.9 million, compared with $58.1 million of Aftermarket revenue for the three months ended September 30, 2022.
+Added: Included in total revenue of $252.4 million during the three months ended March 31, 2024 is revenue from our Aftermarket business of $56.9 million, compared with $58.8 million of Aftermarket revenue for the three months ended March 31, 2023.
Aftermarket revenue fluctuates from period to period based on capacity utilization at customers’ manufacturing facilities, which affects the sale of spare parts and demand for equipment service.
Aftermarket revenue can also fluctuate from period to period based on the demand for system upgrades or used equipment.
−Removed: The remaining $231.4 million of revenue for the three months ended September 30, 2023 was from system sales, compared with $171.1 million of systems revenue for the three months ended September 30, 2022.
+Added: The remaining $195.5 million of revenue for the three months ended March 31, 2024 was from system sales, compared with $195.2 million of systems revenue for the three months ended March 31, 2023.
Systems revenue fluctuates from period to period based on our customers’ capital spending.
−Removed: Nine months ended September 30, 2023 Compared with Nine months ended September 30, 2022
−Removed: Included in total revenue of $820.3 million during the nine months ended September 30, 2023 is revenue from our Aftermarket business of $178.5 million, compared with $165.7 million of Aftermarket revenue for the nine months ended September 30, 2022.
−Removed: The remaining $641.8 million of revenue for the nine months ended September 30, 2023 was from system sales, compared with $488.2 million of systems revenue for the nine months ended September 30, 2022.
Gross Profit / Gross Margin
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Period-to-Period
−Removed: Nine months ended
−Removed: Period-to-Period
−Removed: September 30,
−Removed: September 30,
−Removed: (dollars in thousands)
Gross Profit:
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Total gross profit
−Removed: Three months ended September 30, 2023 Compared with Three months ended September 30, 2022
−Removed: Gross margin from product revenue was 45.4% for the three months ended September 30, 2023, compared to 46.3% for the three months ended September 30, 2022.
−Removed: The decrease in gross margin primarily resulted from a less favorable mix of system revenue.
−Removed: Gross margin from services revenue was 12.4% for the three months ended September 30, 2023, compared to 10.1% for the three months ended September 30, 2022.
−Removed: The increase in gross margin is attributable to changes in the mix of service contracts .
−Removed: Nine months ended September 30, 2023 Compared with Nine months ended September 30, 2022
−Removed: Gross margin from product revenue was 44.1% for the nine months ended September 30, 2023, compared to 45.8% for the nine months ended September 30, 2022.
−Removed: The decrease in gross margin primarily resulted from a less favorable mix of system revenue.
−Removed: Gross margin from services revenue was 10.6% for the nine months ended September 30, 2023, compared to 12.1% for the nine months ended September 30, 2022.
+Added: Gross margin from product revenue was 47.5% for the three months ended March 31, 2024, compared to 42.0% for the three months ended March 31, 2023.
+Added: The increase in gross margin primarily resulted from a favorable mix of system revenue.
+Added: Gross margin from services revenue was 6.1% for the three months ended March 31, 2024, compared to 9.8% for the three months ended March 31, 2023.
The decrease in gross margin is attributable to changes in the mix of service contracts .
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Period-to-Period
−Removed: Nine months ended
−Removed: Period-to-Period
−Removed: September 30,
−Removed: September 30,
−Removed: (dollars in thousands)
Research and development
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and professional fees, travel and depreciation expenses.
−Removed: Personnel costs are our largest expense, representing $34.8 million, or 60.0%, of our total operating expenses for the three months ended September 30, 2023, compared to $31.4 million, or 62.6%, of our total operating expenses for the three months ended September 30, 2022.
−Removed: Personnel costs were $99.3 million, or 59.6%, of our total operating expenses for the nine months ended September 30, 2023, compared to $83.0 million, or 61.0%, of our total operating expenses for the nine months ended September 30, 2022.
−Removed: The higher personnel costs for the three and nine months ended September 30, 2023 are primarily due to increases in personnel-related expenses to support growth.
+Added: Personnel costs are our largest expense, representing $36.4 million, or 61.2%, of our total operating expenses for the three months ended March 31, 2024, compared to $30.7 million, or 58.2%, of our total operating expenses for the three months ended March 31, 2023.
+Added: The higher personnel costs for the three months ended March 31, 2024 are primarily due to increases in salary associated with an increase in headcount as well as bonus and stock compensation expenses.
Research and Development
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Period-to-Period
−Removed: Nine months ended
−Removed: Period-to-Period
−Removed: September 30,
−Removed: September 30,
−Removed: (dollars in thousands)
Research and development
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Accordingly, based on our strategic plan, we establish annual research and development budgets to fund programs that we expect will solve customers’ high value, high impact, ion implantation challenges.
−Removed: Three months ended September 30, 2023 Compared with Three months ended September 30, 2022
−Removed: Research and development expense was $24.1 million during the three months ended September 30, 2023, an increase of $3.5 million, or 17.2%, compared with $20.6 million during the three months ended September 30, 2022.
−Removed: The increase is primarily due to higher personnel expenses as well as an increase in the cost of project materials and related services for ongoing projects.
−Removed: Nine months ended September 30, 2023 Compared with Nine months ended September 30, 2022
−Removed: Research and development expense was $72.0 million during the nine months ended September 30, 2023, an increase of $15.7 million, or 28.0%, compared with $56.3 million during the nine months ended September 30, 2022.
−Removed: The increase is primarily due to higher personnel expenses as well as an increase in the cost of project materials and related services for ongoing projects.
+Added: Research and development expense was $25.7 million during the three months ended March 31, 2024, an increase of $1.9 million, or 7.9%, compared with $23.8 million during the three months ended March 31, 2023.
+Added: The increase is primarily due to higher personnel expenses associated with an increase in headcount.
Sales and Marketing
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Period-to-Period
−Removed: Nine months ended
−Removed: Period-to-Period
−Removed: September 30,
−Removed: September 30,
−Removed: (dollars in thousands)
Sales and marketing
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Our sales and marketing expenses result primarily from the sale of our equipment and services through our direct sales force.
−Removed: Three months ended September 30, 2023 Compared with Three months ended September 30, 2022
−Removed: Sales and marketing expense was $16.5 million during the three months ended September 30, 2023, an increase of $1.9 million, or 13.0%, compared with $14.6 million during the three months ended September 30, 2022.
−Removed: The increase is primarily due to higher personnel expenses.
−Removed: Nine months ended September 30, 2023 Compared with Nine months ended September 30, 2022
−Removed: Sales and marketing expense was $46.1 million during the nine months ended September 30, 2023, an increase of $7.6 million, or 19.7%, compared with $38.6 million during the nine months ended September 30, 2022.
−Removed: The increase is primarily due to higher personnel expenses and travel-related expense.
+Added: Sales and marketing expense was $17.4 million during the three months ended March 31, 2024, an increase of $3.3 million, or 23.3%, compared with $14.1 million during the three months ended March 31, 2023.
+Added: The increase is primarily due to higher personnel expenses associated with an increase in headcount.
General and Administrative
1 unchanged sentence
Period-to-Period
−Removed: Nine months ended
−Removed: Period-to-Period
−Removed: September 30,
−Removed: September 30,
−Removed: (dollars in thousands)
General and administrative
1 unchanged sentence
Our general and administrative expenses result primarily from the costs associated with our executive, finance, information technology, legal and human resource functions.
−Removed: Three months ended September 30, 2023 Compared with Three months ended September 30, 2022
−Removed: General and administrative expense was $17.4 million during the three months ended September 30, 2023, an increase of $2.5 million, or 16.4%, compared with $15.0 million during the three months ended September 30, 2022.
−Removed: The increase is primarily due to an increase in personnel expenses.
−Removed: Nine months ended September 30, 2023 Compared with Nine months ended September 30, 2022
−Removed: General and administrative expense was $48.5 million during the nine months ended September 30, 2023, an increase of $7.4 million, or 17.9%, compared with $41.2 million during the nine months ended September 30, 2022.
−Removed: The increase is primarily due to an increase in personnel expenses.
+Added: General and administrative expense was $16.4 million during the three months ended March 31, 2024, an increase of $1.7 million, or 11.3%, compared with $14.7 million during the three months ended March 31, 2023.
+Added: The increase is primarily due to higher personnel expenses associated with an increase in headcount.
Other Income (Expense)
1 unchanged sentence
Period-to-period
−Removed: Nine months ended
−Removed: Period-to-period
−Removed: September 30,
−Removed: September 30,
−Removed: (dollars in thousands)
Other income (expense):
Percentage of revenue
−Removed: Other income (expense) consists of interest earned and accretion on our invested cash balances, interest expense relating to the finance lease obligation we incurred in connection with the 2015 sale of our headquarters facility and other financing obligations as well as foreign exchange gains and losses attributable to fluctuations of the U.S.
−Removed: dollar against local currencies of the countries in which we operate.
−Removed: Other income was $2.0 million for the three months ended September 30, 2023, compared with other expense of $8.2 million for the three months ended September 30, 2022.
−Removed: The $10.2 million change in other income (expense) compared to the same prior year period was primarily due to an increase in interest income of $3.5 million and a decrease in foreign exchange loss of $6.7 million.
−Removed: Other income was $4.4 million for the nine months ended September 30, 2023, compared with other expense of $17.2 million for the nine months ended September 30, 2022.
−Removed: The $21.6 million change in other income (expense) compared to the same prior year period was primarily due to an increase in interest income of $11.3 million and a decrease in foreign exchange loss of $10.2 million.
−Removed: During the nine-month periods ended September 30, 2023 and 2022, we had no significant off-balance sheet risk such as exchange contracts, option contracts or other hedging arrangements.
+Added: Other income (expense) consists of interest earned and accretion on our invested cash balances, interest expense relating to the finance lease obligation we incurred in connection with the 2015 sale of our headquarters facility and other financing obligations as well as foreign exchange gains and losses attributable to both fluctuations of the U.S.
+Added: dollar against local currencies of the countries in which we operate and forward currency exchange contracts.
+Added: Other income was $2.5 million for the three months ended March 31, 2024, compared with other income of $1.5 million for the three months ended March 31, 2023.
+Added: The $0.9 million change in other income (expense) compared to the same prior year period was primarily due to an increase in interest income of $1.6 million and an increase in foreign exchange losses of $2.2 million partially offset by foreign exchange gains of $1.5 million from forward currency exchange contracts.
Income Tax Provision
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Period-to-period
−Removed: Nine months ended
−Removed: Period-to-period
−Removed: September 30,
−Removed: September 30,
−Removed: (dollars in thousands)
Income tax provision
Percentage of revenue
−Removed: Income tax expense was $7.7 million for the three months ended September 30, 2023, compared to $4.7 million for the three months ended September 30, 2022.
−Removed: The $3.0 million increase was primarily due to an increase in pre-tax income partially offset by the tax deduction related to foreign sales taxed at a lower rate.
−Removed: Income tax expense was $16.0 million for the nine months ended September 30, 2023, compared to $13.0 million for the nine months ended September 30, 2022.
−Removed: The $3.0 million increase was primarily due to an increase in pre-tax income partially offset by the tax deduction related to stock based compensation and additional research and development tax credit.
−Removed: The effective tax rate for the three and nine months ended September 30, 2023 was less than the U.S.
+Added: Income tax expense was $7.4 million for the three months ended March 31, 2024, compared to $5.2 million for the three months ended March 31, 2023.
+Added: The $2.2 million increase was primarily due to an increase in pre-tax income and a decrease in stock compensation deduction partially offset by the tax deduction related to foreign sales taxed at a lower rate.
+Added: The effective tax rate for the three months ended March 31, 2024 was less than the U.S.
statutory rate of 21% due to a forecasted Foreign Derived Intangible Income deduction, Federal research and development tax credits and a favorable discrete item related to equity compensation that reduces the annual tax rate.
−Removed: The deferred income taxes of $44.3 million and $31.7 million as of September 30, 2023 and December 31, 2022, respectively, reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards.
−Removed: As of September 30, 2023, we have recorded a $10.6 million valuation allowance in the U.S.
+Added: The deferred income taxes of $54.5 million and $53.4 million as of March 31, 2024 and December 31, 2023, respectively, reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards.
+Added: As of March 31, 2024, we have recorded a $10.8 million valuation allowance in the U.S.
against certain tax credits and state net operating losses due to the uncertainty of their realization.
3 unchanged sentences
Liquidity and Capital Resources
−Removed: At September 30, 2023, we had $142.3 million in unrestricted cash and cash equivalents and $318.7 million in short-term investments, in addition to $6.7 million in restricted cash.
+Added: At March 31, 2024, we had $134.0 million in unrestricted cash and cash equivalents and $396.2 million in short-term investments, in addition to $6.7 million in restricted cash.
Management believes that maintaining a strong cash balance is necessary to fund a continuing ramp in our business which can require significant cash investment to meet sudden demand.
5 unchanged sentences
Stock repurchases, as discussed below, also reduce our cash balances.
−Removed: During the nine months ended September 30, 2023 and 2022, we generated $91.3 million and $93.2 million, respectively, of cash related to operating activities.
−Removed: Investing activities for the nine months ended September 30, 2023 resulted in cash outflows of $74.2 million, $10.5 million of which was used for capital expenditures and $271.6 million of which was used to purchase short-term investments, offset by $207.9 million related to maturities of short-term investments.
−Removed: Investing activities for the nine months ended September 30, 2022 resulted in cash outflows of $40.5 million, $6.9 million of which was used for capital expenditures and $33.6 million used to purchase short-term investments.
−Removed: Financing activities for the nine months ended September 30, 2023 resulted in a cash usage of $53.2 million.
−Removed: During the first nine months of 2023, $37.5 million in cash was used to repurchase our common stock and $15.8 million was used for payments to government tax authorities for income tax withholding on employee compensation arising from the vesting of RSUs, where units are withheld by the Company to cover taxes, as well as $0.9 million relating to the reduction of the liability under the finance lease of our corporate headquarters.
−Removed: These amounts were partially offset by $1.0 million of proceeds related to the purchase of shares under our 2020 ESPP and exercise of stock options during the first nine months of 2023.
−Removed: In comparison, financing activities for the nine months ended September 30, 2022 resulted in cash usage of $53.1 million, $45.0 million of which related to the repurchase of our common stock and $9.3 million of which related to payments made to government tax authorities for income tax withholding on employee compensation arising from the vesting of RSUs, as well as $0.7 million relating to the reduction of our financing lease liability.
−Removed: These amounts were partially offset by $1.9 million of proceeds related to the purchase of shares under our ESPP and exercise of stock options during the first nine months of 2022.
−Removed: On April 5, 2023, we terminated the Senior Secured Credit Facilities Credit Agreement, as amended (the “Credit Agreement”), with Silicon Valley Bank that we entered into on July 31, 2020.
−Removed: The Credit Agreement provided for a revolving credit facility covering borrowings and letters of credit in an aggregate principal amount not to exceed $40.0 million.
−Removed: Our obligations under the Credit Agreement were secured by a security interest, senior to any current and future debts and to any security interest, in all of our rights, title, and interest in, to and under substantially all of our assets, subject to limited exceptions, including permitted liens.
−Removed: Upon termination, these liens and all other obligations under the credit agreement, were released.
−Removed: A letter of credit issued by Silicon Valley Bank, a division of First Citizens Bank & Trust
−Removed: Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A.) as successor to Silicon Valley Bank, remains outstanding in the amount of $5.9 million, securing our lease on our corporate headquarters.
−Removed: This letter of credit was transitioned to a cash collateral arrangement on March 30, 2023, and was classified as long-term restricted cash on our balance sheet at September 30, 2023.
+Added: During the three months ended March 31, 2024 and 2023, we generated $42.2 million and $34.6 million, respectively, of cash related to operating activities.
+Added: Investing activities for the three months ended March 31, 2024 resulted in cash outflows of $55.7 million, $1.6 million of which was used for capital expenditures and $145.1 million of which was used to purchase short-term investments, offset by $91.1 million related to maturities of short-term investments.
+Added: Investing activities for the three months ended March 31, 2023 resulted in cash outflows of $33.0 million, $2.2 million of which was used for capital expenditures and $61.8 million of which was used to purchase short-term investments, offset by $31.0 million related to maturities of short-term investments.
+Added: Financing activities for the three months ended March 31, 2024 resulted in a cash usage of $18.1 million.
+Added: During the first three months of 2024, $15.0 million in cash was used to repurchase our common stock and $2.7 million was used for payments to government tax authorities for income tax withholding on employee compensation arising from the vesting of RSUs, where units are withheld by us to cover taxes, as well as $0.4 million relating to the reduction of the liability under the finance lease of our corporate headquarters.
+Added: In comparison, financing activities for the three months ended March 31, 2023 resulted in cash usage of $16.7 million, $12.5 million of which related to the repurchase of our common stock and $3.9 million of which related to payments made to government tax authorities for income tax withholding on employee compensation arising from the vesting of RSUs, as well as $0.3 million relating to the reduction of our financing lease liability.
+Added: As of March 31, 2024, we had a security deposit of $5.9 million related to this lease in the form of a cash collateralized letter of credit issued with UBS Bank USA, which is classified as long-term restricted cash on our balance sheet.
We believe that based on our current market, revenue, expense and cash flow forecasts, our existing cash and cash equivalents will be sufficient to satisfy our anticipated cash requirements for the short- and long-term.
Commitments and Contingencies
−Removed: Significant commitments and contingencies at September 30, 2023 are consistent with those discussed in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Note 16 to the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
+Added: Significant commitments and contingencies at March 31, 2024 are consistent with those discussed in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Note 16 to the consolidated financial statements included in our 2023 Form 10-K.
Quantitative and Qualitative Disclosures about Market Risk.
−Removed: As of September 30, 2023, there have been no material changes to the quantitative information about market risk disclosed in Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” included in our Annual Report on Form 10-K for the year ended December 31, 2022.
+Added: As of March 31, 2024, there have been no material changes to the quantitative information about market risk disclosed in Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” included in our 2023 Form 10-K.
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.