What changed in this filing

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Item 1. Financial Statements

2023-11-30 compared with 2023-08-31 · 84 added, 61 removed, 414 unchanged (26% of the section changed)

3 unchanged sentences

(Dollar amounts in thousands, except per share data)

July 29, 2023 January 28, 2023 July 30, 2022

October 28, 2023 January 28, 2023 October 29, 2022

CURRENT ASSETS:

29 unchanged sentences

Common stock, $ 0.01 par value, authorized 300,000,000 shares;

76,711,720 and 79,725,034 issued and outstanding as of July 29, 2023, January 28, 2023 and July 30, 2022, respectively.

76,711,720 and 77,959,530 issued and outstanding as of October 28, 2023, January 28, 2023 and October 29, 2022, respectively.

Additional paid-in capital 239,447 216,209 203,734

6 unchanged sentences

(Amounts in thousands, except per share data)

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022

NET SALES $ 1,397,777 $ 1,493,925 $ 4,364,463 $ 4,648,570

24 unchanged sentences

Repurchase of common stock for retirement ( 750 ) ( 8 ) ( 2,450 ) ( 47,806 ) ( 50,264 )

Settlement of vested Restricted Stock Units, net of shares withheld for taxes 93 1 ( 2,470 ) — ( 2,469 )

Stock option exercises, net of shares withheld for taxes 385 4 6,962 — 6,966

Settlement of vested Restricted Stock Units, net of shares withheld 93 1 ( 2,470 ) — ( 2,469 )

Stock option exercises, net of shares withheld 385 4 6,962 — 6,966

Cash dividends declared, $ 0.09 per share

4 unchanged sentences

Repurchase of common stock for retirement ( 1,994 ) ( 20 ) ( 7,087 ) ( 100,242 ) ( 107,349 )

Settlement of vested Restricted Stock Units, net of shares withheld for taxes 41 0 ( 268 ) — ( 268 )

Settlement of vested Restricted Stock Units, net of shares withheld 41 0 ( 268 ) — ( 268 )

Issuance of common stock under employee stock purchase plan 67 1 2,886 — 2,887

Stock option exercises, net of shares withheld for taxes 292 3 3,124 — 3,127

Stock option exercises, net of shares withheld 292 3 3,124 — 3,127

Cash dividends declared, $ 0.09 per share

1 unchanged sentence

Balances as of July 29, 2023 74,846 $ 748 $ 236,789 $ 1,500,502 $ 1,738,039

Net income — — — 99,978 99,978

Equity compensation — — 6,245 — 6,245

Repurchase of common stock for retirement ( 864 ) ( 9 ) ( 3,038 ) ( 40,863 ) ( 43,910 )

Settlement of vested Restricted Stock Units, net of shares withheld 53 1 ( 1,606 ) — ( 1,605 )

Stock option exercises, net of shares withheld 109 1 1,057 — 1,058

Cash dividends declared, $ 0.09 per share

— — — ( 6,718 ) ( 6,718 )

Balances as of October 28, 2023 74,144 $ 741 $ 239,447 $ 1,552,899 $ 1,793,087

ACADEMY SPORTS AND OUTDOORS, INC.

21 unchanged sentences

Balances as of July 30, 2022 79,725 $ 797 $ 196,510 $ 1,323,964 $ 1,521,271

Net income — — — 131,741 131,741

Equity compensation — — 5,829 — 5,829

Repurchase of common stock for retirement ( 2,176 ) ( 22 ) ( 5,477 ) ( 95,325 ) ( 100,824 )

Settlement of vested Restricted Stock Units 3 0 ( 0 ) — —

Stock option exercises 408 4 6,872 — 6,876

Cash dividends declared, $ 0.075 per share

— — — ( 5,974 ) ( 5,974 )

Balances as of October 29, 2022 77,960 $ 779 $ 203,734 $ 1,354,406 $ 1,558,919

See Condensed Notes to Consolidated Financial Statements

2 unchanged sentences

(Amounts in thousands)

Twenty-Six Weeks Ended

July 29, 2023 July 30, 2022

Thirty-Nine Weeks Ended

October 28, 2023 October 29, 2022

CASH FLOWS FROM OPERATING ACTIVITIES:

49 unchanged sentences

The Company is a leading full-line sporting goods and outdoor recreational products retailer in the United States in terms of net sales.

As of July 29, 2023, we operated 270 "Academy Sports + Outdoors" retail locations in 18 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee.

As of October 28, 2023, we operated 275 "Academy Sports + Outdoors" retail locations in 18 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee.

We also sell merchandise to customers across most of the United States via our academy.com website.

5 unchanged sentences

The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented.

The results of operations for the thirteen and twenty-six weeks ended July 29, 2023 are not necessarily indicative of the results that will be realized for the fiscal year ending February 3, 2024 or any other period.

The results of operations for the thirteen and thirty-nine weeks ended October 28, 2023 are not necessarily indicative of the results that will be realized for the fiscal year ending February 3, 2024 or any other period.

The balance sheet as of January 28, 2023 has been derived from our audited financial statements as of that date.

13 unchanged sentences

Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business.

As a result, we have reclassified sales between divisions in the thirteen and twenty-six weeks ended July 30, 2022 for comparability purposes.

As a result, we have reclassified sales between divisions in the thirteen and thirty-nine weeks ended October 29, 2022 for comparability purposes.

This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.

6 unchanged sentences

The following tables show the pro forma effect to our consolidated financial statements as if the Company had remained on LIFO (amounts in thousands):

Thirteen Weeks Ended July 29, 2023 Twenty-Six Weeks Ended July 29, 2023

Thirteen Weeks Ended October 28, 2023 Thirty-Nine Weeks Ended October 28, 2023

As Reported Effect of Change Pro Forma LIFO As Reported Effect of Change Pro Forma LIFO

9 unchanged sentences

Diluted $ 1.31 $ ( 0.00 ) $ 1.31 $ 4.51 $ ( 0.05 ) $ 4.46

July 29, 2023

October 28, 2023

As Reported Effect of Change Pro Forma LIFO

10 unchanged sentences

Total liabilities and stockholders' equity 4,921,270 ( 4,443 ) 4,916,827

Twenty-Six Weeks Ended July 29, 2023

Thirty-Nine Weeks Ended October 28, 2023

As Reported Effect of Change Pro Forma LIFO

13 unchanged sentences

The following table summarizes our share repurchases for the periods presented:

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022

Shares repurchased 863,631 2,176,463 3,607,705 9,999,704

1 unchanged sentence

$ 43.9 $ 100.8 $ 201.5 $ 389.4

(1) Includes estimated excise tax fees of $ 0.9 million and $ 1.2 million for the thirteen and twenty-six weeks ended July 29, 2023, respectively.

As of July 29, 2023, we no longer had availability under the 2021 Share Repurchase Program, and we had approximately $ 143.0 million available for share repurchases pursuant to the 2022 Share Repurchase Program.

(1) Includes estimated excise tax fees of $ 0.3 million and $ 1.5 million for the thirteen and thirty-nine weeks ended October 28, 2023, respectively.

As of October 28, 2023, we no longer had availability under the 2021 Share Repurchase Program, and we had $ 99.4 million available for share repurchases pursuant to the 2022 Share Repurchase Program.

Supplier Finance Programs

6 unchanged sentences

The Company does not have an economic interest in suppliers’ voluntary participation, does not provide any guarantees or pledge assets under these arrangements, and our rights and obligations to our suppliers, including amounts due, are not impacted.

Our liability associated with these arrangements, which is presented within accounts payable on the consolidated balance sheets, was $ 6.6 million, $ 9.0 million, and $ 9.1 million as of July 29, 2023, January 28, 2023 and July 30, 2022, respectively.

Our liability associated with these arrangements, which is presented within accounts payable on the consolidated balance sheets, was $ 6.9 million, $ 9.0 million and $ 6.8 million as of October 28, 2023, January 28, 2023 and October 29, 2022, respectively.

Recent Accounting Pronouncements

8 unchanged sentences

The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands):

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022

Merchandise division sales (1)

9 unchanged sentences

(1) Certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business.

As a result, we have reclassified sales between divisions in the thirteen and twenty-six weeks ended July 30, 2022, for comparability purposes.

As a result, we have reclassified sales between divisions in the thirteen and thirty-nine weeks ended October 29, 2022, for comparability purposes.

This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed (see Note 2).

(2) E-commerce sales consisted of 9.4 % and 8.8 % of merchandise sales for the thirteen and twenty-six weeks ended July 29, 2023, respectively, and 10.0 % and 9.8 % for thirteen and twenty-six weeks ended July 30, 2022, respectively.

(2) E-commerce sales consisted of 9.4 % and 9.0 % of merchandise sales for the thirteen and thirty-nine weeks ended October 28, 2023, respectively, and 9.5 % and 9.7 % for thirteen and thirty-nine weeks ended October 29, 2022, respectively.

(3) Other sales consisted primarily of the gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income, sales return allowance and other items.

2 unchanged sentences

The following is a reconciliation of the gift card liability (amounts in thousands):

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022

Gift card liability, beginning balance $ 74,750 $ 69,959 $ 90,650 $ 86,568

5 unchanged sentences

Our debt consisted of the following (amounts in thousands) as of:

July 29, 2023 January 28, 2023 July 30, 2022

October 28, 2023 January 28, 2023 October 29, 2022

ABL Facility, due November 2025 $ — $ — $ —

8 unchanged sentences

(1) Deferred loan costs are related to the Term Loan and Notes.

As of July 29, 2023, January 28, 2023 and July 30, 2022, the balance in deferred loan costs related to the ABL Facility (as defined below) was approximately $ 2.6 million, $ 3.2 million and $ 3.8 million, respectively, and was included in other noncurrent assets on our consolidated balance sheets.

Total amortization of deferred loan costs was $ 0.6 million and $ 1.2 million for the thirteen and twenty-six weeks ended July 29, 2023, respectively, and $ 0.6 million and $ 1.3 million for the thirteen and twenty-six weeks ended July 30, 2022, respectively.

Total expenses related to accretion of original issuance discount was $ 0.1 million and $ 0.2 million for the thirteen and twenty-six weeks ended July 29, 2023, respectively, and $ 0.1 million and $ 0.2 million for the thirteen and twenty-six weeks ended July 30, 2022, respectively.

As of October 28, 2023, January 28, 2023 and October 29, 2022, the balance in deferred loan costs related to the ABL Facility (as defined below) was approximately $ 2.3 million, $ 3.2 million and $ 3.5 million, respectively, and was included in other noncurrent assets on our consolidated balance sheets.

Total amortization of deferred loan costs was $ 0.6 million and $ 1.8 million for the thirteen and thirty-nine weeks ended October 28, 2023, respectively, and $ 0.7 million and $ 2.0 million for the thirteen and thirty-nine weeks ended October 29, 2022, respectively.

Total expenses related to accretion of original issuance discount was $ 0.1 million and $ 0.2 million for the thirteen and thirty-nine weeks ended October 28, 2023, respectively, and $ 0.1 million and $ 0.3 million for the thirteen and thirty-nine weeks ended October 29, 2022, respectively.

The expenses related to amortization of deferred loan costs and accretion of original issuance discount are included in interest expense, net on the consolidated statements of income.

5 unchanged sentences

4 (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of November 6, 2020, among Academy, Ltd., as Borrower, Credit Suisse AG, Cayman Islands Branch, as the administrative agent and collateral agent, the several lenders party thereto and the several other parties named therein.

Under the Amendment, the Term Loan bears interest, at Academy, Ltd.'s election, at either (1) LIBOR rate with a floor of 0.75 %, plus a margin of 3.75 %, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50 %, (b) Credit Suisse's "prime rate", or (c) the one-month LIBOR rate plus 1.00 %, plus a margin of 4.00 %.

Quarterly principal payments of $ 750.0 thousand are required through September 30, 2027 and borrowings mature on November 6, 2027.

As of July 29, 2023, the weighted average interest rate was 8.94 %, with interest payable monthly.

The terms and conditions of the Amendment also require that the outstanding balance under the Term Loan is prepaid under certain circumstances.

As of July 29, 2023, no prepayment was due under the terms and conditions of the Term Loan.

Under the Amendment, the Term Loan bore interest, at Academy, Ltd.'s election, at either (1) LIBOR rate with a floor of 0.75 %, plus a margin of 3.75 %, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50 %, (b) Credit Suisse's "prime rate", or (c) the one-month LIBOR rate plus 1.00 %, plus a margin of 4.00 %.

On May 17, 2023, Academy, Ltd.

entered into a Conforming Changes Amendment to the Second Amended and Restated Credit Agreement, dated as of November 6, 2020, among Academy, Ltd., as Borrower, Credit Suisse AG, Cayman Islands Branch, as the administrative agent and collateral agent and the several lenders party thereto and the several other parties named therein, which updated the Term Loan benchmark base interest rate from LIBOR to Adjusted Term SOFR.

The transition of our Term Loan to Adjusted Term SOFR will become effective on August 1, 2023.

The transition of our Term Loan to Adjusted Term SOFR became effective on August 1, 2023.

Borrowings under the Term Loan bear interest, at our election, at either (1) Adjusted Term SOFR with a floor of 0.75 % rate plus a margin of 3.75 % or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50 %, (b) the U.S.

"prime rate" announced by the administrative agent, or (c) the one-month Adjusted Term SOFR with a floor of 0.75 % rate, plus a margin of 3.75 %.

As of October 28, 2023, the weighted average interest rate was 9.18 %, with interest payable monthly.

Quarterly principal payments of $ 750.0 thousand are required through September 30, 2027 and borrowings mature on November 6, 2027.

The terms and conditions of the Term Loan also require that the outstanding balance under the Term Loan is prepaid under certain circumstances.

As of October 28, 2023, no prepayment was due under the terms and conditions of the Term Loan.

On November 6, 2020, Academy, Ltd.

8 unchanged sentences

During the normal course of business, we periodically utilize letters of credit primarily for the purchase of import goods and in support of insurance contracts.

As of July 29, 2023, we had outstanding letters of credit of approximately $ 11.6 million, all of which were issued under the ABL Facility, and we had no borrowings outstanding under the ABL Facility, leaving an available borrowing capacity under the ABL Facility of $ 988.4 million.

As of October 28, 2023, we had outstanding letters of credit of approximately $ 11.6 million, all of which were issued under the ABL Facility, and we had no borrowings outstanding under the ABL Facility, leaving an available borrowing capacity under the ABL Facility of $ 988.4 million.

Borrowings under the ABL Facility bear interest, at our election, at either (1) Adjusted Term SOFR plus a margin of 1.25 % to 1.75 %, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50 %, (b) JPMorgan Chase Bank, N.A.'s "prime rate", or (c) the one-month Adjusted Term SOFR rate plus 1.00 %, plus a margin of 0.25 % to 0.75 %.

1 unchanged sentence

The terms and conditions of the ABL Facility also require that we prepay outstanding loans under the ABL Facility under certain circumstances.

As of July 29, 2023, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility.

As of October 28, 2023, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility.

The ABL Facility, Term Loan and Notes agreements contain covenants, including, among other things, covenants that may restrict Academy, Ltd.'s ability to incur certain additional indebtedness, create or permit liens on assets, engage in mergers or consolidations, pay dividends, make other restricted payments, make loans or advances, engage in transactions with affiliates or amend material documents.

1 unchanged sentence

These covenants are subject to certain qualifications and limitations.

We were in compliance with these covenants as of July 29, 2023.

We were in compliance with these covenants as of October 28, 2023.

Fair Value Measurements

10 unchanged sentences

Government treasury bills and securities, which are classified as cash and redeemable on demand.

As of July 29, 2023, January 28, 2023 and July 30, 2022, we held $ 145.7 million, $ 95.6 million and $ 321.4 million in money market funds, respectively.

As of October 28, 2023, January 28, 2023 and October 29, 2022, we held $ 224.0 million, $ 95.6 million and $ 264.7 million in money market funds, respectively.

The fair value of the Term Loan and Notes is estimated using a discounted cash flow analysis based on quoted market prices for the instrument in an inactive market and is therefore classified as Level 2 within the fair value hierarchy.

As of July 29, 2023, January 28, 2023, and July 30, 2022 the estimated fair value of the Term Loan and Notes was $ 0.6 billion, $ 0.6 billion and $ 0.7 billion, respectively.

As of October 28, 2023, January 28, 2023, and October 29, 2022 the estimated fair value of the Term Loan and Notes was $ 0.6 billion, $ 0.6 billion and $ 0.7 billion, respectively.

As borrowings on the ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value.

1 unchanged sentence

Property and equipment consists of the following (amounts in thousands) as of:

July 29, 2023 January 28, 2023 July 30, 2022

October 28, 2023 January 28, 2023 October 29, 2022

Leasehold improvements $ 542,698 $ 484,930 $ 476,670

6 unchanged sentences

Property and equipment, net $ 429,648 $ 351,424 $ 354,014

Depreciation expense was $ 25.7 million and $ 52.0 million in the thirteen and twenty-six weeks ended July 29, 2023, respectively, and $ 26.3 million and $ 51.9 million in the thirteen and twenty-six weeks ended July 30, 2022, respectively.

Depreciation expense was $ 27.4 million and $ 79.4 million in the thirteen and thirty-nine weeks ended October 28, 2023, respectively, and $ 27.0 million and $ 78.9 million in the thirteen and thirty-nine weeks ended October 29, 2022, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of:

July 29, 2023 January 28, 2023 July 30, 2022

October 28, 2023 January 28, 2023 October 29, 2022

Accrued interest $ 13,395 $ 7,015 $ 13,340

18 unchanged sentences

On June 1, 2023, our stockholders approved the First Amendment to the 2020 Omnibus Incentive Plan, which, among other changes, increased the number of shares available for issuance thereunder by 2,600,000 shares.

As of July 29, 2023, there were 4,284,231 shares that were authorized and available for future issuance under the 2020 Omnibus Incentive Plan.

As of October 28, 2023, there were 4,256,743 shares that were authorized and available for future issuance under the 2020 Omnibus Incentive Plan.

On September 29, 2020, the ASO, Inc.

Board of Directors adopted the 2020 Employee Stock Purchase Plan (the "ESPP"), which became effective on October 1, 2020.

We have reserved a total of 2,000,000 shares under the ESPP and as of July 29, 2023, there were 1,650,543 shares authorized and available for future issuance under the ESPP.

Equity compensation expense was $ 8.5 million and $ 19.9 million for the thirteen and twenty-six weeks ended July 29, 2023, respectively.

Equity compensation was $ 6.2 million and $ 9.7 million for the thirteen and twenty-six weeks ended July 30, 2022, respectively.

We have reserved a total of 2,000,000 shares under the ESPP and as of October 28, 2023, there were 1,650,543 shares authorized and available for future issuance under the ESPP.

Equity compensation expense was $ 6.2 million and $ 26.1 million for the thirteen and thirty-nine weeks ended October 28, 2023, respectively.

Equity compensation expense was $ 5.8 million and $ 15.5 million for the thirteen and thirty-nine weeks ended October 29, 2022, respectively.

These costs are included in selling, general and administrative expenses in the consolidated statements of income.

7 unchanged sentences

The assumptions used to calculate the fair value of Awards granted are evaluated and modified, as necessary, to reflect current market conditions and experience.

The following table presents the assumptions and grant date fair values for Service Options granted in the twenty-six weeks ended July 29, 2023:

The following table presents the assumptions and grant date fair values for Service Options granted in the thirty-nine weeks ended October 28, 2023:

Expected life in years 6.0

3 unchanged sentences

Dividend yield 0.6 %

The following table presents the Award grants during the twenty-six weeks ended July 29, 2023:

The following table presents the Award grants during the thirty-nine weeks ended October 28, 2023:

Service Options Service Restricted Stock Units Performance Restricted Stock Units

2 unchanged sentences

Weighted average exercise price per Award $ 58.26 N/A N/A

The following table presents the unrecognized compensation cost as of July 29, 2023:

The following table presents the unrecognized compensation cost as of October 28, 2023:

Service Options Service Restricted Stock Units Performance Restricted Stock Units

6 unchanged sentences

Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (amounts in thousands except per share amounts):

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022

Net income $ 99,978 $ 131,741 $ 351,023 $ 470,348

10 unchanged sentences

Commitments and Contingencies

Freight, Technology Related and Other Commitments

As of July 29, 2023, we have obligations under freight, technology-related, construction and other contractual commitments in the amount of $ 117.0 million.

Technology Related and Other Commitments

As of October 28, 2023, we have obligations under technology-related, construction and other contractual commitments in the amount of $ 68.4 million.

Of such commitments, approximately $ 36.4 million is payable in the next 12 months.

17 unchanged sentences

However, the ultimate outcome of this matter cannot be determined at this time, and we cannot assure you that we will be successful in contesting CBP's determination or that we will not need to accrue or pay additional amounts in the future.

There have been no material developments during the fiscal quarter ended July 29, 2023, with respect to any of the matters discussed under the heading "Legal Proceedings" in the Annual Report.

There have been no material developments during the fiscal quarter ended October 28, 2023, with respect to any of the matters discussed under the heading "Legal Proceedings" in the Annual Report.

We are not currently party to any other legal proceedings that we believe would have a material adverse effect on our financial position, results of operations or cash flows.

3 unchanged sentences

These agreements typically contain a one to three-year term and contractual payment amounts required to be paid by the Company.

As of July 29, 2023, we have $ 16.3 million in related commitments through 2027, of which $ 5.1 million is payable in the next 12 months.

As of October 28, 2023, we have $ 13.8 million in related commitments through 2027, of which $ 5.1 million is payable in the next 12 months.

Subsequent Events

Our management evaluated events or transactions that occurred after July 29, 2023 through August 31, 2023, the issuance date of the consolidated financial statements, and identified the following matter to report:

On August 30, 2023, the Company's Board of Directors declared a quarterly cash dividend with respect to the fiscal quarter ended July 29, 2023, of $ 0.09 per share of the Company's common stock, payable on October 11, 2023, to stockholders of record as of the close of business on September 13, 2023.

Our management evaluated events or transactions that occurred after October 28, 2023 through November 30, 2023, the issuance date of the consolidated financial statements, and identified the following matters to report:

On November 29, 2023, the Company's Board of Directors declared a quarterly cash dividend with respect to the fiscal quarter ended October 28, 2023, of $ 0.09 per share of the Company's common stock, payable on January 10, 2024, to stockholders of record as of the close of business on December 13, 2023.

On November 29, 2023, the Company's Board of Directors authorized a new share repurchase program under which the Company may purchase up to $ 600 million of its outstanding shares during the three-year period ending November 29, 2026 (the "2023 Share Repurchase Program").

Under the 2023 Share Repurchase Program repurchases can be made using a variety of methods, which may include open market purchases, block trades, accelerated share repurchase programs, privately negotiated transactions and/or a non-discretionary trading plan, all in compliance with the rules of the SEC and other applicable legal requirements.

The timing, manner, price and amount of any common share repurchases under the 2023 Share Repurchase Program will be determined by the Company in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions.

The 2023 Share Repurchase Program does not obligate the Company to acquire any particular number of common shares, and the program may be suspended, extended, modified or discontinued at any time.

The total availability under the 2023 Share Repurchase Program and the 2022 Share Repurchase Program is $ 699.4 million.

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.

What changed 10-Q

Item 1. Financial Statements