REVVITY INC

Previous wording

Overview of the First Quarter of Fiscal Year 2024

Current wording

Overview of the Second Quarter of Fiscal Year 2024

Previous wording

Our overall revenue in the first quarter of fiscal year 2024 was $649.9 million which decreased by $24.9 million, or 4%, as compared to the first quarter of fiscal year 2023, reflecting a decrease of $25.4 million, or 8%, in our Life Sciences segment revenue, which was partially offset by an increase of $0.5 million, or less than 1%, in our Diagnostics segment revenue. The decrease in our Life Sciences segment revenue for the first quarter of fiscal year 2024 was driven by a decrease in instruments revenue and reagents revenue due to market headwinds, partially offset by an increase in software revenue. The increase in our Diagnostics segment revenue for the first quarter of fiscal year 2024 was driven by increased demand in our reproductive health and immunodiagnostics businesses, partially offset by a decrease in revenue fromour applied genomics business.

Current wording

Our overall revenue in the second quarter of fiscal year 2024 was $691.7 million which decreased by $17.4 million, or 2%, as compared to the second quarter of fiscal year 2023, reflecting a decrease of $22.5 million, or 7%, in our Life Sciences segment revenue, which was partially offset by an increase of $5.1 million, or 1%, in our Diagnostics segment revenue. The decrease in our Life Sciences segment revenue for the second quarter of fiscal year 2024 was driven by a decrease in reagents revenue and instruments revenue due to market headwinds, partially offset by an increase in software revenue. The increase in our Diagnostics segment revenue for the second quarter of fiscal year 2024 was driven by increased demand in our immunodiagnostics and reproductive health businesses, partially offset by a decrease in revenue from our applied genomics business.

Previous wording

Our consolidated gross margins decreased 188 basis points in the first quarter of fiscal year 2024, as compared to the first quarter of fiscal year 2023, primarilydue to lower sales volume partially offset by pricing actions and productivity gains. For the first quarter of fiscal year 2024 and in the same period last year, supply chain disruptions and inflation did not materially impact our results of operations as the effects of our initiatives to reduce transportation costs more than offset the impact of inflation on our raw materials purchases. Our consolidated operating margins decreased from 11% to 7% in the first quarter of fiscal year 2024, as compared to the first quarter of fiscal year 2023, primarily due to lower sales volume and increased expenses related to rebranding and normalization of variable compensation.

Current wording

Our consolidated gross margins decreased 101 basis points in the second quarter of fiscal year 2024, as compared to the second quarter of fiscal year 2023, primarily due to lower sales volume and increased material costs, partially offset by pricing actions, productivity gains, and transportation cost initiatives. Our consolidated operating margins increased from 11% to 12% in the second quarter of fiscal year 2024, as compared to the second quarter of fiscal year 2023, primarily due to productivity gains and cost containment more than offsetting lower gross margins.

Previous wording

For a more detailed discussion of our critical accounting policies and estimates, refer to the Notes to our audited consolidated financial statements and Item 7.“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our “2023 Form 10-K”), as filed with the Securities and Exchange Commission. There have been no significant changes in our critical accounting policies and estimates during the three months ended March 31, 2024.

Current wording

For a more detailed discussion of our critical accounting policies and estimates, refer to the Notes to our audited consolidated financial statements and Item 7.“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our “2023 Form 10-K”), as filed with the Securities and Exchange Commission. There have been no significant changes in our critical accounting policies and estimates during the six months ended June 30, 2024.

Previous wording

Revenue for the three months ended March 31, 2024 was $649.9 million, as compared to $674.9 million for the three months ended April 2, 2023, a decrease of $24.9 million, or approximately 4%. The analysis in the remainder of this paragraph comp ares segment revenue and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $303.0 million for the three months ended March 31, 2024, as compared to $328.4 million for the three months ended April 2, 2023, a decrease of $25.4 million, or 8%, driven by a decrease of $15.3 million in instruments revenue and a decrease of $12.7 million in reagents revenue, partially offset by an increase of $2.5 million in software revenue. Diagnostics segment revenue was $347.1 million for the three months ended March 31, 2024, as compared to $346.6 million for the three months ended April 2, 2023, an increase of $0.5 million, or less than 1%, due toan increase of $14.7 million in immunodiagnostics revenue and anincrease of $1.8 million in reproductive health revenue, partially offset bya decrease of $16.0 million in applied genomics revenue.

Current wording

Revenue for the three months ended June 30, 2024 was $691.7 million, as compared to $709.1 million for the three months ended July 2, 2023, a decrease of $17.4 million, or approximately 2%, which includes a 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. The analysis in the remainder of this paragraph comp ares segment revenue and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $313.8 million for the three months ended June 30, 2024, as compared to $336.4 million for the three months ended July 2, 2023, a decrease of $22.5 million, or 7%, driven by a decrease of $15.4 million in reagents revenue and a decrease of $13.8 million in instruments revenue, partially offset by an increase of $6.7 million in software revenue. Diagnostics segment revenue was $378.0 million for the three months ended June 30, 2024, as compared to $372.9 million for the three months ended July 2, 2023, an increase of $5.1 million, or 1%, due to an increase of $12.4 million in immunodiagnostics revenue andan increase of $0.6 million in reproductive health revenue, partially offset bya decrease of $7.8 million in applied genomics revenue.

Previous wording

Cost of revenue for the three months ended March 31, 2024 was $294.9 million, as compared to $293.5 million for the three months ended April 2, 2023, an increase of $1.4 million, or approximately 0.5%. As a percentage of revenue, cost of revenue increased to 45.4% for the three months ended March 31, 2024, from 43.5% for the three months ended April 2, 2023, resulting in a decrease in gross margin of 188 basis points to 54.6% for the three months ended March 31, 2024, from 56.5% for the three months ended April 2, 2023, primarilydue to lower sales volume partially offset by pricing actions and productivity gains. Rebranding costs added an incremental expense of$4.5 millionfor the three months ended March 31, 2024. Stock compensation expense related to awards given to BioLegend empl oyees post-acquisition added an incremental expense of $0.2 million for the three months ended March 31, 2024, as compared to$0.9 million for the three months ended April 2, 2023. Amortization of intangible assets was $35.4 million for the three months ended March 31, 2024, as compared to $38.4 million for the three months ended April 2, 2023.

Current wording

Cost of revenue for the three months ended June 30, 2024 was $306.2 million, as compared to $306.7 million for the three months ended July 2, 2023, a decrease of $0.6 million, or less than 1%. As a percentage of revenue, cost of revenue increased to 44.3% for the three months ended June 30, 2024, from 43.3% for the three months ended July 2, 2023, resulting in a decrease in gross margin of 101 basis points to 55.7% for the three months ended June 30, 2024, from 56.7% for the three months ended July 2, 2023, primarily due to lower sales volume and increased material costs, partially offset by pricing actions, productivity gains and transportation cost initiatives. Rebranding costs were $1.6 million for the three months ended June 30, 2024. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.2 million for the three months ended June 30, 2024, as compared to $0.8 million for the three months ended July 2, 2023. Amortization of intangible assets was $37.3 million for the three months ended June 30, 2024, as compared to $38.9 million for the three months ended July 2, 2023.

Previous wording

Selling, general and administrative expenses for the three months ended March 31, 2024 were $260.6 million, as compared to $248.6 million for the three months ended April 2, 2023, an increase of $12.0 million, or 5%. As a percentage of revenue, selling, general and administrative expenses increased and were 40.1% for the three months ended March 31, 2024, as compared to 36.8% for the three months ended April 2, 2023. Amortization of intangible assets increased and was $55.8 million for the three months ended March 31, 2024, as compared to $53.4 million for the three months ended April 2, 2023. Purchase accounting adjustments added an incremental expense of $6.2 million for the three months ended March 31, 2024, which primarily consisted of a change in contingent consideration, as compared to decreasing expenses by $1.3 million for the three months ended April 2, 2023. Restructuring and other costs, net, increased and was $12.4 million for the three months ended March 31, 2024, as compared to$3.1 million for the three months ended April 2, 2023. The above increases were partially offset by a decrease in acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, and stock compensation expense related to the awards given to BioLegend employees post-acquisition, and which added an incremental expense of $6.1 million for the three months ended March 31, 2024, as compared to $15.9 million for the three months ended April 2, 2023. Costs for significant environmental matters also added an incremental expense of $1.1 million for the three months ended April 2, 2023. Excluding the factors above, the net increase in selling, general and administrative expenses wasthe result of a normalization in variable compensation partially offset by cost containment and productivity initiatives.

Current wording

Selling, general and administrative expenses for the three months ended June 30, 2024 were $251.7 million, as compared to $267.0 million for the three months ended July 2, 2023, a decrease of $15.4 million, or 6%. As a percentage of revenue, selling, general and administrative expenses decreased and were 36.4% for the three months ended June 30, 2024, as compared to 37.7% for the three months ended July 2, 2023. Amortization of intangible assets decreased and was $53.3 million for the three months ended June 30, 2024, as compared to $53.9 million for the three months ended July 2, 2023. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, and stock compensation expense related to the awards given to BioLegend employees post-acquisition added an incremental expense of $3.3 million for the three months ended June 30, 2024, as compared to $26.6 million for the three months ended July 2, 2023. Purchase accounting adjustments added an incremental expense of $0.2 million for the three months ended June 30, 2024, which primarily consisted of a change in contingent consideration, as compared to $2.5 million for the three months ended July 2, 2023. The above decreases were partially offset by an increase in restructuring and other costs, net, which was $9.8 million for the three months ended June 30, 2024, as compared to $2.0 million for the three months ended July 2, 2023. Significant litigation matters and settlements added an incremental expense of $6.3 million for the three months ended June 30, 2024. Excluding the factors above, the net decrease in selling, general and administrative expenses was the result of cost containment and productivity initiatives.

Previous wording

Research and development expenses for the three months ended March 31, 2024 were $50.4 million, as compared to $56.7 million for the three months ended April 2, 2023, a decrease of $6.3 million, or 11%. As a percentage of revenue, research and development expenses decreased and were 7.7% for the three months ended March 31, 2024, as compared to 8.4% for the three months ended April 2, 2023. The decrease in research and development expenses was primarily driven by a cost containment and productivity initiatives, as well as a decrease in stock compensation expense related to awards given to

Current wording

Research and development expenses for the three months ended June 30, 2024 were $48.1 million, as compared to $57.3 million for the three months ended July 2, 2023, a decrease of $9.1 million, or 16%. As a percentage of revenue, research and development expenses decreased and were 7.0% for the three months ended June 30, 2024, as compared to 8.1% for the three months ended July 2, 2023. The decrease in research and development expenses was primarily driven by cost containment and productivity initiatives, as well as a decrease in stock compensation expense related to awards given to BioLegend employees post-acquisition, which added an incremental expense of $0.7 million for the three months ended June 30, 2024 as compared to $1.2 million for the three months ended July 2, 2023.

Previous wording

The increase in interest income was primarily due to an increase in investments and higher interest rates. Interest expense was lower for the three months ended April 2, 2023 primarily due to$3.3 million of debt extinguishment income. Foreign exchange losses and other expense, net, was higher for the three months ended April 2, 2023 mainly due to a foreign exchange loss of $26.1 million related to the cash proceeds from the sale of the Business that were held offshore.

Current wording

The increase in interest income for the six months ended June 30, 2024 as compared to the six months ended July 2, 2023 was primarily due to an increase in investments and higher interest rates. Foreign exchange losses and other expense, net, was lower for the six months ended June 30, 2024 as compared to the same period in prior year mainly due to a foreign exchange loss of $23.7 million that was recognized during the six months ended July 2, 2023, related to the cash proceeds from the sale of the Business that were held offshore.

Previous wording

The provision for income taxes from continuing operations was $5.9 million for the three months ended March 31, 2024, as compared to $4.6 million for the three months ended April 2, 2023.

Current wording

The provision for income taxes from continuing operations was $14.1 million for the three months ended June 30, 2024, as compared to $12.9 million for the three months ended July 2, 2023. The provision for income taxes from continuing operations was $19.9 million for the six months ended June 30, 2024, as compared to $17.5 million for the six months ended July 2, 2023.

Previous wording

Revenue for the three months ended March 31, 2024 was $347.1 million, as compared to $346.6 million for the three months ended April 2, 2023, an increase of $0.5 million, or less than 1%, which includes a 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. Theincrease in our Diagnostics segment revenue duringthe three months ended March 31, 2024 was driven byan increase of $14.7 million in immunodiagnostics revenue and anincrease of $1.8 million in reproductive health revenue, partially offset bya decrease of $16.0 million in applied genomics revenue.

Current wording

Revenue for the three months ended June 30, 2024 was $378.0 million, as compared to $372.9 million for the three months ended July 2, 2023, an increase of $5.1 million, or 1%, which includes a 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. Theincrease in our Diagnostics segment revenue duringthe three months ended June 30, 2024 was driven by an increase of $12.4 million in immunodiagnostics revenue andan increase of $0.6 million in reproductive health revenue, partially offset bya decrease of $7.8 million in applied genomics revenue.

Previous wording

On March 13, 2023, we completed the sale (the “Closing”) of certain assets and the equity interests of certain entities constituting our Applied, Food and Enterprise Services businesses (the “Business”) to PerkinElmer Topco, L.P. (formerly known as Polaris Purchaser, L.P.) (the “Purchaser”), a Delaware limited partnership owned by funds managed by affiliates of New Mountain Capital L.L.C. (the “Sponsor”), for an aggregate purchase price of up to $2.45 billion. We received approximately $2.13 billion in cash proceeds, before transaction costs and subject to post-closing adjustments. We are entitled to an additional $75.0 million in proceeds as consideration for our ceasing theuse of the PerkinElmer brand and related trademarks and transferring them to the Purchaser. This consideration is expected to be received in installments through the first half of 2025. The discounted value of the$75.0 million was measured as $65.2 million and was included in the proceeds. In addition, we are entitled to additional consideration of up to$150.0 million that is contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital events related to the Business. The fair value of this element of consideration was determined to be$15.9 million and was included in the proceeds at Closing. We also recorded a receivable of approximately $161.0 million as of March 31, 2024 for post-closing adjustments that are expected to be settled with the Purchaser during fiscal year 2024. The final amount of the receivable related to the post-closing adjustments is subject to change.

Current wording

On March 13, 2023, we completed the sale (the “Closing”) of certain assets and the equity interests of certain entities constituting our Applied, Food and Enterprise Services businesses (the “Business”) to PerkinElmer Topco, L.P. (formerly known as Polaris Purchaser, L.P.) (the “Purchaser”), a Delaware limited partnership owned by funds managed by affiliates of New Mountain Capital L.L.C. (the “Sponsor”), for an aggregate purchase price of up to $2.45 billion. We received approximately $2.27 billion in cash proceeds before transaction costs. At Closing, we were entitled to an additional $75.0 million in proceeds payable in installments to commence upon our ceasing theuse of the PerkinElmer brand and related trademarks and transferring them to the Purchaser(“Brand Fee”). The discounted value of the$75.0 million was measured as $65.2 million and was included in the proceeds. During the second quarter of fiscal year 2024, we received the first installment of the Brand Fee. We expect to receive the remaining balance of the Brand Fee in installments through the first quarter of 2025. In addition, we are entitled to additional consideration of up to$150.0 million that is contingent on the exit valuation the Sponsor and its affiliated funds receive on a sale or other capital events related to the Business. The fair value of this element of consideration was determined to be$15.9 million and was included in the proceeds at Closing. We received approximately $138.5 million of cash for post-closing adjustments during the second quarter of fiscal year 2024.

Previous wording

The results of discontinued operations during the three months ended April 2, 2023 include the results of the Business through March 13, 2023. During the three months ended March 31, 2024, we recognized $1.7 million of other expense primarily due to divestiture-related costs in gain on sale, as compared to $19.0 million during the three months ended April 2, 2023, a decrease of $17.3 million. During the three months ended April 2, 2023, we recognized $36.0 million of divestiture-related costs in selling, general and administrative expenses in discontinued operations.

Current wording

The results of discontinued operations during the three and six months ended July 2, 2023 include the results of the Business through March 13, 2023. During the three and six months ended June 30, 2024, we recognized $23.7 million and $25.5 million, respectively, of other expense primarily due to the adjustment to the receivable related to the post-closing adjustment and divestiture-related costs in gain on sale. During the three and six months ended July 2, 2023, we recognized $31.2 million and $31.7 million, respectively, of other expense primarily due to divestiture-related costs in gain on sale.

Previous wording

We require cash to pay our operating expenses, make capital expenditures, make strategic acquisitions, service our debt and other long-term liabilities, repurchase shares of our common stock and pay dividends on our common stock. Our principal sources of funds are from our operations, borrowing capacity available under our senior unsecured revolving credit facility and access to debt markets. We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, smaller acquisitions, interest payments on our debt and dividends on our common stock. However, we expect to use external sources to satisfy the balance of our debt when due, any larger acquisitions and other long-term liabilities, such as contributions to our postretirement benefit plans. The sale of the Business generated approximately $2.13 billion in cash proceeds. We expect to use these proceeds for a combination of funding upcoming debt maturities, opportunistic share repurchases and continued strategic and value creating acquisitions.

Current wording

We require cash to pay our operating expenses, make capital expenditures, make strategic acquisitions, service our debt and other long-term liabilities, repurchase shares of our common stock and pay dividends on our common stock. Our principal sources of funds are from our operations, borrowing capacity available under our senior unsecured revolving credit facility and access to debt markets. We anticipate that our internal operations will generate sufficient cash to fund our operating expenses, capital expenditures, smaller acquisitions, interest payments on our debt and dividends on our common stock. However, we expect to use external sources to satisfy the balance of our debt when due, any larger acquisitions and other long-term liabilities, such as contributions to our postretirement benefit plans. The sale of the Business generated approximately $2.27 billion in cash proceeds. We expect to continue to use these proceeds for a combination of funding upcoming debt maturities, opportunistic share repurchases and continued strategic and value creating acquisitions.

Previous wording

At March 31, 2024, we had cash and cash equivalents of$998.1 million, of which $411.1 million was held by our non-U.S. subsidiaries, and we had $1.5 billion of borrowing capacity available under our senior unsecured revolving credit facility. We use a variety of cash redeployment and financing strategies to ensure that our worldwide cash is available in the locations in which it is needed. At March 31, 2024, we had investments in U.S. treasury securities with a carrying amount of$697.3 million whose proceeds upon maturity are intended to be utilized to repay our outstanding 0.850% Senior Unsecured Notes due in September 2024 (“2024 Notes”).

Current wording

At June 30, 2024, we had cash and cash equivalents of$1,248.1 million, of which $430.9 million was held by our non-U.S. subsidiaries, and we had $1.5 billion of borrowing capacity available under our senior unsecured revolving credit facility. We use a variety of cash redeployment and financing strategies to ensure that our worldwide cash is available in the locations in which it is needed. At June 30, 2024, we had investments in U.S. treasury securities with a carrying amount of$706.1 million whose proceeds upon maturity are intended to be utilized to repay our outstanding 0.850% Senior Unsecured Notes due in September 2024 (“2024 Notes”).

Previous wording

On April 27, 2023, our Board of Directors(our“Board”)authorized us to repurchase shares of common stock for an aggregate amount up to $600.0 million under a stock repurchase program (the “Repurchase Program”). The Repurchase Program will expire on April 26, 2025, unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended March 31, 2024, we repurchased 63,170 shares of common stock under the Repurchase Program for an aggregate cost of $6.6 million. As of March 31, 2024, $348.9 million remained available for aggregate repurchases of shares under the Repurchase Program. If we continue to repurchase shares, the Repurchase Program will be funded using our existing financial resources, including cash and cash equivalents, and our existing senior unsecured revolving credit facility.

Current wording

On April 27, 2023, our Board of Directors(our“Board”)authorized us to repurchase shares of common stock for an aggregate amount up to $600.0 million under a stock repurchase program (the “Repurchase Program”). The Repurchase Program will expire on April 26, 2025, unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended June 30, 2024, we repurchased 188,532 shares of common stock under the Repurchase Program for an aggregate cost of $19.3 million. During the six months ended June 30, 2024, we repurchased 251,702 shares of common stock under the Repurchase Program for an aggregate cost of $25.8 million. As of June 30, 2024, $329.6 million remained available for aggregate repurchases of shares under the Repurchase Program. If we continue to repurchase shares, the Repurchase Program will be funded using our existing financial resources, including cash and cash equivalents, and our existing senior unsecured revolving credit facility.

Previous wording

As of March 31, 2024, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $80.9 million. As of March 31, 2024, we have recorded contingent consideration obligations of $30.5 million, of which $12.1 million was recorded in accrued expenses and other current liabilities, and $18.4 million was recorded in long-term liabilities. The maximum earnout period for acquisitions with open contingency periods is 7.7 years from March 31, 2024, and the remaining weighted average expected earnout period at March 31, 2024 was 4.9 years.

Current wording

As of June 30, 2024, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $80.9 million. As of June 30, 2024, we have recorded contingent consideration obligations of $30.5 million, of which $12.5 million was recorded in accrued expenses and other current liabilities, and $18.0 million was recorded in long-term liabilities. The maximum earnout period for acquisitions with open contingency periods is 7.4 years from June 30, 2024, and the remaining weighted average expected earnout period at June 30, 2024 was 4.6 years.

Previous wording

Our pension plans have not experienced a material impact on liquidity or counterparty exposure due to the volatility and uncertainty in the credit markets. During the three months ended March 31, 2024, we contributed $1.7 million, in theaggregate, to pension plans outside of the United States, and expect to contribute anadditional $5.2 million by the end of fiscal year 2024. We could potentially have to make additional contributions in future periods for all pension plans. We expect to use existing cash and external sources to satisfy future contributions to our pension plans.

Current wording

Our pension plans have not experienced a material impact on liquidity or counterparty exposure due to the volatility and uncertainty in the credit markets. During the six months ended June 30, 2024, we contributed $3.4 million, in theaggregate, to pension plans outside of the United States, and expect to contribute anadditional $3.5 million by the end of fiscal year 2024. We could potentially have to make additional contributions in future periods for all pension plans. We expect to use existing cash and external sources to satisfy future contributions to our pension plans.

Previous wording

We and our subsidiaries may from time to time, in our sole discretion, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly issued debt securities), in privately negotiated or open market transactions, by tender offer or otherwise, or extend or refinance any of our outstanding indebtedness.

Current wording

We may from time to time, evaluate various opportunities to deploy capital towards the repayment or early retirement of our outstanding debt, including without limitation through the purchase of U.S. treasury securities whose proceeds upon maturity may be utilized to repay outstanding debt securities or used to fund our operations. We and our subsidiaries may from time to time, in our sole discretion, purchase, repay, redeem or retire any of our outstanding debt securities (including any publicly issued debt securities), in privately negotiated or open market transactions, by tender offer or otherwise, or extend or refinance any of our outstanding indebtedness.

Previous wording

Operating Activities. Net cash provided by operating activities of ourcontinuing operations was $150.1 million for the three months ended March 31, 2024, as compared to $71.7 million for the three months ended April 2, 2023, an increase of $78.5 million, primarily due to less cash used for investments in working capital during the three months ended March 31, 2024 as compared to the three months ended April 2, 2023. The cash provided by operating activities for the three months ended March 31, 2024 was principally a result of income from continuing operations of $28.7 million, adjustments for non-cash charges aggregating to $140.2 million, including depreciation and amortization of $107.8 million, and a net cash decrease in working capital of $18.7 million. The cash provided by operating activities for the three months ended April 2, 2023 was principally a result of income from continuing operations of $24.8 million, and adjustments for non-cash charges aggregating to $142.4 million, including depreciation and amortization of $109.0 million, as well as net cash decrease in working capital of $95.6 million. During the three months ended March 31, 2024, we contributed $1.7 million, in the aggregate, to pension plans outside of the United States.

Current wording

Operating Activities. Net cash provided by operating activities of ourcontinuing operations was $332.5 million for the six months ended June 30, 2024, as compared to $28.0 million for the six months ended July 2, 2023, an increase of $304.4 million, primarily due to higher income from continuing operations and less cash used for investments in working capital during the six months ended June 30, 2024 as compared to the six months ended July 2, 2023. The cash provided by operating activities for the six months ended June 30, 2024 was principally a result of income from continuing operations of $101.3 million, adjustments for non-cash charges aggregating to $261.6 million, including depreciation and amortization of $215.1 million, and a net cash decrease in working capital of $30.4 million. The cash provided by operating activities for the six months ended July 2, 2023 was principally a result of income from continuing operations of $83.5 million, and adjustments for non-cash charges aggregating to $271.1 million, including depreciation and amortization of $217.9 million, as well as net cash decrease in working capital of $326.5 million.

Previous wording

Investing Activities. Net cash used in investing activitiesof our continuing operationswas $18.2 million for the three months ended March 31, 2024, as compared to $215.1 million for the three months ended April 2, 2023, a decrease of $196.9 million. For the three months ended March 31, 2024, the net cash used for capital expenditures was $17.8 million, as compared to $20.9 million for the three months ended April 2, 2023. During the three months ended April 2, 2023, purchases of investments in U.S. treasury securities amounted to $193.5 million and net cash used for acquisitions was $0.7 million.

Current wording

Investing Activities. Net cash used in investing activitiesof our continuing operationswas $44.2 million for the six months ended June 30, 2024, as compared to $771.8 million for the six months ended July 2, 2023, a decrease of $727.6 million. For the six months ended June 30, 2024, the net cash used for capital expenditures was $39.9 million, as compared to $34.9 million for the six months ended July 2, 2023. During the six months ended June 30, 2024, purchases of investments and notes receivables were $4.3 million, as compared to $5.0 million for the six months ended July 2, 2023. During the six months ended July 2, 2023, purchases of investments in U.S. treasury securities amounted to $831.2 million, and net cash used for acquisitions was $0.7 million, which were partially offset by proceeds from maturity of U.S. treasury securities totaling $100.0 million.

Previous wording

Financing Activities. Net cash used in financing activities was $35.0 million for the three months ended March 31, 2024, as compared to $113.2 million for the three months ended April 2, 2023, a decrease in net cash used in financing activities of $78.2 million. During the three months ended March 31, 2024, we made net payments of$10.8 millionon debts, as compared to $41.7 million during the three months ended April 2, 2023. The changes in both periods reflect our intentions to pay down debt, which we expect to continue throughout fiscal year 2024. During the three months ended March 31, 2024, we repurchased shares of our common stock for a total cost of $10.8 million, as compared to $61.7 million in the prior year period. We paid $8.7 million for acquisition-related contingent consideration during the three months ended March 31, 2024, as compared to $1.5 million in the prior year period. We paid $8.6 million in dividends for the three months ended March 31, 2024, as compared to $8.8 million for the three months ended April 2, 2023. The cash used in financing activities during the three months ended March 31, 2024 was partially offset by proceeds from the issuance of common stock under our stock plans of $3.9 million during the three months ended March 31, 2024, as compared to $0.5 million for the three months ended April 2, 2023.

Current wording

Financing Activities. Net cash used in financing activities was $61.5 million for the six months ended June 30, 2024, as compared to $341.5 million for the six months ended July 2, 2023, a decrease in net cash used in financing activities of $280.0 million. During the six months ended June 30, 2024, we made net payments of$11.2 millionon debts, as compared to $43.6 million during the six months ended July 2, 2023. The changes in both periods reflect our intentions to pay down debt, which we expect to continue throughout fiscal year 2024. During the six months ended June 30, 2024, we repurchased shares of our common stock for a total cost of $30.3 million, as compared to $273.3 million in the prior year period. We paid $8.7 million for acquisition-related contingent consideration during the six months ended June 30, 2024, as compared to $10.1 million in the prior year period. We paid $17.3 million in dividends for the six months ended June 30, 2024, as compared to $17.6 million for the six months ended July 2, 2023. The cash used in financing activities during the six months ended June 30, 2024 was partially offset by proceeds from the issuance of common stock under our stock plans of $6.0 million during the six months ended June 30, 2024, as compared to $3.2 million for the six months ended July 2, 2023.

Previous wording

At March 31, 2024, our 2024 Notes had$711.5 million in outstanding principal and we had investments in U.S. treasury securities with a carrying amount of $697.3 million whose proceeds upon maturity are intended to be utilized to repay the outstanding 2024 Notes. See Note 6, Debt, in the Notes to Condensed Consolidated Financial Statements and Note 13, Debt, to our audited consolidated financial statements in the 2023 Form 10-Kfor a detailed discussion of our borrowing arrangements.

Current wording

At June 30, 2024, our 2024 Notes had$711.5 million in outstanding principal and we had investments in U.S. treasury securities with a carrying amount of $706.1 million whose proceeds upon maturity are intended to be utilized to repay the outstanding 2024 Notes. See Note 6, Debt, in the Notes to Condensed Consolidated Financial Statements and Note 13, Debt, to our audited consolidated financial statements in the 2023 Form 10-Kfor a detailed discussion of our borrowing arrangements.

Previous wording

Our Board declared a regular quarterly cash dividend of $0.07 per share for the first quarter of fiscal year 2024 and in each quarter of fiscal year 2023. At March 31, 2024, we had accrued $8.6 million for dividends declared on January 25, 2024 for the first quarter of fiscal year 2024 that will be paid in May 2024. On April 25, 2024, we announced that our Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2024 that will be payable in August 2024. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.

Current wording

Our Board declared a regular quarterly cash dividend of $0.07 per share for the first and second quarters of fiscal year 2024 and in each quarter of fiscal year 2023. At June 30, 2024, we had accrued $8.6 million for dividends declared on April 25, 2024 for the second quarter of fiscal year 2024 that will be paid in August 2024. On July 25, 2024, we announced that our Board had declared a quarterly dividend of $0.07 per share for the third quarter of fiscal year 2024 that will be payable in November 2024. In the future, our Board may determine to reduce or eliminate our common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.