What changed in this filing

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Item 1. Financial Statements

2024-05-10 compared with 2024-02-09 · 96 added, 83 removed, 467 unchanged (28% of the section changed)

Financial Statements

Financial Statements (Unaudited)

UBIQUITI INC.

1 unchanged sentence

(In thousands, except share and per share data)

December 31, 2023 June 30, 2023

March 31, 2024 June 30, 2023

Current assets:

1 unchanged sentence

Investments — short-term 8 109

Accounts receivable, net of allowance for doubtful accounts of $ 225 and $ 92 at December 31, 2023 and June 30, 2023, respectively

Accounts receivable, net of allowance for doubtful accounts of $ 232 and $ 92 at March 31, 2024 and June 30, 2023, respectively

187,564 167,787

8 unchanged sentences

Total assets $ 1,223,784 $ 1,406,399

Liabilities and Stockholders’ Deficit

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities:

11 unchanged sentences

Commitments and contingencies (Note 9)

Stockholders’ deficit:

Stockholders’ equity (deficit):

Preferred stock—$ 0.001 par value;

2 unchanged sentences

500,000,000 shares authorized:

60,448,287 and 60,441,896 issued and outstanding as of December 31, 2023 and June 30, 2023, respectively

60,461,405 and 60,441,896 issued and outstanding as of March 31, 2024 and June 30, 2023, respectively

Additional paid–in capital 8,985 4,721

Accumulated deficit ( 23,185 ) ( 120,514 )

Total stockholders’ (deficit) ( 15,722 ) ( 115,733 )

Total liabilities and stockholders’ deficit $ 1,334,913 $ 1,406,399

Retained earnings (deficit) 16,828 ( 120,514 )

Total stockholders’ equity (deficit) 25,873 ( 115,733 )

Total liabilities and stockholders’ equity (deficit) $ 1,223,784 $ 1,406,399

See accompanying notes to consolidated financial statements (unaudited).

2 unchanged sentences

(In thousands, except per share amounts)

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2024 2023 2024 2023

21 unchanged sentences

(In thousands, except share data)

Three and Six Months Ended December 31, 2023

Three and Nine Months Ended March 31, 2024

Common Stock Additional Paid-In Capital Retained Earnings (Deficit) Total Stockholders’ Equity (Deficit)

16 unchanged sentences

60,448,287 $ 60 $ 7,403 $ ( 23,185 ) $ ( 15,722 )

Three and Six Months Ended December 31, 2022

Net Income — — — 76,290 76,290

Restricted stock units issued, net of tax withholdings 13,118 — ( 82 ) — ( 82 )

Share-based compensation expense — — 1,664 — 1,664

Dividends Paid on Common Stock ($ 0.60 per share)

— — — ( 36,277 ) ( 36,277 )

Balances at March 31, 2024

60,461,405 $ 60 $ 8,985 $ 16,828 $ 25,873

Three and Nine Months Ended March 31, 2023

Common Stock Additional Paid-In Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Total Stockholders’ Equity (Deficit)

19 unchanged sentences

60,430,958 $ 60 $ 2,228 $ ( 250,238 ) $ — $ ( 247,950 )

Net Income — — — 98,577 — 98,577

Restricted stock units issued, net of tax withholdings 10,775 — ( 83 ) — — ( 83 )

Share-based compensation expense — — 1,246 — — 1,246

Dividends Paid on Common Stock ($ 0.60 per share)

— — — ( 36,265 ) — ( 36,265 )

Balances at March 31, 2023

60,441,733 $ 60 $ 3,391 $ ( 187,926 ) $ — $ ( 184,475 )

See accompanying notes to consolidated financial statements (unaudited).

2 unchanged sentences

(In thousands) (Unaudited)

Six Months Ended December 31,

Nine Months Ended March 31,

Cash Flows from Operating Activities:

7 unchanged sentences

Share-based compensation 4,671 3,394

Provisions for doubtful accounts 140 14

Deferred taxes 680 135

Provision for sales returns ( 312 ) 62

Other, net 101 1,105

8 unchanged sentences

Accrued and other liabilities 1,641 ( 1,312 )

Net cash provided by operating activities 146,263 2,333

Net cash provided by (used in) operating activities 310,115 ( 159,872 )

Cash Flows from Investing Activities:

33 unchanged sentences

These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2023, included in its Annual Report on Form 10-K, as filed with the SEC on August 25, 2023 (the “Annual Report”).

The results of operations for the three and six months ended December 31, 2023 are not necessarily indicative of the results to be expected for any future periods.

The results of operations for the three and nine months ended March 31, 2024 are not necessarily indicative of the results to be expected for any future periods.

NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

45 unchanged sentences

The current portion of deferred revenue is included in other current liabilities and the non-current portion is included in other long-term liabilities in our consolidated balance sheets.

As of December 31, 2023 and June 30, 2023, the Company’s customer deposits were $ 2.6 million and $ 1.2 million, respectively.

As of December 31, 2023, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $ 18.2 million and $ 9.7 million, respectively.

As of March 31, 2024 and June 30, 2023, the Company’s customer deposits were $ 1.7 million and $ 1.2 million, respectively.

As of March 31, 2024, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $ 18.8 million and $ 11.1 million, respectively.

As of June 30, 2023, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $ 17.9 million and $ 7.8 million, respectively.

We expect the majority of our deferred revenue to convert to revenue in two years .

For the three and six months ended December 31, 2023 we recognized revenues amounting to $ 4.3 million and $ 11.0 million respectively from the deferred revenue balance as of June 30, 2023.

For the three and six ended December 31, 2022, we recognized revenues amounting to $ 5.0 million and $ 13.6 million respectively from the deferred revenue balance as of June 30, 2022.

For the three and nine months ended March 31, 2024 we recognized revenues amounting to $ 3.7 million and $ 14.7 million respectively from the deferred revenue balance as of June 30, 2023.

For the three and nine months ended March 31, 2023, we recognized revenues amounting to $ 4.0 million and $ 17.6 million respectively from the deferred revenue balance as of June 30, 2022.

NOTE 4— EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2024 2023 2024 2023

2 unchanged sentences

Add—dilutive potential common shares:

Stock options — — — 1

Restricted stock units 2 14 3 19

6 unchanged sentences

Inventories consisted of the following (in thousands):

December 31, 2023 June 30, 2023

March 31, 2024 June 30, 2023

Finished goods $ 450,230 $ 643,499

3 unchanged sentences

Property and equipment, net consisted of the following (in thousands):

December 31, 2023 June 30, 2023

March 31, 2024 June 30, 2023

Testing equipment $ 18,620 $ 18,265

10 unchanged sentences

Other long-term assets consisted of the following (in thousands):

December 31, 2023 June 30, 2023

March 31, 2024 June 30, 2023

Hong Kong Tax deposit (1)

5 unchanged sentences

See Note 12, "Income Taxes" to the consolidated financial statements for additional details regarding this ongoing tax audit.

(2) Accumulated amortization was $ 6.7 million and $ 5.9 million as of December 31, 2023, and June 30, 2023, respectively.

(2) Accumulated amortization was $ 7.1 million and $ 5.9 million as of March 31, 2024, and June 30, 2023, respectively.

Other Current Liabilities

Other current liabilities consisted of the following (in thousands):

December 31, 2023 June 30, 2023

March 31, 2024 June 30, 2023

Deferred revenue — short-term $ 18,814 17,911

10 unchanged sentences

Other long-term liabilities consisted of the following (in thousands):

December 31, 2023 June 30, 2023

March 31, 2024 June 30, 2023

Deferred revenue — long-term $ 11,131 $ 7,774

7 unchanged sentences

Warranty obligations, included in other current liabilities, were as follows (in thousands):

Six Months Ended December 31,

Nine Months Ended March 31,

Beginning balance $ 8,745 $ 6,394

5 unchanged sentences

In addition, the Facilities include an option to request increases in the amounts of such credit facilities by up to an additional $ 500 million in the aggregate.

The loans under the Initial Term Loan Facility are payable in quarterly installments of $ 6.25 million per quarter, commencing with the quarter ending June 30, 2021.

On April 3, 2023, the Company as borrower and the Domestic Guarantors entered into a first amendment (the “First Amendment”) to the Third Amended and Restated Credit Agreement (as amended, the “Amended Credit Agreement”) with the financial institutions named as lenders therein and Wells Fargo.

1 unchanged sentence

The obligations of the Company and certain domestic subsidiaries under the Amended Credit Agreement are required to be guaranteed by the Domestic Guarantors and are collateralized by substantially all assets (excluding intellectual property) of the Company and the Domestic Guarantors.

The Company's unamortized balance of debt issuance costs are $ 2.2 million as of December 31, 2023, which are amortized as interest expense over the life of the Facilities.

The Company's unamortized balance of debt issuance costs are $ 2.0 million as of March 31, 2024, which are amortized as interest expense over the life of the Facilities.

The Company's debt consisted of the following (in thousands):

December 31, 2023 June 30, 2023

March 31, 2024 June 30, 2023

Initial Term Loan Facility - short term $ 25,000 $ 25,000

10 unchanged sentences

Under the Amended Credit Agreement, revolving loans and swingline loans may be borrowed, repaid and reborrowed until March 30, 2026, at which time all amounts borrowed must be repaid.

The loans under the Initial Term Loan Facility are payable in quarterly installments of $ 6.25 million per quarter, commencing with the quarter ending June 30, 2021.

Loans under the Facilities may be prepaid at any time without penalty.

The revolving loans and term loans under the Initial Term Loan Facility bear interest, at the Company’s option, at either (i) a floating rate per annum equal to the Base Rate (as defined below) plus a margin of between 0.50 % and 1.25 %, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter or (ii) a floating per annum rate equal to the Adjusted Term SOFR (as defined below) for a specified period, plus a margin of between 1.50 % and 2.25 %, depending on the Company’s

consolidated total leverage ratio as of the most recently ended fiscal quarter.

Term SOFR (as defined below) for a specified period, plus a margin of between 1.50 % and 2.25 %, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter.

Swingline loans bear interest at a floating rate per annum equal to the Base Rate plus a margin of be tween 0.50 % and 1.25 %, depending on the Company’s consolidated total leverage ratio as of the most recently ended fiscal quarter.

14 unchanged sentences

The Facilities

As of December 31, 2023, $ 431.3 million was outstanding on the Initial Term Loan Facility, $ 240.6 million was outstanding on the First Amendment Term Loan Facility, and $ 325 million was outstanding on the Revolving Facility, leaving $ 375 million available on the Revolving Facility.

As of March 31, 2024, $ 425.0 million was outstanding on the Initial Term Loan Facility, $ 237.5 million was outstanding on the First Amendment Term Loan Facility, and $ 215.0 million was outstanding on the Revolving Facility, leaving $ 485.0 million available on the Revolving Facility.

Term Loan Facilities

During the six months ended December 31, 2023, the Company made aggregate payments of $ 45.9 million under the Term Loan Facilities, of which $ 18.8 million was repayment of principal and $ 27.1 million was payment of interest.

During the nine months ended March 31, 2024, the Company made aggregate payments of $ 67.7 million under the Term Loan Facilities, of which $ 28.1 million was repayment of principal and $ 39.6 million was payment of interest.

Revolving Facility

Under the Amended Credit Agreement, during the six months ended December 31, 2023, the Company made aggregate payments of $ 79.0 million under the Revolving Facility, of which $ 65 million was repayment of principal and $ 14.0 million was payment of interest.

The following table summarizes the Company’s estimated debt and interest payment obligations as of December 31, 2023, for the remainder of fiscal 2024 and future fiscal years (in thousands):

Under the Amended Credit Agreement, during the nine months ended March 31, 2024, the Company made aggregate payments of $ 195.0 million under the Revolving Facility, of which $ 175 million was repayment of principal and $ 20.0 million was payment of interest.

The following table summarizes the Company’s estimated debt and interest payment obligations as of March 31, 2024, for the remainder of fiscal 2024 and future fiscal years (in thousands):

2024 (remainder)

4 unchanged sentences

Total $ 25,602 $ 100,884 $ 876,249 $ — $ — $ — $ 1,002,735

(1) Interest payments are calculated based on the applicable rates and payment dates as of December 31, 2023.

(1) Interest payments are calculated based on the applicable rates and payment dates as of March 31, 2024.

Although our interest rates on our debt obligations may vary, we have assumed the most recent available interest rates for all periods presented.

2 unchanged sentences

Some of our leases include options to extend the term of such leases for a period from 12 months to 60 months, and/or have options to early terminate the lease.

As of December 31, 2023, we included such options in determining the lease terms for certain of our leases because we were reasonably certain that we would exercise the extension options.

As of March 31, 2024, we included such options in determining the lease terms for certain of our leases because we were reasonably certain that we would exercise the extension options.

Most of our leases require us to pay certain operating expenses in addition to base rent, such as taxes, insurance and maintenance costs.

The following table summarizes our lease costs for the three and six months ended December 31, 2023 and 2022 (in thousands):

Financial Statement Classification Three Months Ended December 31, Six Months Ended December 31,

The following table summarizes our lease costs for the three and nine months ended March 31, 2024 and 2023 (in thousands):

Financial Statement Classification Three Months Ended March 31, Nine Months Ended March 31,

2024 2023 2024 2023

6 unchanged sentences

The operating lease costs in the table above include costs for long-term and short-term leases.

Total short-term costs for the three and six months ended December 31, 2023 and 2022, were immaterial.

Total short-term costs for the three and nine months ended March 31, 2024 and 2023, were immaterial.

Variable lease costs primarily include maintenance, utilities and operating expenses that are incremental to the fixed base rent payments and are excluded from the calculation of operating lease liabilities and ROU assets.

For the three months ended December 31, 2023 and 2022, cash paid for amounts associated with the Company's operating lease liabilities were approximately $ 4.3 million and $ 4.0 million, respectively.

For the six months ended December 31, 2023 and 2022, cash paid for amounts associated with the Company's operating lease liabilities were approximately $ 8.6 million and $ 7.6 million, respectively.

For the three months ended March 31, 2024 and 2023, cash paid for amounts associated with the Company's operating lease liabilities were approximately $ 4.3 million and $ 3.8 million, respectively.

For the nine months ended March 31, 2024 and 2023, cash paid for amounts associated with the Company's operating lease liabilities were approximately $ 12.9 million and $ 11.4 million, respectively.

Cash paid for amounts associated with the Company’s operating lease liabilities were classified as operating activities in the consolidated statement of cash flows.

The following table shows the Company’s undiscounted future fixed payment obligations under the Company’s recognized operating leases and a reconciliation to the operating lease liabilities as of December 31, 2023:

Remainder of Fiscal 2024

6 unchanged sentences

NOTE 9— COMMITMENTS AND CONTINGENCIES

Operating Leases

See Note 8, "Leases" for future minimum lease payments under non-cancelable operating leases as of December 31, 2023.

Purchase Obligations

We subcontract with third parties to manufacture our products and supply key components.

As of December 31, 2023, we had $ 1,045.0 million of purchase commitments with these third parties.

As of March 31, 2024, we had $ 949.5 million of purchase commitments with these third parties.

If we cancel all or part of the orders, we may still be liable to the contract manufacturers for the cost of the components purchased by the subcontractors to manufacture our products.

There have been no significant liabilities for current or anticipated cancellations recorded as of December 31, 2023.

There have been no significant liabilities for current or anticipated cancellations recorded as of March 31, 2024.

Our consolidated financial position and results of operations could be negatively impacted if we were required to compensate these third parties.

1 unchanged sentence

Transition Tax

We have obligations of $ 50.6 million as of December 31, 2023, related to the mandatory transition tax on accumulated foreign earnings from the 2017 Tax Cuts and Jobs Act.

Payment of these obligations are expected to be $ 22.5 million for fiscal 2025 and $ 28.1 million for fiscal 2026.

These obligations are included within Income tax payable and Long-term taxes payable on our consolidated balance sheets.

We have an obligation of $ 50.6 million as of March 31, 2024, related to the mandatory transition tax on accumulated foreign earnings from the 2017 Tax Cuts and Jobs Act.

We expect to make payments of $ 22.5 million and $ 28.1 million in the first quarter of fiscal 2025 and 2026, respectively, in relation to this obligation.

This obligation is included within Income tax payable and Long-term taxes payable on our consolidated balance sheets.

Other Obligations

As of December 31, 2023, the Company has other obligations of $ 5.5 million which consisted primarily of commitments related to research and development projects.

As of March 31, 2024, the Company has other obligations of $ 5.8 million which consisted primarily of commitments related to research and development projects.

Indemnification Obligations

13 unchanged sentences

On April 11, 2018, the Court stayed the Original Action pending completion of certain inter partes review (“IPR”) proce edings before the Patent Trial and Appeal Board (“PTO”).

The PTO invalidated asserted claims of

two of the three Patents-in-Suit.

The PTO invalidated asserted claims of two of the three Patents-in-Suit.

On June 16, 2021, Vivato filed a new suit against the Company in the Central District of California, alleging that various Company products infringe some of the non-invalidated claims of the ’728 Patent and U.S.

10,594,376 (the “New Action”).

On November 24, 2021, the Company and the remaining defendants in the Original Action filed a motion for judgment on the pleadings regarding the '231 Patent.

November 24, 2021, the Company and the remaining defendants in the Original Action filed a motion for judgment on the pleadings regarding the '231 Patent.

On January 4, 2022, the Court granted defendants’ motion and dismissed Vivato’s claims based on the '231 Patent.

33 unchanged sentences

The Company’s 2020 and 2010 Equity Incentive Plans are described in the Company’s Annual Report.

As of December 31, 2023, the Company had 4,921,319 authorized shares available for future issuance under all of its stock incentive plans.

As of March 31, 2024, the Company had 4,880,028 authorized shares available for future issuance under all of its stock incentive plans.

Share-Based Compensation

The following table shows total share-based compensation expense included in the consolidated statements of operations and comprehensive income for the three and six months ended December 31, 2023 and 2022 (in thousands):

Three Months Ended December 31, Six Months Ended December 31,

The following table shows total share-based compensation expense included in the consolidated statements of operations and comprehensive income for the three and nine months ended March 31, 2024 and 2023 (in thousands):

Three Months Ended March 31, Nine Months Ended March 31,

2024 2023 2024 2023

4 unchanged sentences

Stock Options

There were no options exercised under the Company’s stock incentive plans during the three months ended December 31, 2023 and 2022.

During the six months ended December 31, 2023 and 2022, the aggregate intrinsic value of options exercised under the Company’s stock incentive plans was $ 0.0 million and $ 0.6 million, respectively, as determined as of the date of option exercise.

As of December 31, 2023, the Company had no unrecognized compensation costs related to stock options, and the Company did no t grant any employee stock options during the three and six months ended December 31, 2023, and 2022.

There were no options exercised under the Company’s stock incentive plans during the three months ended March 31, 2024 and 2023.

During the nine months ended March 31, 2024 and 2023, the aggregate intrinsic value of options exercised under the Company’s stock incentive plans was $ 0.0 million and $ 0.6 million, respectively, as determined as of the date of option exercise.

As of March 31, 2024, the Company had no unrecognized compensation costs related to stock options, and the Company did no t grant any employee stock options during the three and nine months ended March 31, 2024, and 2023.

Restricted Stock Units (“RSUs”)

6 unchanged sentences

RSUs canceled ( 1,408 ) $ 293.51

Non-vested RSUs, December 31, 2023

Non-vested RSUs, March 31, 2024

99,877 $ 195.76

The intrinsic value of RSUs vested in the three months ended December 31, 2023 and 2022 was $ 0.1 million and $ 0.6 million, respectively.

The intrinsic value of RSUs vested in the six months ended December 31, 2023 and 2022 was $ 1.4 million and $ 2.7 million, respectively.

The total intrinsic value of all outstanding RSUs was $ 10.0 million as of December 31, 2023.

As of December 31, 2023, there were unrecognized compensation costs related to RSUs of $ 11.4 million which the Company expects to recognize over a weighted average period of 3.0 years.

The intrinsic value of RSUs vested in the three months ended March 31, 2024 and 2023 was $ 1.9 million and $ 3.1 million, respectively.

The intrinsic value of RSUs vested in the nine months ended March 31, 2024 and 2023 was $ 3.3 million and $ 5.8 million, respectively.

The total intrinsic value of all outstanding RSUs was $ 11.6 million as of March 31, 2024.

As of March 31, 2024, there were unrecognized compensation costs related to RSUs of $ 14.3 million which the Company expects to recognize over a weighted average period of 3.5 years.

NOTE 12— INCOME TAXES

The Company recorded tax provisions of $ 20.7 million and $ 40.1 million for the three and six months ended December 31, 2023 as compared to $ 21.7 million and $ 39.9 million for the three and six months ended December 31, 2022.

Our effective tax rate increased to 20.2 % for the three months ended December 31, 2023 as compared to 16.2 % for the three months ended December 31, 2022.

Our effective tax rate increased from 16.3 % for the six months ended December 31, 2022 to 19.1 % for the six months ended December 31, 2023.

The change in effective tax rates for the three and six months ended December 31, 2023, as compared to the same period in the prior year, was primarily driven by a combination of changes in the mix of the income earned in various tax jurisdictions and a one-time release of a reserve for unrecognized tax benefit due to statute of limitation during the three and six months ended December 31, 2022.

The Company recorded tax provisions of $ 16.1 million and $ 56.1 million for the three and nine months ended March 31, 2024 as compared to $ 18.5 million and $ 58.3 million for the three and nine months ended March 31, 2023.

Our effective tax rate increased to 17.4 % for the three months ended March 31, 2024 as compared to 15.8 % for the three months ended March 31, 2023.

Our effective tax rate increased from 16.1 % for the nine months ended March 31, 2023 to 18.6 % for the nine months ended March 31, 2024.

The change in effective tax rates for the three and nine months ended March 31, 2024, as compared to the same periods in the prior year, was primarily driven by a combination of changes in the mix of the income earned in various tax jurisdictions, a one-time release

of a reserve for unrecognized tax benefit due to statute of limitation during the nine months ended March 31, 2023, as well as a one-time benefit for state income taxes recognized during the three and nine months ended March 31, 2024.

The Company’s estimated fiscal year 2024 effective tax rate, before discrete items, differs from the U.S.

3 unchanged sentences

operations under the Global Intangible Low-Taxes Income ("GILTI") rules.

As of December 31, 2023, the Company had approximately $ 34.7 million of unrecognized tax benefits, substantially all of which would, if recognized, affect its tax expense.

As of March 31, 2024, the Company had approximately $ 35.9 million of unrecognized tax benefits, substantially all of which would, if recognized, affect its tax expense.

Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets.

As of December 31, 2023, the Company had $ 4.3 million accrued interest related to uncertain tax matters.

As of March 31, 2024, the Company had $ 5.0 million accrued interest related to uncertain tax matters.

The Company and one or more of its subsidiaries, file income tax returns in the United States federal jurisdiction, and various state, local, and foreign jurisdictions and is currently undergoing income tax examinations by the U.S.

Internal Revenue Service ("IRS") and the Hong Kong IRD.

Internal Revenue Service ( “ IRS ” ) and the Hong Kong Inland Revenue Department ( “IRD”) .

All material consolidated federal, state and local income tax matters have been concluded for years through 2014.

The majority of the Company's foreign jurisdictions have been concluded through 2014, with the exception of Hong Kong which has been reviewed through 2009 and is currently under audit for the 2010-2017 tax years.

In July 2018, the Company received a draft Notice of Proposed Adjustment (“Draft NOPA”) from the IRS proposing an adjustment to income for the fiscal 2015 and fiscal 2016 tax years based on its interpretation of certain obligations of the non-US entities under the credit facility.

15 unchanged sentences

However, an adverse outcome may have a material and adverse effect on the Company’s results of operations and financial condition.

During fiscal years 2022, 2021, 2020, 2019, and 2018, the Company made a total of $ 3.0 million, $ 21.9 million, $ 15.5 million, $ 13.4 million, and $ 6.6 million, respectively, of deposits with the Hong Kong IRD in connection with extending the statute of limitation for income tax examinations currently under audit for 2010-2016 tax years.

On March 30, 2023, the Company received notification that the Hong Kong IRD is seeking an additional $ 0.3 million deposit covering the 2017 tax year.

The Company filed a formal protest in response to this notice and the Assessor's office agreed to a reduced deposit of under $ 0.1 million, which was remitted on May 18, 2023.

Between fiscal years 2018 and 2023, the Company made payments totaling a combined amount of $ 60.4 million as deposits with the Hong Kong IRD in connection with extending the statute of limitation for income tax examinations currently under audit for 2010-2017 statutory tax years.

On March 27, 2024, the Company received notification that the Hong Kong IRD is seeking an additional $ 0.8 million deposit covering the 2018 statutory tax year.

The Company filed a formal protest in response to this notice and the Assessor's office agreed to a reduced deposit of $ 0.1 million covering the 2018 statutory tax year.

The refundable deposits are included within other long-term assets on our Consolidated Balance Sheets.

9 unchanged sentences

Revenues by product type are as follows (in thousands, except percentages):

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2024 2023 2024 2023

3 unchanged sentences

Revenues by geography based on customer’s ship-to destinations were as follows (in thousands, except percentages):

Three Months Ended December 31, Six Months Ended December 31,

Three Months Ended March 31, Nine Months Ended March 31,

2024 2023 2024 2023

5 unchanged sentences

Total revenues $ 492,997 100 % $ 457,773 100 % $ 1,421,029 100 % $ 1,449,427 100 %

(1) Revenue for the United States was $ 210.4 million and $ 209.4 million for the three months ended December 31, 2023 and 2022, respectively.

Revenue for the United States was $ 419.6 million and $ 419.7 million for the six months ended December 31, 2023 and 2022, respectively.

(1) Revenue for the United States was $ 226.2 million and $ 214.3 million for the three months ended March 31, 2024 and 2023, respectively.

Revenue for the United States was $ 645.8 million and $ 634.0 million for the nine months ended March 31, 2024 and 2023, respectively.

For the periods presented, there were no customers with an accounts receivable balance of 10% or greater of total accounts receivable or customers with net revenues of 10% or greater of total revenues.

NOTE 14— SUBSEQUENT EVENTS

On February 5, 2024, the Company's Board of Directors approved a quarterly cash dividend of $ 0.60 per share payable on February 26, 2024 to shareholders of record at the close of business on February 20, 2024.

On May 7, 2024, the Company's Board of Directors approved a quarterly cash dividend of $ 0.60 per share payable on May 28, 2024 to shareholders of record at the close of business on May 20, 2024.

Any future dividends will be subject to the approval of the Company’s Board of Directors.

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