15 unchanged sentences
our future market position and expected competitive changes in the marketplace for our products;
−Removed: our plans and ability to pay dividends or repurchase stock;
−Removed: our ability to service our outstanding debt;
+Added: our plans to pay dividends or repurchase stock;
+Added: servicing our outstanding debt;
our expected tax rate;
2 unchanged sentences
the effect of new accounting pronouncements;
−Removed: our ability to successfully integrate or realize the benefits or synergies expected of acquired businesses and technologies, including the acquired business, operations and employees of Maxim Integrated Products, Inc.;
+Added: our plans to integrate or realize the benefits or synergies expected of acquired businesses and technologies, including the acquired business, operations and employees of Maxim Integrated Products, Inc.;
+Added: our continued initiatives to consolidate our footprint related to our business units including our manufacturing, engineering, sales, marketing and administrative offices;
and other characterizations of future events or circumstances are forward-looking statements.
19 unchanged sentences
Three Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change % Change
+Added: July 30, 2022 July 31, 2021 $ Change % Change
Revenue $ 3,109,880 $ 1,758,853 $ 1,351,027 77 %
3 unchanged sentences
Diluted EPS $ 1.44 $ 1.35 $ 0.09 7 %
−Removed: Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change % Change
+Added: Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change % Change
Revenue $ 8,766,237 $ 4,978,718 $ 3,787,519 76 %
8 unchanged sentences
When this occurs, we reclassify revenue by end market for prior periods.
−Removed: Such reclassifications
−Removed: typically do not materially change the sizing of, or the underlying trends of results within, each end market.
+Added: Such reclassifications typically do not materially change the sizing of, or the underlying trends of revenue within, each end market.
Three Months Ended
−Removed: April 30, 2022 May 1, 2021
+Added: July 30, 2022 July 31, 2021
Revenue* Y/Y% Revenue % of
4 unchanged sentences
Total revenue $ 3,109,880 100 % 77 % $ 1,758,853 100 %
−Removed: Six Months Ended
−Removed: April 30, 2022 May 1, 2021
+Added: Nine Months Ended
+Added: July 30, 2022 July 31, 2021
Revenue* Y/Y% Revenue % of
5 unchanged sentences
* The sum of the individual percentages may not equal the total due to rounding.
−Removed: Revenue increased 79% and 76% in the three- and six-month periods ended April 30, 2022, respectively, as compared to the same periods of the prior fiscal year, with the Acquisition contributing approximately 70% of those increases.
−Removed: From an end market perspective, revenue increased in the three- and six-month periods ended April 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of the Acquisition and higher demand for our products across all end markets.
+Added: Revenue increased 77% and 76% in the three- and nine-month periods ended July 30, 2022, respectively, as compared to the same periods of the prior fiscal year, with the Acquisition contributing approximately 70% of those increases.
+Added: From an end market perspective, revenue increased in the three- and nine-month periods ended July 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of the Acquisition and higher demand for our products across all end markets.
Revenue by Sales Channel
6 unchanged sentences
Three Months Ended
−Removed: April 30, 2022 May 1, 2021
+Added: July 30, 2022 July 31, 2021
Revenue % of Revenue* Revenue % of Revenue*
3 unchanged sentences
Total revenue $ 3,109,880 100 % $ 1,758,853 100 %
−Removed: Six Months Ended
−Removed: April 30, 2022 May 1, 2021
+Added: Nine Months Ended
+Added: July 30, 2022 July 31, 2021
Revenue % of Revenue* Revenue % of Revenue*
5 unchanged sentences
As indicated in the table above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end customer demand.
−Removed: Three Months Ended Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change % Change April 30, 2022 May 1, 2021 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change % Change July 30, 2022 July 31, 2021 $ Change % Change
Gross margin $ 2,043,142 $ 1,221,184 $ 821,958 67 % $ 5,389,659 $ 3,403,192 $ 1,986,467 58 %
Gross margin % 65.7 % 69.4 % 61.5 % 68.4 %
−Removed: Gross margin percentage decreased by 300 and 860 basis points in the three- and six-month periods ended April 30, 2022, respectively, as compared to the same periods of the prior fiscal year.
−Removed: In the three-month period ended April 30, 2022, this decrease was primarily as a result of additional cost of goods sold related to the Acquisition, including $214.2 million related to amortization expense of intangible assets.
−Removed: In the six-month period ended April 30, 2022, this decrease was primarily as a result of additional cost of goods sold related to the Acquisition, including $428.5 million related to amortization expense of intangible assets and $271.4 million related to the nonrecurring fair value adjustment recorded to inventory.
+Added: Gross margin percentage decreased by 370 and 690 basis points in the three- and nine-month periods ended July 30, 2022, respectively, as compared to the same periods of the prior fiscal year.
+Added: In the three-month period ended July 30, 2022, this decrease was primarily as a result of additional cost of goods sold related to the Acquisition, including $214.2 million related to amortization expense of intangible assets.
+Added: In the nine-month period ended July 30, 2022, this decrease was primarily as a result of additional cost of goods sold related to the Acquisition, including $642.8 million related to amortization expense of intangible assets and $271.4 million related to the nonrecurring fair value adjustment recorded to inventory.
The unfavorable impact of these increases in cost of sales on gross margin percent was partially offset by favorable product mix, synergies related to the Acquisition and higher utilization of our factories due to increased customer demand.
Research and Development (R&D)
−Removed: Three Months Ended Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change % Change April 30, 2022 May 1, 2021 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change % Change July 30, 2022 July 31, 2021 $ Change % Change
R&D expenses $ 431,829 $ 306,617 $ 125,212 41 % $ 1,279,510 $ 897,005 $ 382,505 43 %
R&D expenses as a % of revenue 14 % 17 % 15 % 18 %
−Removed: R&D expenses increased in the three- and six-month periods ended April 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of the Acquisition.
+Added: R&D expenses increased in the three- and nine-month periods ended July 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of the Acquisition.
R&D expenses as a percentage of revenue will fluctuate from year-to-year depending on the amount of revenue and the success of new product development efforts, which we view as critical to our future growth.
2 unchanged sentences
Selling, Marketing, General and Administrative (SMG&A)
−Removed: Three Months Ended Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change % Change April 30, 2022 May 1, 2021 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change % Change July 30, 2022 July 31, 2021 $ Change % Change
SMG&A expenses $ 326,942 $ 206,076 $ 120,866 59 % $ 929,615 $ 597,963 $ 331,652 55 %
SMG&A expenses as a % of revenue 11 % 12 % 11 % 12 %
−Removed: SMG&A expenses increased in the three- and six-month periods ended April 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of the Acquisition as well as higher variable compensation expenses and salary and benefit expenses, partially offset by lower acquisition-related transaction costs.
+Added: SMG&A expenses increased in the three- and nine-month periods ended July 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of the Acquisition as well as higher variable compensation expenses and salary and benefit expenses, partially offset by lower acquisition-related transaction costs.
Amortization of Intangibles
−Removed: Three Months Ended Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change % Change April 30, 2022 May 1, 2021 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change % Change July 30, 2022 July 31, 2021 $ Change % Change
Amortization expenses $ 252,864 $ 107,783 $ 145,081 135 % $ 759,707 $ 323,217 $ 436,490 135 %
Amortization expenses as a % of revenue 8 % 6 % 9 % 6 %
−Removed: Amortization expenses increased in the three-and six-month periods ended April 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of amortization expense of intangible assets recorded as a result of the Acquisition.
−Removed: Special Charges, Net
−Removed: Three Months Ended Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change % Change April 30, 2022 May 1, 2021 $ Change % Change
+Added: Amortization expenses increased in the three- and nine-month periods ended July 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of amortization expense of intangible assets recorded as a result of the Acquisition.
Special Charges, Net
+Added: Three Months Ended Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change % Change July 30, 2022 July 31, 2021 $ Change % Change
+Added: Special charges, net $ 138,201 $ (8,938) $ 147,139 n/a $ 244,603 $ (8,189) $ 252,792 n/a
Special charges, net as a % of revenue 4 % (1) % 3 % — %
−Removed: Special charges, net increased in the three- and six-month periods ended April 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of charges recorded as part of the integration of the Acquisition and continued organizational initiatives to better align our global workforce with our long-term strategic plan.
−Removed: The charges were primarily for severance and benefit costs as well as charges recorded from the acceleration of equity awards in connection with the termination of certain employees in manufacturing, engineering and SMG&A roles at sites assumed related to the Acquisition and various locations throughout the world.
−Removed: In the six-month period ended April 30, 2022, these charges were partially offset by a gain of $8.3 million recognized upon the sale of a business.
+Added: Special charges, net increased in the three- and nine-month periods ended July 30, 2022, as compared to the same periods of the prior fiscal year, primarily as a result of charges recorded as part of the integration of the Acquisition and continued organizational initiatives to better align our global workforce with our long-term strategic plan.
+Added: During the third quarter of fiscal 2022, we transitioned our engineering, sales, marketing and administrative activities from a leased property in Santa Clara, California to an owned property in San Jose, California.
+Added: As a result, we entered into a sublease agreement for a portion of the leased property and recorded an impairment charge of $91.9 million in the third quarter of fiscal 2022 related to the associated asset group.
+Added: The remaining charges were for severance and benefit costs as well as charges recorded from the acceleration of equity awards in connection with the termination of certain employees in manufacturing, engineering and SMG&A roles at sites assumed related to the Acquisition and various locations throughout the world.
Operating Income
−Removed: Three Months Ended Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change % Change April 30, 2022 May 1, 2021 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change % Change July 30, 2022 July 31, 2021 $ Change % Change
Operating income $ 893,306 $ 609,646 $ 283,660 47 % $ 2,176,224 $ 1,593,196 $ 583,028 37 %
Operating income as a % of revenue 28.7 % 34.7 % 24.8 % 32.0 %
−Removed: The year-over-year increase in operating income in the three-month period ended April 30, 2022 was primarily the result of an increase in revenue of $1,310.7 million, which contributed to an increase in gross margin of $807.9 million, offset by increases of $145.7 million in amortization expenses, $118.7 million in R&D expenses, $98.7 million in SMG&A expenses and $46.4 million in special charges, net, as described above under the headings Revenue Trends by End Market, Gross Margin, Amortization of Intangibles, Research and Development (R&D), Selling, Marketing, General and Administrative (SMG&A) and Special Charges, Net.
−Removed: The year-over-year increase in operating income in the six-month period ended April 30, 2022 was primarily the result of an increase in revenue of $2,436.5 million, which contributed to an increase in gross margin of $1,164.5 million, offset by increases of $291.4 million in amortization expenses, $257.3 million in R&D expenses, $210.8 million in SMG&A expenses and $105.7 million in special charges, net, as described above under the headings Revenue Trends by End Market, Gross Margin, Amortization of Intangibles, Research and Development (R&D), Selling, Marketing, General and Administrative (SMG&A) and Special Charges, Net.
+Added: The year-over-year increase in operating income in the three-month period ended July 30, 2022 was primarily the result of an increase in revenue of $1,351.0 million, which contributed to an increase in gross margin of $822.0 million, offset by increases of $147.1 million in special charges, net, $145.1 million in amortization expenses, $125.2 million in R&D expenses and $120.9 million in SMG&A expenses, as described above under the headings Revenue Trends by End Market, Gross Margin, Special Charges, Net, Amortization of Intangibles, Research and Development (R&D) and Selling, Marketing, General and Administrative (SMG&A).
+Added: The year-over-year increase in operating income in the nine-month period ended July 30, 2022 was primarily the result of an increase in revenue of $3,787.5 million, which contributed to an increase in gross margin of $1,986.5 million, offset by increases of $436.5 million in amortization expenses, $382.5 million in R&D expenses, $331.7 million in SMG&A expenses and $252.8 million in special charges, net, as described above under the headings Revenue Trends by End Market, Gross Margin, Amortization of Intangibles, Research and Development (R&D), Selling, Marketing, General and Administrative (SMG&A) and Special Charges, Net.
Nonoperating Expense (Income)
−Removed: Three Months Ended Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change April 30, 2022 May 1, 2021 $ Change
+Added: Three Months Ended Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change July 30, 2022 July 31, 2021 $ Change
Total nonoperating expense (income) $ 45,369 $ 37,368 $ 8,001 $ 125,487 $ 108,315 $ 17,172
−Removed: The year-over-year decrease in nonoperating expense (income) in the three-month period ended April 30, 2022 was primarily the result of gains recorded in other investments and a favorable impact of foreign currencies in the second quarter of fiscal 2022, partially offset by higher interest expense and amortization related to our debt obligations.
−Removed: The year-over-year increase in nonoperating expense (income) in the six-month period ended April 30, 2022 was the result of higher interest expense and amortization related to our debt obligations, partially offset by a favorable impact of foreign currencies and higher gains from other investments.
+Added: The year-over-year increase in nonoperating expense (income) in the three- and nine-month periods ended July 30, 2022 was the result of higher interest expense related to our debt obligations.
Provision for Income Taxes
−Removed: Three Months Ended Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change April 30, 2022 May 1, 2021 $ Change
+Added: Three Months Ended Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change July 30, 2022 July 31, 2021 $ Change
Provision for income taxes $ 98,952 $ 68,967 $ 29,985 $ 238,402 $ 170,146 $ 68,256
Effective income tax rate 11.7 % 12.1 % 11.6 % 11.5 %
−Removed: The effective tax rates for the three- and six-month periods ended April 30, 2022 and May 1, 2021 were below the U.S.
+Added: The effective tax rates for the three- and nine-month periods ended July 30, 2022 and July 31, 2021 were below the U.S.
statutory tax rate of 21% due to lower statutory tax rates applicable to our operations in the foreign jurisdictions in which we earn income.
−Removed: Our pretax income for the three- and six-month periods ended April 30, 2022 and May 1, 2021 was primarily generated in Ireland at a tax rate of 12.5%.
+Added: Our pretax income for the three- and nine-month periods ended July 30, 2022 and July 31, 2021 was primarily generated in Ireland at a tax rate of 12.5%.
See Note 12, Income Taxes , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion.
−Removed: Three Months Ended Six Months Ended
−Removed: April 30, 2022 May 1, 2021 $ Change % Change April 30, 2022 May 1, 2021 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: July 30, 2022 July 31, 2021 $ Change % Change July 30, 2022 July 31, 2021 $ Change % Change
Net Income $ 748,985 $ 503,311 $ 245,674 49 % $ 1,812,335 $ 1,314,735 $ 497,600 38 %
1 unchanged sentence
Diluted EPS $ 1.44 $ 1.35 $ 3.45 $ 3.53
−Removed: Net income increased in the three-month period ended April 30, 2022, as compared to the same period of the prior fiscal year, as a result of a $398.5 million increase in operating income and a $4.8 million decrease in nonoperating expense (income), partially offset by a $42.9 million increase in provision for income taxes.
−Removed: Net income increased in the six-month period ended April 30, 2022, as compared to the same period of the prior fiscal year, as a result of a $299.4 million increase in operating income, partially offset by a $38.3 million increase in provision for income taxes and a $9.2 million increase in nonoperating expense (income).
+Added: Net income increased in the three-month period ended July 30, 2022, as compared to the same period of the prior fiscal year, as a result of a $283.7 million increase in operating income, partially offset by a $30.0 million increase in provision for income taxes and an $8.0 million increase in nonoperating expense (income).
+Added: Net income increased in the nine-month period ended July 30, 2022, as compared to the same period of the prior fiscal year, as a result of a $583.0 million increase in operating income, partially offset by a $68.3 million increase in provision for income taxes and a $17.2 million increase in nonoperating expense (income).
Liquidity and Capital Resources
−Removed: At April 30, 2022, our principal source of liquidity was $1,737.7 million of cash and cash equivalents, of which approximately $440.0 million was held in the United States and the balance of our cash and cash equivalents was held outside the United States in various foreign subsidiaries.
+Added: At July 30, 2022, our principal source of liquidity was $1,525.0 million of cash and cash equivalents, of which approximately $248.2 million was held in the United States and the balance of our cash and cash equivalents was held outside the United States in various foreign subsidiaries.
We manage our worldwide cash requirements by, among other things, reviewing available funds held by our foreign subsidiaries and the cost effectiveness by which those funds can be accessed in the United States.
3 unchanged sentences
We believe that our existing sources of liquidity and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing, will be sufficient to fund operations, capital expenditures, research and development efforts and dividend payments (if any) in the immediate future and for at least the next twelve months.
−Removed: Six Months Ended
−Removed: April 30, 2022 May 1, 2021
+Added: Nine Months Ended
+Added: July 30, 2022 July 31, 2021
Net cash provided by operating activities $ 3,326,066 $ 1,794,345
2 unchanged sentences
Net cash used for financing activities $ (3,403,860) $ (1,189,966)
−Removed: The following changes contributed to the net change in cash and cash equivalents in the six-month period ended April 30, 2022 as compared to the same period in fiscal 2021.
+Added: The following changes contributed to the net change in cash and cash equivalents in the nine-month period ended July 30, 2022 as compared to the same period in fiscal 2021.
Operating Activities
Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities.
−Removed: The increase in cash provided by operating activities during the six-month period ended April 30, 2022, as compared to the same period of the prior fiscal year, was primarily the result of an increase in net income adjusted for noncash amortization of intangibles and cost of goods sold for inventory acquired, offset by changes in working capital.
+Added: The increase in cash provided by operating activities during the nine-month period ended July 30, 2022, as
+Added: compared to the same period of the prior fiscal year, was primarily the result of an increase in net income adjusted for noncash items offset by changes in working capital.
Investing Activities
Investing cash flows generally consist of capital expenditures and cash used for acquisitions.
−Removed: The increase in cash used for investing activities during the six-month period ended April 30, 2022, as compared to the same period of the prior fiscal year, was primarily the result of an increase in cash used for capital expenditures.
+Added: The increase in cash used for investing activities during the nine-month period ended July 30, 2022, as compared to the same period of the prior fiscal year, was primarily the result of an increase in cash used for capital expenditures.
Financing Activities
Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuance and repayment of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans.
−Removed: The increase in cash used for financing activities during the six-month period ended April 30, 2022, as compared to the same
−Removed: period of the prior fiscal year, was primarily the result of early termination of debt in the first quarter of fiscal 2022, more cash used for common stock repurchases and higher dividend payments to shareholders.
+Added: The increase in cash used for financing activities during the nine-month period ended July 30, 2022, as compared to the same period of the prior fiscal year, was primarily the result of more cash used for common stock repurchases, early termination of debt in the first quarter of fiscal 2022 and higher dividend payments to shareholders.
Working Capital
−Removed: April 30, 2022 October 30, 2021 $ Change % Change
+Added: July 30, 2022 October 30, 2021 $ Change % Change
Accounts receivable $ 1,742,646 $ 1,459,056 $ 283,590 19 %
6 unchanged sentences
The increase in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings and increased revenue levels.
−Removed: Inventory decreased primarily as a result of our October 30, 2021 balance, including additional costs related to the Acquisition as a result of accounting for acquired inventory at fair-value.
−Removed: Inventory levels also fluctuate due to our efforts to balance manufacturing production, demand and inventory levels.
+Added: Inventory increased primarily as a result of our efforts to balance manufacturing production, demand and inventory levels.
Our inventory levels are impacted by our need to support forecasted sales demand and variations between those forecasts and actual demand.
−Removed: Current liabilities decreased to approximately $2,326.2 million at April 30, 2022 from approximately $2,770.3 million at the end of fiscal 2021 primarily due to early termination of debt.
−Removed: As of April 30, 2022, our debt obligations consisted of the following:
+Added: As of October 30, 2021 our inventory balance also included additional costs related to the Acquisition as a result of accounting for acquired inventory at fair-value.
+Added: Current liabilities decreased to approximately $2,441.2 million at July 30, 2022 from approximately $2,770.3 million at the end of fiscal 2021 primarily due to early termination of debt partially offset by higher income taxes and accounts payable.
+Added: As of July 30, 2022, our debt obligations consisted of the following:
Principal Amount Outstanding
14 unchanged sentences
and consolidate with or merge into, or transfer or lease all or substantially all of our assets to, any other party.
−Removed: As of April 30, 2022, we were in compliance with these covenants.
+Added: As of July 30, 2022, we were in compliance with these covenants.
Revolving Credit Facility
Our Third Amended and Restated Revolving Credit Agreement, dated as of June 23, 2021, provides for a five year unsecured revolving credit facility in an aggregate principal amount not to exceed $2.5 billion (subject to certain terms and conditions).
+Added: In June 2022, we borrowed $400.0 million under this revolving credit facility and utilized the proceeds for working capital requirements.
+Added: We repaid the $400.0 million plus interest in July 2022.
We may borrow under this revolving credit facility in the future and use the proceeds for repayment of existing indebtedness, stock repurchases, acquisitions, capital expenditures, working capital and other lawful corporate purposes.
1 unchanged sentence
In addition, the Revolving Credit Agreement contains a consolidated leverage ratio covenant of total consolidated funded debt to consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) of not greater than 3.5 to 1.0.
−Removed: As of April 30, 2022, we were in compliance with these covenants.
+Added: As of July 30, 2022, we were in compliance with these covenants.
Stock Repurchase Program
5 unchanged sentences
Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have repurchased all shares authorized under the program.
−Removed: As of April 30, 2022, an additional $6.6 billion remains available for repurchase under the current authorized program.
+Added: As of July 30, 2022, an additional $5.7 billion remains available for repurchase under the current authorized program.
The repurchased shares are held as authorized but unissued shares of common stock.
2 unchanged sentences
Capital Expenditures
−Removed: Net additions to property, plant and equipment were $229.9 million in the first six months of fiscal 2022 and were funded with a combination of cash on hand and cash generated from operations.
−Removed: We expect capital expenditures for fiscal 2022 to be between 6% and 8% of revenue, which is above our historical levels primarily due to our plans to expand internal manufacturing capacity.
+Added: Net additions to property, plant and equipment were $394.8 million in the first nine months of fiscal 2022 and were funded with a combination of cash on hand and cash generated from operations.
+Added: We expect capital expenditures for fiscal 2022 to be approximately 6% of revenue, which is above our historical levels primarily due to our plans to expand internal manufacturing capacity.
These capital expenditures will be funded with a combination of cash on hand and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing.
−Removed: On May 17, 2022, our Board of Directors declared a cash dividend of $0.76 per outstanding share of common stock.
−Removed: The dividend will be paid on June 9, 2022 to all shareholders of record at the close of business on May 31, 2022 and is expected to total approximately $395.1 million.
+Added: On August 16, 2022, our Board of Directors declared a cash dividend of $0.76 per outstanding share of common stock.
+Added: The dividend will be paid on September 8, 2022 to all shareholders of record at the close of business on August 30, 2022 and is expected to total approximately $390.9 million.
We currently expect quarterly dividends to continue in future periods.
3 unchanged sentences
For additional information, see Note 11, Debt , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
−Removed: There have not been any other material changes during the six-month period ended April 30, 2022 to the amounts presented in the table summarizing our contractual obligations included in our Annual Report on Form 10-K for the fiscal year ended October 30, 2021.
+Added: There have not been any other material changes during the nine-month period ended July 30, 2022 to the amounts presented in the table summarizing our contractual obligations included in our Annual Report on Form 10-K for the fiscal year ended October 30, 2021.
New Accounting Pronouncements
3 unchanged sentences
Critical Accounting Estimates
−Removed: There were no material changes in the three-month period ended April 30, 2022 to the information provided under the heading “Critical Accounting Policies and Estimates” in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended October 30, 2021.
+Added: There were no material changes in the nine-month period ended July 30, 2022 to the information provided under the heading “Critical Accounting Policies and Estimates” in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended October 30, 2021.
Quantitative and Qualitative Disclosures About Market Risk
−Removed: There were no material changes in the six-month period ended April 30, 2022 to the information provided under Item 7A.
+Added: There were no material changes in the nine-month period ended July 30, 2022 to the information provided under Item 7A.
“Quantitative and Qualitative Disclosures about Market Risk,” set forth in our Annual Report on Form 10-K for the fiscal year ended October 30, 2021 .
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.