What changed in this filing

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Item 1. Financial Statements

2025-05-09 compared with 2025-02-07 · 92 added, 95 removed, 458 unchanged (29% of the section changed)

3 unchanged sentences

(In thousands, except share and per share data)

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Current assets:

Cash and cash equivalents $ 150,967 $ 126,342

Accounts receivable, net of allowance for doubtful accounts of $ 6,024 and $ 498 at December 31, 2024 and June 30, 2024, respectively

Accounts receivable, net of allowance for doubtful accounts of $ 6,061 and $ 498 at March 31, 2025 and June 30, 2024, respectively

222,223 169,147

27 unchanged sentences

500,000,000 shares authorized:

60,470,517 and 60,462,539 issued and outstanding as of December 31, 2024 and June 30, 2024, respectively

60,490,469 and 60,462,539 issued and outstanding as of March 31, 2025 and June 30, 2024, respectively

Additional paid–in capital 15,338 10,645

6 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,

2025 2024 2025 2024

21 unchanged sentences

(In thousands, except share data)

Three and Six Months Ended December 31, 2024

Three and Nine Months Ended March 31, 2025

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

16 unchanged sentences

60,470,517 $ 60 $ 13,811 $ 276,574 $ 290,445

Three and Six Months Ended December 31, 2023

Net Income — — — 180,435 180,435

Restricted stock units issued, net of tax withholdings 19,952 1 ( 321 ) — ( 320 )

Share-based compensation expense — — 1,848 — 1,848

Dividends Paid on Common Stock ($ 0.60 per share)

— — — ( 36,295 ) ( 36,295 )

Balances at March 31, 2025

60,490,469 $ 61 $ 15,338 $ 420,714 $ 436,113

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 )

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

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:

3 unchanged sentences

Amortization of debt issuance costs 1,694 1,296

Non-cash lease expense ( 108 ) 220

Provision for excess and obsolete inventory 6,586 21,668

18 unchanged sentences

Cash Flows from Financing Activities:

Proceeds from borrowing under the credit facility- Revolver 30,000 —

Repayment against credit facility- Revolver ( 205,000 ) ( 175,000 )

27 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, 2024, included in its Annual Report on Form 10-K, as filed with the SEC on August 23, 2024 (the “Annual Report”).

The results of operations for the three and six months ended December 31, 2024 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, 2025 are not necessarily indicative of the results to be expected for any future periods.

NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

16 unchanged sentences

Additionally, current annual disclosures about a reportable segment’s profit or loss and assets will be required on an interim basis.

Entities will also be required to disclose information about the CODM’s title and position at the Company along with an explanation of how the CODM uses the reported measures of segment profit or loss in their assessment of segment performance and deciding whether how to allocate resources.

Finally, ASU 2023-07 requires all segment disclosures for public entities, even those with a single reportable segment.

34 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, 2024 and June 30, 2024, the Company’s customer deposits were $ 1.2 million and $ 1.3 million, respectively.

As of December 31, 2024, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $ 26.8 million and $ 18.8 million, respectively.

As of March 31, 2025 and June 30, 2024, the Company’s customer deposits were $ 1.4 million and $ 1.3 million, respectively.

As of March 31, 2025, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $ 30.2 million and $ 22.1 million, respectively.

As of June 30, 2024, the Company’s deferred revenue, included in other current liabilities and other long-term liabilities, was $ 20.3 million and $ 13.4 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, 2024 we recognized revenues amounting to $ 4.9 million and $ 12.3 million from the deferred revenue balance as of June 30, 2024.

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

For the three and nine months ended March 31, 2025 we recognized revenues amounting to $ 4.3 million and $ 16.6 million, respectively, from the deferred revenue balance as of June 30, 2024.

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.

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,

2025 2024 2025 2024

10 unchanged sentences

Inventories consisted of the following (in thousands):

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Finished goods $ 537,388 $ 387,447

3 unchanged sentences

Prepaid expenses and other current assets consisted of the following (in thousands):

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Prepaid income taxes $ 7,307 $ 6,766

4 unchanged sentences

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

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Testing equipment $ 19,107 $ 18,964

10 unchanged sentences

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

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Hong Kong Tax deposit (1)

5 unchanged sentences

See Note 11, "Income Taxes" to the consolidated financial statements for additional details regarding this ongoing tax audit.

(2) Accumulated amortization was $ 8.2 million and $ 7.5 million as of December 31, 2024, and June 30, 2024, respectively.

(2) Accumulated amortization was $ 8.6 million and $ 7.5 million as of March 31, 2025, and June 30, 2024, respectively.

Other Current Liabilities

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

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Deferred revenue — short-term $ 30,155 20,332

10 unchanged sentences

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

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Deferred revenue — long-term $ 22,149 $ 13,416

1 unchanged sentence

The Company offers warranties on certain products, generally a period of one to two years and records a liability for the estimated future costs associated with potential warranty claims.

The warranty costs are reflected in the Company’s consolidated statements of operations and comprehensive income within cost of revenues.

The warranty costs are reflected in the Company’s consolidated statements of

operations and comprehensive income within cost of revenues.

The warranties are typically in effect for one year for distributors from the date of shipment and two years for direct sales from the date of delivery.

3 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 $ 10,825 $ 8,745

10 unchanged sentences

As of September 30, 2024 the Company had repaid all of the First Amendment Term Loan Facility and as a result there are no future payments due.

The Company's unamortized balance of debt issuance costs is $ 0.7 million as of December 31, 2024, which are amortized as interest expense over the life of the Facilities.

Amortization of debt issuance costs included in interest expense for the three months ended December 31, 2024 and December 31, 2023 were $ 0.3 million and $ 0.4 million, respectively.

Amortization of debt issuance costs included in interest expense for the six months ended December 31, 2024 and December 31, 2023 were $ 1.4 million and $ 0.9 million, respectively.

The Company's unamortized balance of debt issuance costs is $ 0.6 million as of March 31, 2025, which are amortized as interest expense over the life of the Facilities.

Amortization of debt issuance costs included in interest expense for the three months ended March 31, 2025 and March 31, 2024 were $ 0.3 million and $ 0.4 million, respectively.

Amortization of debt issuance costs included in interest expense for the nine months ended March 31, 2025 and March 31, 2024 were $ 1.7 million and $ 1.3 million, respectively.

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

December 31, 2024 June 30, 2024

March 31, 2025 June 30, 2024

Initial Term Loan Facility - short term $ 340,000 $ 25,000

26 unchanged sentences

The Amended Credit Agreement includes customary events of default that include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of control and certain ERISA events.

The occurrence of an event of default could result in the acceleration

of the obligations under the Amended Credit Agreement.

The occurrence of an event of default could result in the acceleration of the obligations under the Amended Credit Agreement.

The Facilities

As of December 31, 2024, $ 406.3 million was outstanding on the Initial Term Loan Facility.

There was no outstanding balance on the Revolving Facility as of December 31, 2024, resulting in $ 700.0 million being available on the Revolving Facility.

The First Amendment Term Loan Facility was fully repaid during the three months ended September 30, 2024 and there is no balance outstanding as of December 31, 2024.

As of March 31, 2025, $ 340.0 million was outstanding on the Initial Term Loan Facility.

There was no outstanding balance on the Revolving Facility as of March 31, 2025, resulting in $ 700.0 million being available on the Revolving Facility.

The First Amendment Term Loan Facility was fully repaid during the three months ended September 30, 2024 and there is no balance outstanding as of March 31, 2025.

Term Loan Facilities

During the six months ended December 31, 2024, the Company made aggregate payments of $ 142.3 million under the Term Loan Facilities, of which $ 126.9 million was repayment of principal and $ 15.4 million was payment of interest.

During the nine months ended March 31, 2025, the Company made aggregate payments of $ 214.5 million under the Term Loan Facilities, of which $ 193.1 million was repayment of principal and $ 21.4 million was payment of interest.

Revolving Facility

Under the Amended Credit Agreement, during the six months ended December 31, 2024, the Company made aggregate payments of $ 179.9 million under the Revolving Facility, of which $ 175.0 million was repayment of principal and $ 4.9 million was payment of interest.

The following table summarizes the Company’s estimated debt and interest payment obligations as of December 31, 2024, for the remainder of fiscal 2025 and future fiscal years (in thousands):

Under the Amended Credit Agreement, during the nine months ended March 31, 2025, the Company made aggregate payments of $ 210.0 million under the Revolving Facility, of which $ 205.0 million was repayment of principal and $ 5.0 million was payment of interest.

The following table summarizes the Company’s estimated debt and interest payment obligations as of March 31, 2025, for the remainder of fiscal 2025 and future fiscal years (in thousands):

2025 (remainder)

4 unchanged sentences

Total $ 11,696 $ 349,530 $ — $ — $ — $ — $ 361,226

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

(1) Interest payments are calculated based on the applicable rates and payment dates as of March 31, 2025.

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, 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.

As of March 31, 2025, 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, 2024 and 2023 (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, 2025 and 2024 (in thousands):

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

2025 2024 2025 2024

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, 2024 and 2023 were immaterial.

Total short-term costs for the three and nine months ended March 31, 2025 and 2024 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, 2024 and 2023, cash paid for amounts associated with the Company's operating lease liabilities were approximately $ 4.5 million and $ 4.3 million, respectively.

For the six months ended December 31, 2024 and 2023, cash paid for amounts associated with the Company's operating lease liabilities were approximately

$ 8.9 million and $ 8.6 million, respectively.

For both the three months ended March 31, 2025 and 2024, cash paid for amounts associated with the Company's operating lease liabilities were approximately $ 4.3 million.

For the nine months ended March 31, 2025 and 2024, cash paid for amounts associated with the Company's operating lease liabilities were approximately $ 13.3 million and $ 12.9 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, 2024:

Remainder of Fiscal 2025

8 unchanged sentences

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

As of December 31, 2024, we had $ 1,150.2 million of purchase commitments with these third parties.

As of March 31, 2025, we had $ 1,264.5 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, 2024.

There have been no significant liabilities for current or anticipated cancellations recorded as of March 31, 2025.

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 an obligation of $ 28.1 million as of December 31, 2024, related to the mandatory transition tax on accumulated foreign earnings from the 2017 Tax Cuts and Jobs Act.

We have an obligation of $ 28.1 million as of March 31, 2025, related to the mandatory transition tax on accumulated foreign earnings from the 2017 Tax Cuts and Jobs Act.

We expect to make a payment to fully settle this obligation in the first quarter of fiscal 2026.

1 unchanged sentence

Other Obligations

As of December 31, 2024, the Company has other obligations of $ 6.9 million which consisted primarily of commitments related to research and development projects.

As of March 31, 2025, the Company has other obligations of $ 5.2 million which consisted primarily of commitments related to research and development projects.

Indemnification Obligations

3 unchanged sentences

Legal Matters

The Company may be involved, from time to time, in a variety of claims, lawsuits, investigations, and proceedings relating to contractual disputes, intellectual property rights, employment matters, regulatory compliance matters and other litigation matters

relating to various claims that arise in the normal course of business.

The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated.

The Company assesses its potential liability by analyzing specific litigation and regulatory matters using available information.

The Company develops its views on estimated losses in consultation with inside and outside counsel, which involves a subjective analysis of potential results and outcomes, assuming various combinations of appropriate litigation and settlement strategies.

develops its views on estimated losses in consultation with inside and outside counsel, which involves a subjective analysis of potential results and outcomes, assuming various combinations of appropriate litigation and settlement strategies.

Taking all of the above factors into account, the Company records an amount where it is probable that the Company will incur a loss and where that loss can be reasonably estimated.

2 unchanged sentences

The Company is not currently aware of any pending or threatened litigation that would have a material adverse effect on the Company’s financial statements.

On April 19, 2017, XR Communications, LLC, d/b/a Vivato Technologies (“Vivato”), filed a complaint against the Company in the United States District Court for the Central District of California.

On October 16, 2024, the Company and Vivato entered into a settlement agreement and the complaint was dismissed with prejudice by the court on October 24,2024.

Network-1 Technologies, Inc.

On October 5, 2022, Network-1 Technologies, Inc.

("Network-1") filed a patent infringement lawsuit against the Company in the District of Delaware, alleging that various Company products infringe United States Patent Number 6,218,930, which relates to 802.3af and 802.3at “ Power over Ethernet ” standards.

Network-1 seeks compensatory and enhanced damages, attorneys' fees and costs, and pre- and post-judgment interest.

The Company plans to vigorously defend itself against these claims;

however, there can be no assurance that the Company will prevail in the lawsuit.

The Company cannot currently estimate the possible loss or range of losses, if any, that it may experience in connection with this litigation.

Intellectual Ventures I LLC v.

8 unchanged sentences

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

As of December 31, 2024, the Company had 4,864,099 authorized shares available for future issuance under all of its stock incentive plans.

As of March 31, 2025, the Company had 4,847,521 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, 2024 and 2023 (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, 2025 and 2024 (in thousands):

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

2025 2024 2025 2024

4 unchanged sentences

Stock Options

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

As of December 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 six months ended December 31, 2024, and 2023.

There were no options exercised under the Company’s stock incentive plans during the three and nine months ended March 31, 2025 and 2024.

As of March 31, 2025, 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, 2025, and 2024.

Restricted Stock Units (“RSUs”)

6 unchanged sentences

RSUs canceled ( 4,948 ) $ 190.31

Non-vested RSUs, December 31, 2024

Non-vested RSUs, March 31, 2025

102,921 $ 207.89

The intrinsic value of RSUs vested in both the three months ended December 31, 2024 and 2023 was $ 0.1 million.

The intrinsic value of RSUs vested in the six months ended December 31, 2024 and 2023 was $ 1.6 million and $ 1.4 million, respectively.

The total intrinsic value of all outstanding RSUs was $ 35.3 million as of December 31, 2024.

As of December 31, 2024, there were unrecognized compensation costs related to RSUs of $ 12.4 million which the Company expects to recognize over a weighted average period of 2.9 years.

The intrinsic value of RSUs vested in the three months ended March 31, 2025 and 2024 was $ 6.9 million and $ 1.9 million, respectively.

The intrinsic value of RSUs vested in the nine months ended March 31, 2025 and 2024 was $ 8.5 million and $ 3.3 million, respectively.

The total intrinsic value of all outstanding RSUs was $ 31.9 million as of March 31, 2025.

As of March 31, 2025, there were unrecognized compensation costs related to RSUs of $ 16.1 million which the Company expects to recognize over a weighted average period of 3.2 years.

NOTE 11— INCOME TAXES

The Company recorded tax provisions of $ 30.6 million and $ 61.2 million for the three and six months ended December 31, 2024 as compared to $ 20.7 million and $ 40.1 million for the three and six months ended December 31, 2023.

Our effective tax rate decreased to 18.3 % for the three months ended December 31, 2024 as compared to 20.2 % for the three months ended December 31, 2023.

Our effective tax rate decreased from 19.1 % for the six months ended December 31, 2023 to 18.8 % for the six months ended December 31, 2024.

The change in effective tax rates for the three and six months ended December 31, 2024, as compared to the same periods in the prior year, was primarily driven by changes in the mix of the income earned in various tax jurisdictions as well as a U.S.

state adjustment recorded in the three months ended December 31, 2023.

The Company recorded tax provisions of $ 41.0 million and $ 102.2 million for the three and nine months ended March 31, 2025 as compared to $ 16.1 million and $ 56.1 million for the three and nine months ended March 31, 2024.

Our effective tax rate increased to 18.5 % for the three months ended March 31, 2025 as compared to 17.4 % for the three months ended March 31, 2024.

Our effective tax rate increased from 18.6 % for the nine months ended March 31, 2024 to 18.7 % for the nine months ended March 31, 2025.

The change in effective tax rates for the three and nine months ended March 31, 2025, as compared to the same periods in the prior year, was primarily driven by changes in the mix of the income earned in various tax jurisdictions as well as a one-time benefit for U.S.

state income taxes recorded in the three months ended March 31, 2024.

The Company’s estimated fiscal year 2025 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, 2024, the Company had approximately $ 36.1 million of unrecognized tax benefits, substantially all of which would, if recognized, affect its tax expense.

As of March 31, 2025, the Company had approximately $ 37.9 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, 2024, the Company had $ 5.9 million accrued interest related to uncertain tax matters.

As of March 31, 2025, the Company had $ 5.9 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.

3 unchanged sentences

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.

This Draft NOPA was superseded by an Acknowledgement of Facts (“AOF”) issued to the Company by the IRS on

January 17, 2020.

This Draft NOPA was superseded by an Acknowledgement of Facts (“AOF”) issued to the Company by the IRS on January 17, 2020.

The IRS in its AOF continued to propose an adjustment to the Company’s income for its fiscal 2015 and fiscal 2016 tax years based on the IRS’ interpretation of certain obligations of the Company’s foreign subsidiaries under the Company’s credit facilities.

4 unchanged sentences

On November 8, 2023, the Company filed a Motion for Summary Judgment.

The IRS responded to the Company’s Motion on December 26, 2023 and filed a Cross-Motion for Summary Judgment.

responded to the Company’s Motion on December 26, 2023 and filed a Cross-Motion for Summary Judgment.

On January 22, 2024, the judge assigned to this case rejected both Motions for Summary Judgment.

As such, the Company is awaiting a trial date to be set which it currently expects to receive by the end of June 2025.

As such, the Company is awaiting a trial date to be set.

The Company continues to believe that its tax position filed with the IRS with regard to this matter is more likely than not to be sustained based on the technical merits.

9 unchanged sentences

On March 28, 2025, the Company received notification that the Hong Kong IRD is seeking an additional $ 2.0 million deposit covering the 2019 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 under $ 0.1 million covering the 2018 statutory tax year.

The Company filed a formal protest in response to this notice and is waiting for a confirmation from the Assessor's office which the Company expects to receive in the fourth quarter of fiscal 2025.

The refundable deposits are included within other long-term assets on our consolidated balance sheets.

4 unchanged sentences

Entities operating in countries where Pillar Two has been enacted are required to estimate Pillar Two top-up tax obligations beginning in the first quarter of fiscal year 2025.

For the three and six months ended December 31, 2024, the Company did not have material Pillar Two top-up tax obligations impacting the Company’s estimated annual effective tax rate.

For the three and nine months ended March 31, 2025, the Company did not have material Pillar Two top-up tax obligations impacting the Company’s estimated annual effective tax rate.

The Company will continue to evaluate the impact of proposed and enacted legislation as new guidance becomes available.

5 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,

2025 2024 2025 2024

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,

2025 2024 2025 2024

5 unchanged sentences

Total revenues $ 664,170 100 % $ 492,997 100 % $ 1,814,393 100 % $ 1,421,029 100 %

(1) Revenue for the United States was $ 296.1 million and $ 210.4 million for the three months ended December 31, 2024 and 2023, respectively.

Revenue for the United States was $ 544.8 million and $ 419.6 million for the six months ended December 31, 2024 and 2023, respectively.

Customers with an accounts receivable balance of 10% or greater of total accounts receivable and customers with net revenues of 10% or greater of total revenues are presented below for the periods indicated:

Percentage of Revenues Percentage of Accounts Receivable

Three months ended December 31, December 31, June 30,

2024 2023 2024 2024

Customer A * * 11 % *

* Denotes less than 10%

(1) Revenue for the United States was $ 298.5 million and $ 226.2 million for the three months ended March 31, 2025 and 2024, respectively.

Revenue for the United States was $ 843.3 million and $ 645.8 million for the nine months ended March 31, 2025 and 2024, 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 revenues of 10% or greater of total revenues.

NOTE 13— SUBSEQUENT EVENTS

On February 4, 2025, the Company's Board of Directors approved a quarterly cash dividend of $ 0.60 per share payable on February 24, 2025 to shareholders of record at the close of business on February 18, 2025.

On May 6, 2025, the Company's Board of Directors approved a quarterly cash dividend of $ 0.60 per share payable on May 27, 2025 to shareholders of record at the close of business on May 19, 2025.

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