7 unchanged sentences
The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in the forward-looking statements:
−Removed: economic, political, legal and regulatory uncertainty or conflicts, including actions taken or which may be taken by the presidential administration, executive offices of the U.S.
+Added: economic, political, legal and regulatory uncertainty or conflicts, including increased uncertainty and volatility with respect to tariffs, export controls and other trade restrictions, actions taken or which may be taken by the presidential administration, executive offices of the U.S.
government, or U.S.
−Removed: Congress, monetary policy, political, geopolitical, trade, or other issues in the United States or internationally, including increased tariffs or trade wars, and the ongoing conflicts between Russia and Ukraine and in Israel and the Middle East;
+Added: Congress, monetary policy, political, geopolitical, trade, or other issues in the United States or internationally, and the ongoing conflicts between Russia and Ukraine and in Israel and the Middle East;
changes in demand for semiconductor products;
19 unchanged sentences
Results of Operations
−Removed: Amounts in the table below are reflected in thousands except per share amounts and percentages.
+Added: Amounts in the tables below are reflected in thousands except per share amounts and percentages.
Three Months Ended
−Removed: February 1, 2025 February 3, 2024 $ Change % Change
+Added: May 3, 2025 May 4, 2024 $ Change % Change
Revenue $ 2,640,068 $ 2,159,039 $ 481,029 22 %
3 unchanged sentences
Diluted EPS $ 1.14 $ 0.61 $ 0.53 87 %
+Added: Six Months Ended
+Added: May 3, 2025 May 4, 2024 $ Change % Change
+Added: Revenue $ 5,063,242 $ 4,671,743 $ 391,499 8 %
+Added: Gross margin % 60.1 % 56.8 %
+Added: Net income $ 961,086 $ 764,969 $ 196,117 26 %
+Added: Net income as a % of revenue 19.0 % 16.4 %
+Added: Diluted EPS $ 1.93 $ 1.53 $ 0.40 26 %
We have a 52-53 week fiscal year that ends on the Saturday closest to the last day in October.
1 unchanged sentence
The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024.
−Removed: Therefore, the first three months of fiscal 2025 included one less week of operations as compared to the first three months of fiscal 2024.
+Added: Therefore, the first six months of fiscal 2025 included one less week of operations as compared to the first six months of fiscal 2024.
Revenue Trends by End Market
−Removed: The following table summarizes revenue by end market.
+Added: The following tables summarize revenue by end market.
The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which our product will be incorporated.
−Removed: As data systems
−Removed: for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time.
+Added: As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time.
When this occurs, we reclassify revenue by end market for prior periods.
1 unchanged sentence
Three Months Ended
−Removed: February 1, 2025 February 3, 2024
+Added: May 3, 2025 May 4, 2024
Revenue* Y/Y% Revenue % of
4 unchanged sentences
Total revenue $ 2,640,068 100 % 22 % $ 2,159,039 100 %
+Added: Six Months Ended
+Added: May 3, 2025 May 4, 2024
+Added: Revenue* Y/Y% Revenue % of
+Added: Industrial $ 2,229,837 44 % 2 % $ 2,181,828 47 %
+Added: Automotive 1,584,534 31 % 11 % 1,433,586 31 %
+Added: Consumer 634,667 13 % 23 % 514,063 11 %
+Added: Communications 614,204 12 % 13 % 542,266 12 %
+Added: Total revenue $ 5,063,242 100 % 8 % $ 4,671,743 100 %
* The sum of the individual percentages may not equal the total due to rounding.
−Removed: Revenue decreased 4% in the three-month period ended February 1, 2025 as compared to the same period of the prior fiscal year, primarily as a result of the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025.
−Removed: The Industrial end market decline is also due to the continued reduction in customers’ inventory balances.
−Removed: The decline in the Communications end market was also driven by weak demand in the wireless sub-market, partially offset by growth in the wireline sub-market driven by data center infrastructure build outs primarily to support growth in artificial intelligence applications.
−Removed: The Consumer increase was driven by greater share gains.
+Added: Revenue increased 22% and 8% in the three- and six-month periods ended May 3, 2025 as compared to the same periods of the prior fiscal year as a result of a broad-based increase in demand for our products.
+Added: In addition to increased demand, the increase in the six-month period is due to customer inventory balances normalizing in the Industrial end market, the increases in the Automotive end market are primarily driven by increases from connectivity solutions, and the increases in the Communications end market are primarily driven by growth in the wireline sub-market from data center infrastructure build outs, primarily to support growth in artificial intelligence applications.
+Added: These increases in the six-month period were partially offset by the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025.
Revenue by Sales Channel
−Removed: The following table summarizes revenue by sales channel.
+Added: The following tables summarize revenue by sales channel.
We sell our products globally through a direct sales force, third-party distributors, independent sales representatives and via our website.
4 unchanged sentences
Three Months Ended
−Removed: February 1, 2025 February 3, 2024
+Added: May 3, 2025 May 4, 2024
Revenue % of Revenue* Revenue % of Revenue*
3 unchanged sentences
Total revenue $ 2,640,068 100 % $ 2,159,039 100 %
+Added: Six Months Ended
+Added: May 3, 2025 May 4, 2024
+Added: Revenue % of Revenue* Revenue % of Revenue*
+Added: Distributors $ 2,855,552 56 % $ 2,783,592 60 %
+Added: Direct customers 2,145,647 42 % 1,813,568 39 %
+Added: Other 62,043 1 % 74,583 2 %
+Added: Total revenue $ 5,063,242 100 % $ 4,671,743 100 %
* The sum of the individual percentages may not equal the total due to rounding.
−Removed: 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 market revenue trends.
−Removed: As a percentage of total revenue, the decrease in the distributor channel is primarily due to the decrease in revenue in our Industrial end market.
−Removed: Three Months Ended
−Removed: February 1, 2025 February 3, 2024 $ Change % Change
+Added: As indicated in the tables 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 market revenue trends.
+Added: As a percentage of total revenue, the decrease in the distributor channel is primarily due to the decrease in the percentage of revenue from our Industrial end market.
+Added: Three Months Ended Six Months Ended
+Added: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
Gross margin $ 1,611,610 $ 1,180,035 $ 431,575 37 % $ 3,041,913 $ 2,653,976 $ 387,937 15 %
Gross margin % 61.0 % 54.7 % 60.1 % 56.8 %
−Removed: Gross margin percentage increased by 30 basis points in the three-month period ended February 1, 2025 as compared to the same period of the prior fiscal year, primarily due to a decrease in amortization expense related to acquired intangible assets.
+Added: Gross margin percentage increased by 630 and 330 basis points in the three- and six-month periods ended May 3, 2025 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our factories as a result of increased customer demand as well as a decrease in amortization expense related to acquired intangible assets.
Research and Development (R&D)
−Removed: Three Months Ended
−Removed: February 1, 2025 February 3, 2024 $ Change % Change
+Added: Three Months Ended Six Months Ended
+Added: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
R&D expenses $ 441,837 $ 354,862 $ 86,975 25 % $ 844,729 $ 746,289 $ 98,440 13 %
R&D expenses as a % of revenue 17 % 16 % 17 % 16 %
−Removed: R&D expenses increased in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, primarily as a result of increased discretionary spending and higher benefit expenses, partially offset by the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025.
+Added: R&D expenses increased in the three- and six-month periods ended May 3, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses and higher salary and benefit expenses.
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
−Removed: February 1, 2025 February 3, 2024 $ Change % Change
+Added: Three Months Ended Six Months Ended
+Added: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
SMG&A expenses $ 302,669 $ 244,129 $ 58,540 24 % $ 587,465 $ 534,207 $ 53,258 10 %
SMG&A expenses as a % of revenue 11 % 11 % 12 % 11 %
−Removed: SMG&A expenses decreased in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, primarily as a result of the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025 and lower SMG&A employee-related variable compensation expenses, partially offset by higher benefit payments.
+Added: SMG&A expenses increased in the three- and six-month periods ended May 3, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of higher SMG&A employee-related variable compensation expenses and higher salary and benefit expenses.
Amortization of Intangibles
−Removed: Three Months Ended
−Removed: February 1, 2025 February 3, 2024 $ Change % Change
+Added: Three Months Ended Six Months Ended
+Added: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
Amortization expenses $ 187,415 $ 188,944 $ (1,529) (1) % $ 374,830 $ 379,276 $ (4,446) (1) %
Amortization expenses as a % of revenue 7 % 9 % 7 % 8 %
−Removed: Amortization expenses decreased in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2024.
+Added: Amortization expenses decreased in the three- and six-month periods ended May 3, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2024.
Special Charges, Net
−Removed: Three Months Ended
−Removed: February 1, 2025 February 3, 2024 $ Change % Change
+Added: Three Months Ended Six Months Ended
+Added: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
Special charges, net $ 1,745 $ 5,977 $ (4,232) (71) % $ 65,632 $ 22,117 $ 43,515 197 %
−Removed: Special charges, net increased in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, primarily due to increased charges related to our Global Repositioning Actions.
+Added: Special charges, net decreased in the three-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions.
+Added: Special charges, net increased in the six-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, primarily due to charges related to our Global Repositioning Actions recorded in the first quarter of fiscal 2025.
See Note 5, Special Charges, Net , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion.
Nonoperating Expense (Income)
−Removed: Three Months Ended
−Removed: February 1, 2025 February 3, 2024 $ Change
+Added: Three Months Ended Six Months Ended
+Added: May 3, 2025 May 4, 2024 $ Change May 3, 2025 May 4, 2024 $ Change
Total nonoperating expense (income) $ 52,016 $ 61,520 $ (9,504) $ 107,753 $ 134,066 $ (26,313)
−Removed: The year-over-year decrease in nonoperating expense (income) in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, was primarily the result of higher interest income on our cash, cash equivalents and short-term investments.
+Added: The year-over-year decrease in nonoperating expense (income) in the three- and six-month periods ended May 3, 2025, as compared to the same periods of the prior fiscal year, was primarily the result of higher interest income on our cash, cash equivalents and short-term investments and lower interest expense on our debt obligations.
Provision for Income Taxes
−Removed: Three Months Ended
−Removed: February 1, 2025 February 3, 2024 $ Change
+Added: Three Months Ended Six Months Ended
+Added: May 3, 2025 May 4, 2024 $ Change May 3, 2025 May 4, 2024 $ Change
Provision for income taxes $ 56,158 $ 22,361 $ 33,797 $ 100,418 $ 73,052 $ 27,366
Effective income tax rate 9.0 % 6.9 % 9.5 % 8.7 %
−Removed: The effective tax rates for the three-month periods ended February 1, 2025 and February 3, 2024 were below the U.S.
−Removed: statutory tax rate of 21% due to lower statutory tax rates applicable to our operations in the foreign jurisdictions in which we earn income, primarily in Ireland.
−Removed: Three Months Ended
−Removed: February 1, 2025 February 3, 2024 $ Change % Change
+Added: The effective tax rates for the three- and six-month periods ended May 3, 2025 and May 4, 2024 were below the U.S.
+Added: statutory tax rate of 21% due to lower statutory tax rates applicable to our operations in the foreign jurisdictions in which we earn income.
+Added: The increase in the effective tax rate in the three- and six-month periods was primarily due to a greater impact of excess tax benefits from stock option deductions in the same periods of the prior year as compared to the current year.
+Added: Three Months Ended Six Months Ended
+Added: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
Net income $ 569,770 $ 302,242 $ 267,528 89 % $ 961,086 $ 764,969 $ 196,117 26 %
1 unchanged sentence
Diluted EPS $ 1.14 $ 0.61 $ 1.93 $ 1.53
−Removed: Net income decreased in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, as the result of a $94.7 million decrease in operating income partially offset by a $16.8 million decrease in nonoperating expense (income) and a $6.4 million decrease in provision for income taxes.
+Added: Net income increased in the three-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, as the result of a $291.8 million increase in operating income and a $9.5 million decrease in nonoperating expense (income), partially offset by a $33.8 million increase in provision for income taxes.
+Added: Net income increased in the six-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, as the result of a $197.2 million increase in operating income and a $26.3 million decrease in nonoperating expense (income), partially offset by a $27.4 million increase in provision for income taxes.
Liquidity and Capital Resources
−Removed: At February 1, 2025, our principal source of liquidity was $2.7 billion of cash, cash equivalents and short-term investments, of which approximately $1.4 billion was held in the United States, and the balance of which was held outside the United States in various foreign subsidiaries.
+Added: At May 3, 2025, our principal source of liquidity was $2.4 billion of cash and cash equivalents, of which approximately $1.1 billion was held in the United States, and the balance of which 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.
We do not expect current regulatory restrictions or taxes on repatriation to have a material adverse effect on our overall liquidity, financial condition or results of operations.
−Removed: Our cash, cash equivalents and short-term investments consist of highly liquid investments, including money market funds and corporate and bank obligations.
+Added: Our cash and cash equivalents consist of highly liquid investments, including money market funds and corporate and bank obligations.
We maintain these balances with counterparties with high credit ratings, and continually monitor the amount of credit exposure to any one issuer and diversify our investments in order to minimize our credit risk.
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: Three Months Ended
−Removed: February 1, 2025 February 3, 2024
+Added: Six Months Ended
+Added: May 3, 2025 May 4, 2024
Net cash provided by operating activities $ 1,946,287 $ 1,946,685
Net cash provided by operations as a % of revenue 38 % 42 %
−Removed: Net cash used for investing activities $ (194,301) $ (219,101)
+Added: Net cash provided by (used for) investing activities $ 133,892 $ (821,178)
Net cash used for financing activities $ (1,695,286) $ (143,873)
−Removed: The following changes contributed to the net change in cash and cash equivalents in the three-month period ended February 1, 2025 as compared to the same period in fiscal 2024.
+Added: The following changes contributed to the net change in cash and cash equivalents in the six-month period ended May 3, 2025 as compared to the same period in fiscal 2024.
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 decrease in cash provided by operating activities during the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, was mainly the result of lower net income adjusted for noncash items that was primarily offset by a decrease in working capital.
+Added: The decrease in cash provided by operating activities during the six-month period ended May 3, 2025, as
+Added: compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for noncash items that was primarily offset by a decrease in working capital.
Investing Activities
Investing cash flows generally consist of capital expenditures and cash used for acquisitions.
−Removed: The change in cash used for investing activities during the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, was primarily the result of a decrease in cash used for capital expenditures as the rate of spending on our global resiliency and hybrid manufacturing footprint moderated, partially offset by cash paid for an acquisition in the first quarter of fiscal 2025.
+Added: The change in investing cash flows during the six-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, was primarily the result of changes in our short-term investments and a decrease in cash used for capital expenditures as the rate of spending on our global resiliency and hybrid manufacturing footprint moderated.The change in investing cash flows also included net proceeds from the sale of property, plant and equipment during the second quarter of fiscal 2025, partially offset by cash paid for an acquisition in the first quarter of fiscal 2025.
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 change in cash used for financing activities during the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, was primarily the result of higher dividend payments to shareholders partially offset by lower common stock repurchases.
+Added: The change in cash used for financing activities during the six-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, was primarily the result of the net impact of our debt obligations, which includes a $1.1 billion debt issuance during fiscal 2024 and an approximately $400.0 million debt repayment during fiscal 2025, and higher dividend payments to shareholders.
Working Capital
−Removed: February 1, 2025 November 2, 2024 $ Change % Change
+Added: May 3, 2025 November 2, 2024 $ Change % Change
Accounts receivable $ 1,382,365 $ 1,336,331 $ 46,034 3 %
4 unchanged sentences
* We use the average of the current quarter and prior quarter ending net accounts receivable and ending inventory balance in our calculation of days sales outstanding and days cost of sales in inventory, respectively.
−Removed: The decrease in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings and decreased revenue levels in the first quarter of fiscal 2025 as compared to the fourth quarter of fiscal 2024.
+Added: The increase in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings and increased revenue levels in the second quarter of fiscal 2025 as compared to the fourth quarter of fiscal 2024.
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 $2,971.0 million at February 1, 2025 as compared to $2,988.3 million at the end of fiscal 2024 due to lower accounts payable partially offset by increased accrued liabilities and income taxes payable.
−Removed: As of February 1, 2025, our debt obligations consisted of the following:
+Added: Current liabilities decreased to $2,690.6 million at May 3, 2025 as compared to $2,988.3 million at the end of fiscal 2024 primarily due to the repayment of approximately $400.0 million of debt during the second quarter of fiscal 2025.
+Added: As of May 3, 2025, our debt obligations consisted of the following:
Principal Amount Outstanding
Commercial paper notes $ 548,720
−Removed: 2025 Notes, due April 2025 400,000
2026 Notes, due December 2026 900,000
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 February 1, 2025, we were in compliance with these covenants.
+Added: As of May 3, 2025, we were in compliance with these covenants.
Commercial Paper Program
Under our commercial paper program, we may issue short-term, unsecured commercial paper notes in amounts up to a maximum aggregate face amount of $2.5 billion outstanding at any time, with maturities of up to 397 days from the date of issuance.
−Removed: As of February 1, 2025, we had $548.4 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.
+Added: As of May 3, 2025, we had $548.7 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.
We use the net proceeds of the commercial paper program for general corporate purposes, including without limitation, repayment of indebtedness, stock repurchases, acquisitions, capital expenditures and working capital.
Revolving Credit Facility
−Removed: Our Third Amended and Restated Revolving Credit Agreement, dated as of June 23, 2021 and as amended (Revolving Credit Agreement), 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: The Revolving Credit Agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount not to exceed $3.0 billion (subject to certain terms and conditions).
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.
−Removed: The terms of the Revolving Credit Agreement impose restrictions on our ability to undertake certain transactions, to create certain liens on assets and to incur certain subsidiary indebtedness.
−Removed: 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 February 1, 2025, we were in compliance with these covenants.
+Added: The Revolving Credit Agreement contains customary representations and warranties, and affirmative and negative covenants and events of default.
+Added: The events of default include, among others, nonpayment of principal, interest, fees or other amounts, failure to perform certain covenants, cross-defaults to certain other indebtedness, insolvency or bankruptcy, customary ERISA defaults or the occurrence of a change of control.
+Added: The negative covenants include limitations on liens and mergers and other fundamental changes, among others.
+Added: The Revolving Credit Agreement also requires we maintain a ratio of consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) to consolidated interest charges of no less than 3.00 to 1.00 for any fiscal quarter ending thereafter.
+Added: As of May 3, 2025, we were in compliance with these covenants.
Stock Repurchase Program
−Removed: As of February 1, 2025, our Board of Directors authorized us to repurchase $16.7 billion of our common stock under our common stock repurchase program and $1.5 billion remained available for repurchases under the program.
+Added: As of May 3, 2025, our Board of Directors authorized us to repurchase $26.7 billion of our common stock under our common stock repurchase program and $11.4 billion remained available for repurchases under the program.
The repurchased shares are held as authorized but unissued shares of common stock.
−Removed: On February 18, 2025, our Board of Directors authorized us to repurchase an additional $10.0 billion of our common stock, bringing the total remaining share repurchase authorization to approximately $11.5 billion.
−Removed: Under the share repurchase program, we may repurchase outstanding shares of our common stock from time to time on the open market or through privately negotiated transactions.
−Removed: Unless terminated earlier by resolution of our Board of Directors, the repurchase program will terminate when we have utilized the entire amount under the program.
+Added: 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.
+Added: Future repurchases of common stock will be dependent upon our financial position, results of operations, outlook, liquidity and other factors we deem relevant.
Capital Expenditures
−Removed: Net additions to property, plant and equipment were $149.0 million in the first three months of fiscal 2025.
+Added: Net additions to property, plant and equipment were $239.2 million in the first six months of fiscal 2025.
We expect capital expenditures for fiscal 2025 to be between approximately 4% and 6% of fiscal 2025 revenue as spending returns to our long-term operating model.
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 February 18, 2025, our Board of Directors declared a cash dividend of $0.99 per outstanding share of common stock.
−Removed: The dividend will be paid on March 17, 2025 to all shareholders of record at the close of business on March 4, 2025 and is expected to total approximately $491.0 million.
+Added: On May 21, 2025, our Board of Directors declared a cash dividend of $0.99 per outstanding share of common stock.
+Added: The dividend will be paid on June 18, 2025 to all shareholders of record at the close of business on June 4, 2025 and is expected to total approximately $491.3 million.
We currently expect quarterly dividends to continue in future periods.
5 unchanged sentences
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.