9 unchanged sentences
A large percentage of our products are ICs used in AC-DC power supplies, which convert the high-voltage AC from a wall outlet to the low-voltage DC required by most electronic devices.
−Removed: Power supplies incorporating our products are used with all manner of electronic products including mobile phones, computing and networking equipment, appliances, electronic utility meters, battery-powered tools, industrial controls, and “home-automation,” or “internet of things” applications such as networked thermostats, power strips and security devices.
+Added: Power supplies incorporating our products are used with all manner of electronic products including appliances, computing and networking equipment, mobile phones, electronic utility meters, battery-powered tools, industrial controls, and “home-automation,” or “internet of things” applications such as networked thermostats, power strips and security devices.
Variations of our power-supply ICs are used for high-voltage power conversion in electric vehicles (“EVs”).
1 unchanged sentence
We also offer high-voltage gate drivers—either standalone ICs or circuit boards containing ICs, electrical isolation components and other circuitry—used to operate high-voltage switches such as insulated-gate bipolar transistors (“IGBTs”) and silicon-carbide (“SiC”) MOSFETs.
−Removed: These combinations of switches and drivers are used for power conversion in high-power applications (i.e., power levels ranging from approximately 100 kilowatts up to gigawatts) such as industrial motors, solar- and wind-power systems, EVs and high-voltage DC transmission systems.
−Removed: Our products bring a number of important benefits to the power-conversion market compared with less advanced alternatives, including reduced component count and design complexity, smaller size, higher reliability and reduced time-to-market.
−Removed: Our products also reduce the energy consumption of power converters during normal use and in “standby” operation, when the end product is not in use.
−Removed: In addition to the environmental benefits of reduced energy usage, our energy-saving technologies provide a number of benefits to our customers;
−Removed: these include helping them meet the increasingly stringent efficiency standards now in effect for many electronic products, and enabling the elimination of bulky heatsinks used to dissipate the heat produced by wasted electricity.
+Added: These combinations of switches and drivers are used for power conversion in high-power applications (i.e., power levels ranging from approximately 100 kilowatts up to gigawatts) such as industrial motors, solar- and wind-power systems, locomotives, EVs and high-voltage DC transmission systems.
Our power-conversion products are distinguished by their “system-level” nature;
7 unchanged sentences
and more efficient use of engineering resources.
−Removed: Our products also
−Removed: reduce the energy consumption of power converters during normal use and in “standby” operation, when the end product is not in use.
+Added: Our products also reduce the energy consumption of power converters during normal use and in “standby” operation, when the end product is not in use.
In addition to the environmental and economic benefits of reduced energy usage, our energy-saving technologies provide a number of benefits to our customers;
5 unchanged sentences
● Increase our penetration of the markets we serve.
−Removed: We currently address AC-DC applications with power outputs up to approximately 500 watts, gate-driver applications ranging approximately 100 kilowatts up to gigawatts, and motor-drive applications up to approximately 400 watts.
+Added: We currently address AC-DC applications with power outputs up to approximately 500 watts, gate-driver applications ranging from approximately 100 kilowatts up to gigawatts, and motor-drive applications up to approximately one horsepower.
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.
13 unchanged sentences
These include the introduction of products that enable us to address higher-power AC-DC applications (such as our Hiper™ product families), the introduction of LED-driver products, and our entry into the gate-driver market through the acquisition of CT-Concept Technologie AG in 2012.
−Removed: In 2016 we introduced the SCALE-iDriver TM family of ICs, broadening the range of gate-driver applications we can address, and in 2018 we introduced our BridgeSwitch™ motor-driver ICs for BLDC motors.
+Added: In 2016 we introduced the SCALE-iDriver TM family of ICs, broadening the range of gate-driver applications we can address.
+Added: In 2018 we introduced our BridgeSwitch™ motor-driver ICs for BLDC motors;
+Added: in 2024 we introduced BridgeSwitch-2, which expands our addressable power range of motor-drive applications.
We have recently introduced a series of automotive-qualified versions of our products, including SCALE-iDriver, InnoSwitch™ and LinkSwitch™ ICs, targeting the EV market;
1 unchanged sentence
Also contributing to our SAM expansion has been the emergence of new applications within the power ranges that our products can address.
−Removed: For example, applications such as “smart” utility meters, battery-
−Removed: powered lawn equipment and bicycles, and USB power receptacles (often installed alongside traditional AC wall outlets) can incorporate our products.
+Added: For example, applications such as “smart” utility meters, battery-powered lawn equipment and bicycles, and USB power receptacles (often installed alongside traditional AC wall outlets) can incorporate our products.
The increased use of connectivity, LED lighting and other power-consuming electronic features in consumer appliances has also enhanced our SAM.
We have also expanded our SAM through the development of technologies and architectures that increase the value (and therefore the average selling prices) of our products.
−Removed: For example, our InnoSwitch™ ICs integrate circuitry from the secondary, or low-voltage, side of AC-DC power supplies, whereas earlier product families integrated circuitry only on the primary, or high-voltage side.
+Added: For example, our
+Added: InnoSwitch™ ICs integrate circuitry from the secondary, or low-voltage, side of AC-DC power supplies, whereas earlier product families integrated circuitry only on the primary, or high-voltage side.
Our InnoMux™ IC families provide up to three DC outputs, eliminating the need for additional power-management circuitry in certain end products requiring multiple voltages while significantly increasing efficiency.
15 unchanged sentences
Recent Results
−Removed: Our net revenues were $91.7 million and $106.3 million in the three months ended March 31, 2024 and 2023, respectively.
−Removed: We believe that demand for our products has been negatively affected by an array of macroeconomic and geopolitical factors including reduced consumer spending and a reduction in home sales in response to inflation and higher interest rates, general economic weakness in China, weaker industrial activity and the conflicts in Ukraine and the Middle East.
−Removed: We believe these factors have exacerbated the effects of an ongoing cyclical downturn in the semiconductor industry;
+Added: Our net revenues were $106.2 million and $123.2 million in the three months ended June 30, 2024 and 2023, respectively, and $197.9 million and $229.5 million in the six months ended June 30, 2024 and 2023, respectively.
+Added: The decrease in net revenues for the three-month period was driven primarily by the communications end-market, reflecting lower sales of our products for use in smartphone chargers.
+Added: This was driven by a variety of factors including excess inventories at certain end-customers, shifts in market share among handset vendors, diversification of component suppliers among Chinese handset original equipment manufacturers (“OEMs”), including greater use of Chinese-made components, and increased decoupling of handsets and chargers.
+Added: Lower sales into the computer market also contributed to the decline, due primarily to excess inventory related to chargers for tablet computers.
+Added: These decreases were partially offset by higher sales into the consumer end-market, reflecting depletion of excess inventories related to the appliance market.
+Added: For the six-month period ended June 30, 2024, revenues for all but the consumer end-market category decreased compared to the corresponding prior-year period.
+Added: In general, we believe that demand for our products has been negatively affected in recent periods by an array of macroeconomic and geopolitical factors including reduced consumer spending and a reduction in home sales in response to inflation and higher interest rates, general economic weakness in China, weaker industrial activity and the conflicts in Ukraine and the Middle East.
+Added: We believe these factors have exacerbated the effects of a cyclical downturn in the semiconductor industry;
such downturns are commonly experienced following periods of strong growth during which supply-chain participants tend to accumulate excess inventories.
−Removed: Also contributing to the decrease in revenues has been a reduction in sales of our products for mobile-phone chargers;
−Removed: this reflects a variety of factors including increased decoupling of smartphone handsets and chargers, shifts in market share among handset vendors and diversification of component suppliers among Chinese handset OEMs, including greater use of Chinese-made components.
−Removed: Our top ten customers, including distributors that resell to original equipment manufacturers (“OEMs”) and merchant power supply manufacturers, accounted for 77% and 78% of net revenues for the three months ended March 31, 2024 and 2023, respectively.
−Removed: International sales accounted for 98% of our net revenues in both the three months ended March 31, 2024 and 2023.
−Removed: Our gross margin was 52% and 51% for the three months ended March 31, 2024 and 2023, respectively.
−Removed: The increase in gross margin was primarily due to favorable end-market mix and favorable impact of the dollar/yen exchange rate on our wafer costs.
−Removed: Total operating expenses were $47.3 million and $48.2 million for the three months ended March 31, 2024 and 2023, respectively.
−Removed: The decrease in operating expenses for the three-month period was primarily due to lower stock-based
−Removed: compensation expense related to the timing of grants for performance-based awards, as well as decreased product-development expenses.
−Removed: Partially offsetting these decreases were higher salary and related expenses driven by annual salary increases and increased travel expenses.
−Removed: In addition, we recognized a credit to expenses in the first quarter of 2023 related to the recovery of bad debt.
+Added: However, inventories at distributors of our products have decreased significantly over the past several quarters, which contributed to an increase in net revenues for the three months ended June 30, 2024 compared to the prior quarter .
+Added: Our top ten customers, including distributors that resell to OEMs and merchant power supply manufacturers, accounted for 80% and 78% of net revenues for the three and six months ended June 30, 2024, respectively, and 82% and 79% in the corresponding periods of 2023.
+Added: International sales accounted for 99% and 98% of our net revenues for the three and six months ended June 30, 2024, respectively, and 98% in both of the corresponding periods of 2023.
+Added: Our gross margin was 53% and 51% for the three months ended June 30, 2024 and 2023, respectively, and 53% and 51% for the six months ended June 30, 2024 and 2023, respectively.
+Added: The increase in gross margin was primarily due to favorable end-market mix—reflecting a greater amount of revenues coming from higher-margin end-markets—and the favorable impact of the dollar/yen exchange rate on our wafer costs.
+Added: These factors were partially offset by the impact of reduced manufacturing volumes on our unit cost.
+Added: Total operating expenses were $54.6 million and $50.2 million for the three months ended June 30, 2024 and 2023, respectively, and $101.9 million and $98.4 million for the six months ended June 30, 2024 and 2023, respectively.
+Added: The increase in operating expenses for the three- and six-month periods was primarily due to higher stock-based compensation expense related to performance-based awards and higher salaries and related expenses driven by expansion of headcount and annual merit increases.
+Added: Partially offsetting these increases were decreased product-development expenses.
+Added: In addition, we recognized a credit to expenses in the first six months of 2023 related to the recovery of bad debt.
Critical Accounting Policies and Estimates
11 unchanged sentences
Three Months Ended
+Added: Six Months Ended
Cost of revenues
7 unchanged sentences
Provision for income taxes
−Removed: Comparison of the three months ended March 31, 2024 and 2023
+Added: Comparison of the three and six months ended June 30, 2024 and 2023
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, 2024 and 2023 were $91.7 million and $106.3 million, respectively.
−Removed: We believe that demand for our products has been negatively affected by an array of macroeconomic and geopolitical factors including reduced consumer spending and a reduction in home sales in response to inflation and higher interest rates, general economic weakness in China, weaker industrial activity and the conflicts in Ukraine and the Middle East.
−Removed: We believe these factors have exacerbated the effects of an ongoing cyclical downturn in the semiconductor industry;
−Removed: such downturns are commonly experienced following periods of strong growth during which supply-chain participants tend to accumulate excess inventories.
−Removed: Also contributing to the decrease in revenues has been a reduction in sales of our products for mobile-phone chargers;
−Removed: this reflects a variety of factors including increased decoupling of smartphone handsets and chargers, shifts in market share among handset vendors, and diversification of component suppliers among Chinese handset OEMs, including greater use of Chinese-made components.
−Removed: As a result of these factors, revenues from our communications category were lower in the three months ended March 31, 2024, as compared to the corresponding
−Removed: period of 2023.
−Removed: The reduction was partially offset by growth in the consumer category reflecting reduced supply-chain inventories related to consumer appliances.
−Removed: Our revenue mix by end market for the three months ended March 31, 2024 and 2023 was as follows:
+Added: Net revenues for the three and six months ended June 30, 2024 were $106.2 million and $197.9 million, respectively, and $123.2 million and $229.5 million, i n the corresponding periods of 2023, respectively.
+Added: The decrease in net revenues for the three-month period was driven primarily by the communications end-market, reflecting lower sales of our products for use in smartphone chargers.
+Added: This was driven by a variety of factors including excess inventories at
+Added: certain end-customers, shifts in market share among handset vendors, diversification of component suppliers among Chinese handset OEMs, including greater use of Chinese-made components, and increased decoupling of handsets and chargers.
+Added: Lower sales into the computer market also contributed to the decline, due primarily to excess inventory related to chargers for tablet computers.
+Added: These decreases were partially offset by higher sales into the consumer end-market, reflecting depletion of excess inventories related to the appliance market.
+Added: For the six-month period ended June 30, 2024, revenues for all but the consumer end-market category decreased compared to the corresponding prior-year period.
+Added: Our revenue mix by end market for the three and six months ended June 30, 2024 and 2023 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 $90.1 million and $103.8 million in the three months ended March 31, 2024 and 2023, respectively.
+Added: International sales, consisting of sales outside of the United States of America based on “bill to” customer locations, were $104.6 million and $194.6 million in the three and six months ended June 30, 2024, respectively, and $121.1 million and $224.8 million in the corresponding periods of 2023.
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 81% and 80% of our net revenues in the three months ended March 31, 2024 and 2023, respectively.
+Added: As a result, sales to this region represented 85% and 83% of our net revenues in the three and six months ended June 30, 2024, respectively, and 86% and 83% in the corresponding periods of 2023, 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 72% and 63% in the three months ended March 31, 2024 and 2023, respectively.
+Added: Sales to distributors accounted for 69% and 71% of our net revenues in the three and six months ended June 30, 2024, respectively, and 64% and 63% in the corresponding periods of 2023.
Direct sales to OEMs and power-supply manufacturers accounted for the remainder.
1 unchanged sentence
Three Months Ended
+Added: Six Months Ended
Honestar Technologies Co., Ltd.
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 following table compares gross profit and gross margin for the three months ended March 31, 2024 and 2023:
+Added: The following table compares gross profit and gross margin for the three and six months ended June 30, 2024 and 2023:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
−Removed: The increase in gross margin was primarily due to favorable end-market mix and favorable impact of the dollar/yen exchange rate on our wafer costs.
+Added: The increase in gross margin for the three and six months ended June 30, 2024 compared to the corresponding periods of 2023 was primarily due to favorable end-market mix—reflecting a greater amount of revenues coming from higher-margin end-markets—and the favorable impact of the dollar/yen exchange rate on our wafer costs.
+Added: These factors were partially offset by the impact of reduced manufacturing volumes on our unit cost.
Research and development expenses.
−Removed: Research and development (“R&D”) expenses consist primarily of employee-related expenses, including stock-based compensation, and expensed material and facility costs associated with the development of new technologies and new products.
+Added: Research and development (“R&D”) expenses consist primarily of employee-related expenses, including stock-based compensation, and expensed material and facility costs associated with the development of new technologies and products.
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, 2024 and 2023:
+Added: The table below compares R&D expenses for the three and six months ended June 30, 2024 and 2023:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
Headcount (at period end)
−Removed: R&D expenses decreased for the three months ended March 31, 2024, as compared to the corresponding period of 2023 primarily due to decreased stock-based compensation expense related to the timing of grants of performance-based awards, as well as decreased product-development expenses.
−Removed: These decreases were partially offset by higher salary and related expenses driven by annual salary increases, as well as increased travel expenses.
+Added: R&D expenses increased for the three and six months ended June 30, 2024 as compared to the corresponding periods of 2023 primarily due to higher stock-based compensation expense related to performance-based awards and higher salaries and related expenses driven by expansion of headcount and annual merit increases .
+Added: Partially offsetting these increases were decreased product-development 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, 2024 and 2023:
+Added: The table below compares S&M expenses for the three and six months ended June 30, 2024 and 2023:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
1 unchanged sentence
Headcount (at period end)
−Removed: S&M expenses for the three months ended March 31, 2024 were consistent with the corresponding period of 2023.
+Added: S&M expenses increased for the three and six months ended June 30, 2024 as compared to the corresponding periods of 2023, primarily due to higher stock-based compensation expense related to performance-based awards and higher salaries and related expenses driven by expansion of headcount and annual merit increases .
General and administrative expenses.
General and administrative (“G&A”) expenses consist primarily of employee-related expenses, including stock-based compensation expense, 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, 2024 and 2023:
+Added: The table below compares G&A expenses for the three and six months ended June 30, 2024 and 2023:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
Headcount (at period end)
−Removed: G&A expenses increased for the three months ended March 31, 2024, as compared to the corresponding period of 2023, primarily due to a credit to expenses related to the recovery of bad debt in the prior year period.
−Removed: The comparative increase in the three months ended March 31, 2024 was partially offset by decreased stock-based compensation expense related to the timing of grants of performance-based awards.
+Added: G&A expenses increased for the three and six months ended June 30, 2024 as compared to the corresponding periods of 2023, primarily due to higher stock-based compensation expense related to performance-based awards and higher salaries and related expenses due to annual merit increases.
+Added: In addition, we recognized a credit to expenses in the first six months of 2023 related to the recovery of bad debt.
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, 2024 and 2023:
+Added: The table below compares other income for the three and six months ended June 30, 2024 and 2023:
Three Months Ended
+Added: Six Months Ended
(dollars in millions)
−Removed: Other income increased for the three months ended March 31, 2024, as compared to the corresponding period of 2023, primarily due to higher interest income driven by higher interest rates on investments.
+Added: Other income increased for the three and six months ended June 30, 2024 as compared to the corresponding periods of 2023 primarily due to higher interest income driven by higher interest rates on investments.
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, 2024 and 2023:
+Added: The table below compares income-tax expense for the three and six months ended June 30, 2024 and 2023:
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 rate for the three months ended March 31, 2024 and 2023 was 0.5% and 8.0%, respectively.
+Added: Our effective tax rates for the three and six months ended June 30, 2024 were 5.8% and 3.5%, respectively, as compared to 3.7% and 5.1%, respectively, in the corresponding periods of 2023.
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, 2024 and 2023, our effective tax rate was favorably impacted by the recognition of excess tax benefits related to share-based payments and the release of unrecognized tax benefits.
+Added: Additionally, in the three months ended June 30, 2024, our effective tax rate was favorably impacted by the recognition of excess tax benefits related to share-based payments.
+Added: In the six months ended June 30, 2024, our effective tax rate was also favorably impacted by the recognition of excess tax benefits related to share-based payments and by discrete items associated with the release of unrecognized tax benefits.
+Added: In the three and six 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 also favorably impacted by discrete items associated with the release of unrecognized tax benefits.
These benefits were partially offset by U.S.
4 unchanged sentences
Liquidity and Capital Resources
−Removed: As of March 31, 2024, we had $299.6 million in cash, cash equivalents and short-term marketable securities, a decrease of $12.0 million from $311.6 million as of December 31, 2023.
−Removed: As of March 31, 2024, we had working capital, defined as current assets less current liabilities, of $452.9 million, a decrease of approximately $9.8 million from $462.7 million as of December 31, 2023.
+Added: As of June 30, 2024, we had $290.5 million in cash, cash equivalents and short-term marketable securities, a decrease of $21.1 million from $311.6 million as of December 31, 2023.
+Added: As of June 30, 2024, we had working capital, defined as current assets less current liabilities, of $449.6 million, a decrease of approximately $13.1 million from $462.7 million as of December 31, 2023.
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.
4 unchanged sentences
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, 2024.
+Added: No advances were outstanding under the agreement as of June 30, 2024.
Cash from Operating Activities
−Removed: Operating activities generated $15.9 million of cash in the three months ended March 31, 2024.
+Added: Operating activities generated $33.5 million of cash in the six months ended June 30, 2024.
Net income for this period was $8.8 million;
we also incurred depreciation, non-cash stock-based compensation expense, increase in deferred tax assets, accretion of discount on marketable securities, and amortization of intangibles of $17.1 million, $17.4 million, $3.5 million, $0.9 million and $0.9 million, respectively.
−Removed: Sources of cash included a $2.2 million decrease in accounts receivable due to timing of receipts, a $1.3 million increase in accounts payable (excluding payables related to property and equipment) due to timing of payments and a $0.8 million decrease in prepaid expenses and other assets.
−Removed: These sources of cash were partially offset by a $4.7 million increase in inventories due to lower demand during the quarter and a $1.7 million decrease in taxes payable and accrued liabilities.
−Removed: Operating activities generated $16.6 million of cash in the three months ended March 31, 2023.
+Added: Sources of cash primarily included a $2.1 million decrease in
+Added: prepaid expenses and other assets.
+Added: These sources of cash were partially offset by a $6.7 million increase in inventories due to lower demand and a $2.0 million increase in accounts receivable due to timing of customer payments.
+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
−Removed: 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.
+Added: Sources of cash primarily included an $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.
Cash from Investing Activities
−Removed: Our investing activities in the three months ended March 31, 2024 resulted in a $0.1 million net use of cash, primarily consisting of $4.3 million used for purchases of property and equipment, (primarily production-related machinery and equipment) partially offset by $4.3 million from sales and maturities of marketable securities, net of purchases.
−Removed: Our investing activities in the three months ended March 31, 2023 resulted in $18.3 million net 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).
+Added: Our investing activities in the six months ended June 30, 2024 resulted in a $0.9 million net use of cash, primarily consisting of $8.5 million used for purchases of property and equipment (primarily production-related machinery and equipment), partially offset by $7.6 million from sales and maturities of marketable securities, net of purchases.
+Added: Our investing activities in the six months ended June 30, 2023 resulted in $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.
Cash from Financing Activities
−Removed: Our financing activities in the three months ended March 31, 2024 resulted in a $23.3 million net use of cash, consisting of $14.6 million for the repurchase of our common stock and $11.4 million for the payment of dividends to stockholders, partially offset by proceeds of $2.7 million from the issuance of shares through our employee stock purchase plan.
−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 proceeds of $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, 2024 resulted in a $46.0 million net use of cash, consisting of $26.0 million for the repurchase of our common stock and $22.7 million for the payment of dividends to stockholders, partially offset by proceeds of $2.7 million from 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 $21.8 million for the payment of dividends to stockholders and $6.0 million for the repurchase of our common stock, partially offset by $3.1 million from the issuance of shares through our employee stock purchase plan.
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.
In October 2023, our board of directors raised the quarterly cash dividend with the declaration of five cash dividends of $0.20 per share to be paid to stockholders of record at the end of the fourth quarter in 2023 (in lieu of the $0.19 per share announced in February 2023) and at the end of each quarter in 2024.
−Removed: A dividend payout of $11.4 million occurred on March 28, 2024.
+Added: Dividend payouts of $11.4 million occurred on March 28, 2024 and June 28, 2024.
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.
1 unchanged sentence
As of December 31, 2023, we had $26.0 million remaining under our stock-repurchase program .
−Removed: In the three months ended March 31, 2024, we repurchased approximately 207,000 shares of our common stock for $14.6 million, leaving $11.3 million remaining on the repurchase authorization as of March 31, 2024.
+Added: In the six months ended June 30, 2024, we repurchased approximately 371,000 shares of our common stock for $26.0 million, leaving no amount authorized for stock repurchases as of June 30, 2024.
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.
−Removed: the program has no expiration date.
Contractual Commitments
−Removed: As of March 31, 2024 we had a contractual obligation related to income tax, which consisted primarily of unrecognized tax benefits of approximately $16.4 million and interest associated with those benefits of approximately $0.3 million.
+Added: As of June 30, 2024 we had a contractual obligation related to income tax, which consisted primarily of unrecognized tax benefits of approximately $16.4 million and interest associated with those benefits of approximately $0.3 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, 2024, 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, 2023.
+Added: As of June 30, 2024, 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, 2023.
Other Information
2 unchanged sentences
federal taxes.
−Removed: Accordingly, as of March 31, 2024, 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, 2024, 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.