23 unchanged sentences
Through our research and development efforts, we seek to introduce more advanced products for these markets offering higher levels of integration and performance compared to earlier products.
−Removed: We also continue to expand our sales and application-engineering staff and our network of distributors, as well as our offerings of technical
−Removed: documentation and design-support tools and services to help customers use our products.
+Added: We also continue to expand our sales
+Added: and application-engineering staff and our network of distributors, as well as our offerings of technical documentation and design-support tools and services to help customers use our products.
These tools and services include our PI Expert™ design software, which we offer free of charge, and our transformer-sample service.
21 unchanged sentences
Customers typically may cancel or reschedule orders on short notice without significant penalty and, conversely, often place orders with very short lead times to delivery.
−Removed: Also, external factors such as supply-chain dynamics, the COVID-19 pandemic and macroeconomic conditions including inflation, fluctuations in interest and exchange rates and bank failures, have caused and can continue to cause our operating results to be volatile.
+Added: Also, external factors such as supply-chain dynamics, widespread health emergencies like the COVID-19 pandemic, and macroeconomic conditions including inflation, fluctuations in interest and exchange rates and bank failures, have caused and can continue to cause our operating results to be volatile.
Furthermore, because our industry is intensely price-sensitive, our gross margin (gross profit divided by net revenues) is subject to change based on the relative pricing of solutions that compete with ours.
3 unchanged sentences
Changes in the prices of raw materials used in our products, such as copper and gold, can also affect our gross margin.
−Removed: Although our wafer fabrication and assembly operations are outsourced, as are most of our test operations, a portion of our production costs are fixed in nature.
+Added: Although our wafer fabrication and assembly operations are
+Added: outsourced, as are most of our test operations, a portion of our production costs are fixed in nature.
As a result, our unit costs and gross margin are impacted by the volume of units we produce.
Recent Results
−Removed: Our net revenues were $106.3 million and $182.1 million for the three months ended March 31, 2023 and 2022, respectively.
−Removed: Revenues from all end markets decreased substantially compared to the prior year period.
+Added: Our net revenues were $123.2 million and $184.0 million for the three months ended June 30, 2023 and 2022, respectively, and $229.5 million and $366.1 million for the six months ended June 30, 2023 and 2022, respectively.
We believe that demand for our products has been negatively affected by an array of macroeconomic and geopolitical factors including reduced consumer spending in response to inflation and higher interest rates, softer housing markets, restrictions on economic activity in China driven by the COVID-19 pandemic, and a shift in consumer spending toward travel and services following a period of elevated spending on goods during the pandemic.
−Removed: The reduction in revenues also reflects a cyclical downturn in the semiconductor industry;
−Removed: such downturns are commonly experienced in our industry following periods of strong growth during which supply-chain participants accumulate inventories, which must then be worked down when demand slows.
−Removed: Our top ten customers, including distributors that resell to original equipment manufacturers, or OEMs, and merchant power supply manufacturers, accounted for 78% and 77% of net revenues in the three months ended March 31, 2023 and 2022, respectively.
−Removed: International sales accounted for 98% and 96% of our net revenues in the three months ended March 31, 2023 and 2022, respectively.
−Removed: Our gross margin was 50.8% and 55.3% in the three months ended March 31, 2023 and 2022, respectively.
−Removed: The decrease was primarily due to unfavorable end-market mix and lower manufacturing volume, which increased our unit cost.
−Removed: Total operating expenses were $48.2 million and $49.6 million in the three months ended March 31, 2023 and 2022, respectively.
−Removed: The decrease of $1.4 million in operating expenses for the three months ended March 31, 2023 was due primarily to lower stock-based compensation expense related to performance based awards and lower patent litigation expense;
−Removed: these decreases were partially offset by increased salary and related expenses driven by increased headcount, as well as increased travel expenses.
+Added: We believe these factors have exacerbated the effects of an ongoing cyclical downturn in the semiconductor industry;
+Added: such downturns are commonly experienced in our industry following periods of strong growth during which supply-chain participants tend to accumulate excess inventories.
+Added: Our top ten customers, including distributors that resell to original equipment manufacturers (“OEMs”) and merchant power supply manufacturers, accounted for 82% and 79% of net revenues for the three and six months ended June 30, 2023, respectively and 77% of net revenues in both the three and six months ended June 30, 2022.
+Added: International sales accounted for 98% of our net revenues in both the three and six months ended June 30, 2023, and 96% of our net revenues in both the three and six months ended June 30, 2022.
+Added: Our gross margin was 51% and 58% in the three months ended June 30, 2023 and 2022, respectively, and 51% and 57% for the six months ended June 30, 2023 and 2022, respectively.
+Added: The decrease was primarily due to unfavorable end-market mix and lower manufacturing volume slightly offset by the favorable impact of the dollar/yen exchange rate on our wafer costs.
+Added: Total operating expenses were $50.2 million and $46.7 million in the three months ended June 30, 2023 and 2022, respectively, and $98.4 million and $96.4 million for the six months ended June 30, 2023 and 2022, respectively.
+Added: The increase in operating expenses for the three- and six-month periods were due primarily to higher stock-based compensation expense related to performance-based awards, increased salary and related expenses, and increased travel-related expenses.
Critical Accounting Policies and Estimates
4 unchanged sentences
Actual results could differ from those estimates.
−Removed: Our critical accounting policies are as follows:
−Removed: ● revenue recognition.
−Removed: Our critical accounting policies are important to the portrayal of our financial condition and results of operations, and require us to make judgments and estimates about matters that are inherently uncertain.
+Added: Critical accounting policies are important to the portrayal of our financial condition and results of operations, and require us to make judgments and estimates about matters that are inherently uncertain.
There have been no material changes to our critical accounting policies and estimates disclosed in “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates” and Note 2, Significant Accounting Policies and Recent Accounting Pronouncements , in each case in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 7, 2023.
+Added: Currently, our only critical accounting policy relates to revenue recognition.
Results of Operations
1 unchanged sentence
Three Months Ended
+Added: Six Months Ended
Cost of revenues
3 unchanged sentences
General and administrative
+Added: Other operating expenses, net
Total operating expenses
2 unchanged sentences
Provision for income taxes
−Removed: Comparison of the three months ended March 31, 2023 and 2022
+Added: Comparison of the three and six months ended June 30, 2023 and 2022
Net revenues.
Net revenues consist of revenues from product sales, which are calculated net of returns and allowances.
−Removed: Net revenues for the three months ended March 31, 2023 and 2022 were $106.3 million and $182.1 million, respectively.
−Removed: Revenues from all end markets decreased substantially compared to the prior-year period.
−Removed: We believe that demand for our products has been negatively affected by an array of macroeconomic and geopolitical factors including reduced consumer spending in response to inflation and higher interest rates, softer housing markets, restrictions on economic activity in China driven by the COVID-19 pandemic, and a shift in consumer spending toward travel and services following a period of elevated spending on goods during the pandemic.
−Removed: The reduction in revenues also reflects a cyclical downturn in the semiconductor industry;
−Removed: such downturns are commonly experienced in our industry following periods of strong growth during which supply-chain participants accumulate inventories, which must then be worked down when demand slows.
−Removed: Our revenue mix by end market for the three months ended March 31, 2023 and 2022 was as follows:
+Added: Net revenues for the three and six months ended June 30, 2023 were $123.2 million and $229.5 million, respectively, and $184.0 million and $366.1 million for the three and six months ended June 30, 2022, respectively.
+Added: The decrease in revenue for the three-month period ended June 30, 2023 was driven primarily by the consumer and industrial end-markets, reflecting reduced demand and elevated inventories related to consumer-appliances and a broad range of industrial applications.
+Added: Revenues from the communications and computer markets increased slightly compared to the prior-year period.
+Added: For the six-month period, revenues for all four end-market categories decreased compared to the corresponding prior-year period.
+Added: We believe that demand for our products in recent periods has been negatively affected by an array of macroeconomic and geopolitical factors including reduced consumer spending in response to inflation and higher interest rates, softer housing markets, restrictions on economic activity in China driven by the COVID-19 pandemic, and a shift in consumer spending toward travel and services following a period of elevated spending on goods during the pandemic.
+Added: We believe these factors have exacerbated the effects of an ongoing cyclical downturn in the semiconductor industry;
+Added: such downturns are commonly experienced in our industry following periods of strong growth during which supply-chain participants tend to accumulate excess inventories.
+Added: Our revenue mix by end market for the three and six months ended June 30, 2023 and 2022 was as follows:
Three Months Ended
+Added: Six Months Ended
Communications
−Removed: International sales, consisting of sales outside of the United States of America based on “bill to” customer locations, were $103.8 million and $175.2 million in the three months ended March 31, 2023 and 2022, respectively.
+Added: International sales, consisting of sales outside of the United States of America based on “bill to” customer locations, were $121.1 million and $224.8 million in the three and six months ended June 30, 2023, respectively, and $176.4 million and $351.7 million in the three and six months ended June 30, 2022, respectively.
Although power converters using our products are distributed to end markets worldwide, most are manufactured in Asia.
−Removed: As a result, sales to this region represented 80% and 83% of our net revenues in the three months ended March 31, 2023 and 2022.
+Added: As a result, sales to this region represented 86% and 83% of our net revenues in the three and six months ended June 30, 2023, respectively, and 80% and 82%, in the three and six months ended June 30, 2022, respectively.
We expect international sales, and sales to the Asia region in particular, to continue to account for a large portion of our net revenues in the future.
−Removed: Sales to distributors accounted for 63% and 75% in the three months ended March 31, 2023 and 2022, respectively.
+Added: Sales to distributors accounted for 64% and 63% in the three and six months ended June 30, 2023, respectively, and 73% and 74%, in the three and six months ended June 30, 2022, respectively.
Direct sales to OEMs and power-supply manufacturers accounted for the remainder.
1 unchanged sentence
Three Months Ended
−Removed: Salcomp Group
+Added: Six Months Ended
Honestar Technologies Co., Ltd.
+Added: Salcomp Group
+Added: Flextronics Group
*Total customer revenue was less than 10% of net revenues.
4 unchanged sentences
Gross margin is gross profit divided by net revenues.
−Removed: The table below compares gross profit and gross margin for the three months ended March 31, 2023 and 2022:
+Added: The table below compares gross profit and gross margin for the three and six months ended June 30, 2023 and 2022:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
−Removed: Our gross margin decreased due primarily to unfavorable end-market mix and lower manufacturing volume, which increased our unit cost.
+Added: The decrease in our gross margin was primarily due to unfavorable end-market mix and lower manufacturing volume slightly offset by the favorable impact of the dollar/yen exchange rate on our wafer costs.
Research and development expenses.
1 unchanged sentence
We also record R&D expenses for prototype wafers related to new products until such products are released to production.
−Removed: The table below compares R&D expenses for the three months ended March 31, 2023 and 2022:
+Added: The table below compares R&D expenses for the three and six months ended June 30, 2023 and 2022:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
Headcount (at period end)
−Removed: R&D expenses increased for the three months ended March 31, 2023, as compared to the corresponding period of 2022, primarily due to increased product development costs and equipment related expenses.
−Removed: These increases were partially offset by reduced stock-based compensation expense related to performance-based awards.
+Added: R&D expenses increased for the three and six months ended June 30, 2023, as compared to the three and six months ended June 30, 2022, primarily due to increased product development costs and equipment-related expenses.
Sales and marketing expenses.
Sales and marketing (“S&M”) expenses consist primarily of employee-related expenses, including stock-based compensation, commissions to sales representatives, amortization of intangible assets and facilities expenses, including expenses associated with our regional sales and support offices.
−Removed: The table below compares S&M expenses for the three months ended March 31, 2023 and 2022:
+Added: The table below compares S&M expenses for the three and six months ended June 30, 2023 and 2022:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
1 unchanged sentence
Headcount (at period end)
−Removed: S&M expenses decreased in the three months ended March 31, 2023, as compared to the corresponding period of 2022, due to lower stock-based compensation expenses, sales commissions and amortization of acquired intangibles.
−Removed: These reductions were partially offset by increased salary and related expenses driven by increased headcount, as well as increased travel expenses.
+Added: S&M expenses increased in the three and six months ended June 30, 2023, as compared to the three and six months ended June 30, 2022, due to higher stock-based compensation expenses, higher salary and related expenses stemming from higher headcount and increased travel-related expenses.
General and administrative expenses.
General and administrative (“G&A”) expenses consist primarily of employee-related expenses, including stock-based compensation expenses, for administration, finance, human resources and general management, as well as consulting, professional services, legal and audit expenses.
−Removed: The table below compares G&A expenses for the three months ended March 31, 2023 and 2022:
+Added: The table below compares G&A expenses for the three and six months ended June 30, 2023 and 2022:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
Headcount (at period end)
−Removed: G&A expenses decreased for the three months ended March 31, 2023 as compared to the corresponding period of 2022, due to lower stock-based compensation expense related to performance-based awards, recovery of bad debt and decreased patent litigation expenses;
−Removed: these reductions were partially offset by increased salary and related expenses driven by increased headcount, as well as increased professional services.
+Added: G&A expenses increased for the three and six months ended June 30, 2023 as compared to the three and six months ended June 30, 2022, due to higher stock-based compensation expense related to performance-based awards, increased salary and related expenses driven by increased headcount, and increased professional services;
+Added: these increases were partially offset by decreased patent-litigation expenses and, for the six months ended June 30, 2023, recovery of bad debt.
+Added: Other operating expenses, net.
+Added: Other operating expenses, net were $1.1 million in the three and six months ended June 30, 2022.
+Added: This amount consisted of a $2.9 million expense resulting from the settlement of our litigation with Opticurrent LLC on May 16, 2022, in which we agreed to pay Opticurrent $2.9 million to end all outstanding legal disputes, partially offset by receipt of a $1.7 million distribution related to the bankruptcy liquidation of SemiSouth Laboratories, Inc., of which we were a creditor as a result of investments made in SemiSouth in 2011.
Other income .
Other income consists primarily of interest income earned on cash and cash equivalents, marketable securities and other investments, and the impact of foreign exchange gains or losses.
−Removed: The table below compares other income for the three months ended March 31, 2023 and 2022:
+Added: The table below compares other income for the three and six months ended June 30, 2023 and 2022:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
−Removed: Other income increased for the three months ended March 31, 2023 as compared to the corresponding period of 2022, primarily due to higher interest income.
+Added: Other income increased for the three and six months ended June 30, 2023 as compared to the three and six months ended June 30, 2022, primarily due to higher interest income.
Provision for income taxes .
Provision for income taxes represents federal, state and foreign taxes.
−Removed: The table below compares income-tax expense for the three months ended March 31, 2023 and 2022:
+Added: The table below compares income-tax expense for the three and six months ended June 30, 2023 and 2022:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
3 unchanged sentences
Accordingly, the interim effective tax rate may not be reflective of the annual estimated effective tax rate.
−Removed: Our effective tax rates for the three months ended March 31, 2023 and 2022 were 8.0% and 10.4%, respectively.
+Added: Our effective tax rates for the three and six months ended June 30, 2023 were 3.7% and 5.1%, respectively, and 8.1% and 9.2%, in the three and six months ended June 30, 2022, respectively.
The effective tax rate in these periods was lower than the statutory federal income-tax rate of 21% due to the geographic distribution of our world-wide earnings in lower-tax jurisdictions and the impact of federal research tax credits.
−Removed: Additionally, in the three months ended March 31, 2023, our effective tax rate was favorably impacted by a discrete item associated with the release of an unrecognized tax benefit.
+Added: Additionally, in the three months ended June 30, 2023, our effective tax rate was favorably impacted by a discrete item associated with recognition of excess tax benefits related to share-based payments.
+Added: In the six months ended June 30, 2023, our effective tax rate was favorably impacted by discrete items associated with the release of unrecognized tax benefits and recognition of excess tax benefits related to share-based payments.
This benefit was partially offset by U.S.
tax on foreign income, known as global intangible low-taxed income.
−Removed: The primary jurisdiction from which our foreign earnings are derived is the Cayman Islands, which is a non-taxing jurisdiction.
+Added: The primary jurisdiction from which our foreign earnings are derived is the Cayman Islands, which is
+Added: a non-taxing jurisdiction.
Income earned in other foreign jurisdictions was not material.
1 unchanged sentence
Liquidity and Capital Resources
−Removed: As of March 31, 2023, we had $358.6 million in cash, cash equivalents and short-term marketable securities, an increase of $4.8 million from $353.8 million as of December 31, 2022.
−Removed: As of March 31, 2023, we had working capital, defined as current assets less current liabilities, of $476.1 million, an increase of approximately $9.4 million from $466.7 million as of December 31, 2022.
+Added: As of June 30, 2023, we had $346.3 million in cash, cash equivalents and short-term marketable securities, a decrease of $7.5 million from $353.8 million as of December 31, 2022.
+Added: As of June 30, 2023, we had working capital, defined as current assets less current liabilities, of $486.2 million, an increase of approximately $19.5 million from $466.7 million as of December 31, 2022.
We have a Credit Agreement with Wells Fargo Bank, National Association (the "Credit Agreement") that provides us with a $75.0 million revolving line of credit to use for general corporate purposes with a $20.0 million sub-limit for the issuance of standby and trade letters of credit.
The Credit Agreement was amended on June 7, 2021, to provide an alternate borrowing rate as a replacement for LIBOR and extend the termination date from April 30, 2022, to June 7, 2026, with all other terms remaining the same.
+Added: The Credit Agreement was amended with an effective date of June 28, 2023 to include the Secured Overnight Financing Rates (“SOFR”) as interest rate benchmark rates, with all other terms remaining the same.
Our ability to borrow under the revolving line of credit is conditioned upon our compliance with specified covenants, including reporting and financial covenants, primarily a minimum liquidity measure and a debt to earnings ratio, with which we are currently in compliance.
1 unchanged sentence
all advances under the revolving line of credit will become due on such date, or earlier in the event of a default.
−Removed: No advances were outstanding under the agreement as of March 31, 2023.
+Added: No advances were outstanding under the agreement as of June 30, 2023.
Cash From Operating Activities
−Removed: Operating activities generated $16.6 million of cash in the three months ended March 31, 2023.
+Added: Operating activities generated $22.8 million of cash in the six months ended June 30, 2023.
Net income for this period was $21.7 million;
we also incurred depreciation, non-cash stock-based compensation expense, amortization of intangibles and amortization premiums on marketable securities of $17.7 million, $14.1 million, $1.1 million, and $0.4 million, respectively.
−Removed: Sources of cash also included a $2.9 million increase in accounts payable (excluding payables related to property and equipment) due to timing of payments and a $0.7 million decrease in accounts receivable due to decreased customer shipments.
−Removed: These sources of cash were partially offset by a $2.3 million decrease in prepaid expenses and other assets, a $7.0 million increase in inventories due to lower demand during the quarter and a $0.7 million decrease in taxes payable and accrued liabilities.
−Removed: Operating activities generated $74.6 million of cash in the three months ended March 31, 2022.
+Added: Sources of cash also included a $8.8 million increase in accounts payable (excluding payables related to property and equipment) due to timing of payments.
+Added: These sources of cash were partially offset by a $14.3 million increase in inventories, a $7.2 million increase in prepaid expenses and other assets primarily due to federal income tax prepayments, a $10.8 million increase in accounts receivable, a $5.4 million decrease in taxes payable and accrued liabilities primarily due to timing of customer rebate payments, and a $2.8 million increase in deferred income taxes.
+Added: Operating activities generated $141.4 million of cash in the six months ended June 30, 2022.
Net income for this period was $102.1 million;
−Removed: we also incurred non-cash stock-based compensation expense, depreciation and intangibles amortization of $9.0 million, $8.4 million and $0.7 million, respectively.
−Removed: Sources of cash also included a $10.7 million decrease in accounts receivable due to timing of collections, a $3.4 million increase in taxes payable and accrued liabilities and a $1.6 million decrease in prepaid expenses and other assets.
−Removed: These sources of cash were partially offset by a $3.8 million increase in inventories, a $1.7 million decrease in accounts payable (excluding payables related to property and equipment).
+Added: we also incurred depreciation, non-cash stock-based compensation expense, premium amortization on marketable securities and intangibles amortization of $17.2 million, $12.7 million, $1.9 million and $1.3 million, respectively.
+Added: Sources of cash also included a $13.2 million decrease in accounts receivable due to the timing of collections, a $5.6 million increase in accounts payable (excluding payables related to property and equipment) and a $4.1 million decrease in prepaid expenses and other assets.
+Added: These sources of cash were partially offset by a $12.0 million increase in inventories and a $2.5 million decrease in taxes payable and accrued liabilities.
Cash From Investing Activities
−Removed: Our investing activities in the three months ended March 31, 2023 resulted in a $18.3 million use of cash, primarily consisting of $14.2 million used for purchases of marketable securities net of proceeds from maturities, and $4.1 million used for purchases of property and equipment, primarily production-related machinery and equipment.
−Removed: Our investing activities in the three months ended March 31, 2022 generated $80.2 million of cash, primarily consisting of $93.7 million from sales and maturities of marketable securities, net of purchases, offset by $14.7 million for purchases of property and equipment, primarily production-related machinery and equipment, partially offset by proceeds of $1.2 million from the sale of an office building.
+Added: Our investing activities in the six months ended June 30, 2023 resulted in a $19.4 million net use of cash, primarily consisting of $12.2 million used for purchases of marketable securities net of proceeds from sales and maturities, and $7.2 million used for purchases of property and equipment, primarily production-related machinery and equipment.
+Added: Our investing activities in the six months ended June 30, 2022 generated $78.1 million of cash, primarily consisting of $104.8 million from sales and maturities of marketable securities, net of purchases, offset by $27.9 million for purchases of property and equipment, primarily production-related machinery and equipment, partially offset by proceeds of $1.2 million from the sale of an office building.
Cash From Financing Activities
−Removed: Our financing activities in the three months ended March 31, 2023 resulted in a $9.5 million net use of cash, consisting of $1.7 million for the repurchase of our common stock and $10.9 million for the payment of dividends to stockholders, partially offset by $3.1 million from the issuance of shares through our employee stock purchase plan.
−Removed: Our financing activities in the three months ended March 31, 2022 resulted in a $142.3 million net use of cash, consisting of $134.7 million for the repurchase of our common stock and $10.7 million for the payment of dividends to stockholders, partially offset by $3.1 million from the issuance of common stock from the exercise of employee stock options and the issuance of shares through our employee stock purchase plan.
+Added: Our financing activities in the six months ended June 30, 2023 resulted in a $24.7 million net use of cash, consisting of $6.0 million for the repurchase of our common stock and $21.8 million for the payment of dividends to stockholders, partially offset by $3.1 million from the issuance of shares through our employee stock purchase plan.
+Added: Our financing activities in the six months ended June 30, 2022 resulted in a $310.2 million net use of cash, consisting of $292.3 million for the repurchase of our common stock and $20.9 million for the payment of dividends to stockholders, partially offset by $3.1 million from the issuance of shares through our employee stock purchase plan.
In January 2022, our board of directors declared dividends of $0.18 per share to be paid to stockholders of record at the end of each quarter in 2022.
In February 2023, our board of directors declared dividends of $0.19 per share to be paid to stockholders of record at the end of each quarter in 2023.
−Removed: A dividend payout of $10.9 million occurred on March 31, 2023.
−Removed: The declaration of any future cash dividend is at the discretion of the board of directors and will depend on our financial condition, results of operations, capital
−Removed: requirements, business conditions and other factors, as well as a determination that cash dividends are in the best interests of our stockholders.
+Added: Dividend payouts of $10.9 million occurred on each of March 31, 2023 and June 30, 2023.
+Added: The declaration of any future cash dividend is at the discretion of the board of directors and will depend on our financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that cash dividends are in the best interests of our stockholders.
Stock Repurchases
As of December 31, 2022, we had $81.3 million remaining under our stock-repurchase program .
−Removed: In the three months ended March 31, 2023, we repurchased 23,000 shares of our common stock for $1.7 million, leaving $79.6 million remaining on the repurchase authorization as of March 31, 2023.
+Added: In the six months ended June 30, 2023, we repurchased approximately 80,000 shares of our common stock for $6.0 million, leaving $75.3 million remaining on the repurchase authorization as of June 30, 2023.
Authorization of future repurchase programs is at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements, business conditions and other factors;
1 unchanged sentence
Contractual Commitments
−Removed: As of March 31, 2023 we had a contractual obligation related to income tax, which consisted primarily of unrecognized tax benefits of approximately $23.4 million.
+Added: As of June 30, 2023 we had a contractual obligation related to income tax, which consisted primarily of unrecognized tax benefits of approximately $23.7 million.
A portion of the tax obligation is classified as long-term income taxes payable and a portion is recorded in deferred tax assets in our condensed consolidated balance sheet.
−Removed: As of March 31, 2023, there were no material changes in our contractual commitments from those reported in our Annual Report on Form 10-K for the year ended December 31, 2022.
+Added: As of June 30, 2023, there were no material changes in our contractual commitments from those reported in our Annual Report on Form 10-K for the year ended December 31, 2022.
Other Information
2 unchanged sentences
federal taxes.
−Removed: Accordingly, as of March 31, 2023, our worldwide cash and marketable securities are available to fund capital allocation needs, including capital and internal investments, acquisitions, stock repurchases and/or dividends without incurring additional U.S.
+Added: Accordingly, as of June 30, 2023, our worldwide cash and marketable securities are available to fund capital allocation needs, including capital and internal investments, acquisitions, stock repurchases and/or dividends without incurring additional U.S.
federal income taxes.
6 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.