REVVITY INC

Previous wording

•Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the areas of reproductive health, emerging market diagnostics and applied genomics.

Current wording

•Diagnostics. Develops diagnostics, tools and applications focused on clinically-oriented customers, especially within the areas of reproductive health and emerging market diagnostics.

Previous wording

Our overall revenue in the third quarter of fiscal year 2024 was $684.0 million which increased by $13.3 million, or 2%, as compared to the third quarter of fiscal year 2023, reflecting an increase of $20.2 million, or 6%, in our Diagnostics segment revenue, which was partially offset by a decrease of $6.9 million, or 2%, in our Life Sciences segment revenue. The increase in our Diagnostics segment revenue for the third 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. The decrease in our Life Sciences segment revenue for the third quarter of fiscal year 2024 was driven by a decrease in instruments and software revenue, partially offset by an increase in reagents revenue.

Current wording

Our overall revenue in the first quarter of fiscal year 2025 was $664.8 million which increased by $14.8 million, or 2%, as compared to the first quarter of fiscal year 2024, reflecting an increase of $11.0 million, or 3%, in our Diagnostics segment revenue, and an increase of $3.9 million, or 1%, in our Life Sciences segment revenue. The increase in our Diagnostics segment revenue for the first quarter of fiscal year 2025 was driven by increased demand in our Immunodiagnostics and Reproductive Health businesses. The increase in our Life Sciences segment revenue for the first quarter of fiscal year 2025 was driven by an increase in our Software revenue, partially offset by a decrease in our Life Sciences Solutions revenue.

Previous wording

Our consolidated gross margins increased 72 basis points in the third quarter of fiscal year 2024, as compared to the third quarter of fiscal year 2023, primarily due to higher sales volume and productivity gains. Our consolidated operating margins increased from 10% to 14% in the third quarter of fiscal year 2024, as compared to the third quarter of fiscal year 2023, primarily due to higher sales volume, productivity gains and cost containment.

Current wording

Our consolidated gross margins increased 186 basis points in the first quarter of fiscal year 2025, as compared to the first quarter of fiscal year 2024, primarily due to higher sales volume and productivity, and favorable product mix. Our consolidated operating margins increased from 7% to 11% in the first quarter of fiscal year 2025, as compared to the first quarter of fiscal year 2024, primarily due to gross margin expansion and cost containment.

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 nine months ended September 29, 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 29, 2024 (our “2024 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 30, 2025.

Previous wording

Revenue for the three months ended September 29, 2024 was $684.0 million, as compared to $670.7 million for the three months ended October 1, 2023, an increase of $13.3 million, or approximately 2%. 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 $300.9 million for the three months ended September 29, 2024, as compared to $307.9 million for the three months ended October 1, 2023, a decrease of $6.9 million, or 2%, driven by a decrease of $10.9 million in instruments revenue and a decrease of $2.9 million in software revenue, partially offset by an increase of $6.9 million in reagents revenue. Diagnostics segment revenue was $383.3 million for the three months ended September 29, 2024, as compared to $363.1 million for the three months ended October 1, 2023, an increase of $20.2 million, or 6%, due to an increase of $11.4 million in immunodiagnostics revenue andan increase of $9.6 million in reproductive health revenue, partially offset bya decrease of $0.7 million in applied genomics revenue. As a result of adjustments to deferred revenue related to certain acquisitions required by business combination accounting rules, we did not recognize $0.2 million of revenue for each of thethree months ended September 29, 2024 and October 1, 2023 that otherwise would have been recorded by the acquired businesses during each of the respective periods.

Current wording

Revenue for the three months ended March 30, 2025 was $664.8 million, as compared to $649.9 million for the three months ended March 31, 2024, an increase of $14.8 million, or approximately 2%. 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 $340.4 million for the three months ended March 30, 2025, as compared to $336.5 million for the three months ended March 31, 2024, an increase of $3.9 million, or 1%, driven by an increase of $9.0 million in software revenue, partially offset by a decrease of $5.2 million in life sciences solutions revenue. Diagnostics segment revenue was $324.4 million for the three months ended March 30, 2025, as compared to $313.4 million for the three months ended March 31, 2024, an increase of $11.0 million, or 3%, due to an increase of $8.9 million in immunodiagnostics revenue andan increase of $2.1 million in reproductive health revenue.

Previous wording

Cost of revenue for the three months ended September 29, 2024 was $299.2 million, as compared to $298.2 million for the three months ended October 1, 2023, an increase of $1.0 million, or less than 1%. As a percentage of revenue, cost of revenue decreased to 43.7% for the three months ended September 29, 2024, from 44.5% for the three months ended October 1, 2023, resulting in an increase in gross margin of 72 basis points to 56.3% for the three months ended September 29, 2024, from 55.5% for the three months ended October 1, 2023, primarily due to higher sales volume and productivity gains. 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 September 29, 2024, as compared to $0.8 million for the three months ended October 1, 2023. Rebranding costs were $0.1 million for the three months ended September 29, 2024. Amortization of intangible assets was $36.4 million for the three months ended September 29, 2024, as compared to $35.7 million for the three months ended October 1, 2023.

Current wording

Cost of revenue for the three months ended March 30, 2025 was $289.2 million, as compared to $294.9 million for the three months ended March 31, 2024, a decrease of $5.7 million, or 2%. As a percentage of revenue, cost of revenue decreased to 43.5% for the three months ended March 30, 2025, from 45.4% for the three months ended March 31, 2024, resulting in an increase in gross margin of 186 basis points to 56.5% for the three months ended March 30, 2025, from 54.6% for the three months ended March 31, 2024, primarily due to higher sales volume, productivity and favorable product mix. 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 March 31, 2024. Rebranding costs were $4.5 million for the three months ended March 31, 2024. Amortization of intangible assets was $34.4 million for the three months ended March 30, 2025, as compared to $35.4 million for the three months ended March 31, 2024.

Previous wording

Selling, general and administrative expenses for the three months ended September 29, 2024 were $237.5 million, as compared to $250.2 million for the three months ended October 1, 2023, a decrease of $12.7 million, or 5%. As a percentage of revenue, selling, general and administrative expenses decreased and were 34.7% for the three months ended September 29, 2024, as compared to 37.3% for the three months ended October 1, 2023. Amortization of intangible assets decreased and was $53.2 million for the three months ended September 29, 2024, as compared to $55.2 million for the three months ended October 1, 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 $3.9 million for the three months ended September 29, 2024, as compared to $10.6 million for the three months ended October 1, 2023. Purchase accounting adjustments decreased expenses by $0.3 million for the three months ended September 29, 2024, which primarily consisted of a change in contingent consideration, as compared to increasing expenses by $0.7 million for the three months ended October 1, 2023. Restructuring and other costs, net, decreased expenses by $0.1 million for the three months ended September 29, 2024, as compared to increased expenses of $10.8 million for the three months ended October 1, 2023. The above decreases were partially offset by significant litigation matters and settlements, which added an incremental expense of $0.8 million for the three months ended September 29, 2024. Excluding the factors above, the decrease in selling, general and administrative expenses was the result of cost containment and productivity initiatives.

Current wording

Selling, general and administrative expenses for the three months ended March 30, 2025 were $249.7 million, as compared to $260.6 million for the three months ended March 31, 2024, a decrease of $10.9 million, or 4%. As a percentage of revenue, selling, general and administrative expenses decreased and were 37.6% for the three months ended March 30, 2025, as compared to 40.1% for the three months ended March 31, 2024. Amortization of intangible assets decreased and was $48.3 million for the three months ended March 30, 2025, as compared to $55.8 million for the three months ended March 31, 2024. Acquisition and divestiture-related expenses, which primarily consisted of legal and integration costs, added an incremental expense of $2.5 million for the three months ended March 30, 2025. 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 $6.1 million for the three months ended March 31, 2024. Purchase accounting adjustments decreased expenses by $0.4 million for the three months ended March 30, 2025, which primarily consisted of a change in contingent consideration, as compared to increasing expenses by $6.2 million for the three months ended March 31, 2024. Restructuring and other costs, net, decreased and was $3.2 million for the three months ended March 30, 2025, as compared to $12.4 million for the three months ended March 31, 2024. Costs for significant environmental matters decreased by $1.2 million for the three months ended March 30, 2025 as compared to the three months ended March 31,

Previous wording

Research and development expenses for the three months ended September 29, 2024 were $49.1 million, as compared to $53.0 million for the three months ended October 1, 2023, a decrease of $3.9 million, or 7%. As a percentage of revenue, research and development expenses decreased and were 7.2% for the three months ended September 29, 2024, as compared to 7.9% for the three months ended October 1, 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 September 29, 2024 as compared to $1.2 million for the three months ended October 1, 2023.

Current wording

Research and development expenses for the three months ended March 30, 2025 were $53.6 million, as compared to $50.4 million for the three months ended March 31, 2024, an increase of $3.2 million, or 6%. As a percentage of revenue, research and development expenses increased and were 8.1% for the three months ended March 30, 2025, as compared to 7.7% for the three months ended March 31, 2024. The increase in research and development expenses was primarily driven by our investments in new product development. Stock compensation expense related to awards given to BioLegend employees post-acquisition added an incremental expense of $0.7 million for the three months ended March 31, 2024.

Previous wording

The provision for income taxes from continuing operations was $7.0 million for the three months ended September 29, 2024, as compared to $18.1 million for the three months ended October 1, 2023. The provision for income taxes from continuing operations was $26.9 million for the nine months ended September 29, 2024, as compared to $35.7 million for the nine months ended October 1, 2023.

Current wording

The provision for income taxes from continuing operations was $10.7 million for the three months ended March 30, 2025, as compared to $5.9 million for the three months ended March 31, 2024.

Previous wording

The effective tax rate from continuing operations was 6.9% and 12.1% for the three and nine months ended September 29, 2024, respectively, as compared to 35.8% and 23.5% for the three and nine months ended October 1, 2023, respectively. The effective tax rate for the three months ended September 29, 2024 was lower primarily due to a net favorable impact of return to provision adjustments in foreign locations of $7.1 million. The effective tax rate for the three months ended October 1, 2023 was higher primarily due to a discrete tax expense of $29.8 million related to unfavorable developments in respect of an uncertain tax position with a foreign tax authority, partially offset by a discrete tax benefit related to a favorable ruling from a foreign tax authority of $15.2 million. The effective tax rate forthe nine months ended September 29, 2024 was lower primarily due to a net favorable impact of return to provision adjustments in foreign locations of $10.8 million. The effective tax rate for the nine months ended October 1, 2023 was higher primarily due to a discrete tax expense of $28.7 million related to unfavorable developments in respect of an uncertain tax position with a foreign tax authority, partially offset by a discrete tax benefit related to a favorable ruling from a foreign tax authority of $15.2 million. We expect that the effective tax rate on continuing operations, before discrete items, will be approximately 20% during fiscal year 2024.

Current wording

The effective tax rate from continuing operations was 20.5% for the three months ended March 30, 2025, as compared to 16.9% for the three months ended March 31, 2024. The effective tax rate for the three months ended March 30, 2025 was higher primarily due to projected higher income in certain higher tax rate jurisdictions in fiscal year 2025 as compared to fiscal year 2024. We expect that the effective tax rate on continuing operations, before discrete items, will be approximately 20% during fiscal year 2025.

Previous wording

Revenue for the nine months ended September 29, 2024 was $1,108.5 million, as compared to $1,082.6 million for the nine months ended October 1, 2023, an increase of $25.8 million, or 2%, which includes a 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. The increase in our Diagnostics segment revenue during the nine months ended September 29, 2024 was driven by an increase of $38.5 million in immunodiagnostics revenue and an increase of $11.9 million in reproductive health revenue, partially offset by a decrease of $24.5 million in applied genomics revenue.

Current wording

Revenue for the three months ended March 30, 2025 was $340.4 million, as compared to $336.5 million for the three months ended March 31, 2024, an increase of $3.9 million, or 1%, which includes an approximate 1% decrease in revenue attributable to unfavorable changes in foreign exchange rates. The increase in our Life Sciences segment revenue during the three months ended March 30, 2025 was driven by an increase of $9.0 million in Software revenue, partially offset by a decrease of $5.2 million in Life Sciences Solutions revenue.

Previous wording

Revenue for the three months ended September 29, 2024 was $383.3 million, as compared to $363.1 million for the three months ended October 1, 2023, an increase of $20.2 million, or 6%. Theincrease in our Diagnostics segment revenue duringthe three months ended September 29, 2024 was driven by an increase of $11.4 million in immunodiagnostics revenue andan increase of $9.6 million in reproductive health revenue, partially offset bya decrease of $0.7 million in applied genomics revenue.

Current wording

Revenue for the three months ended March 30, 2025 was $324.4 million, as compared to $313.4 million for the three months ended March 31, 2024, an increase of $11.0 million, or 3%, which includes an approximate 2% decrease in revenue attributable to unfavorable changes in foreign exchange rates. Theincrease in our Diagnostics segment revenue duringthe three months ended March 30, 2025 was driven by an increase of $8.9 million in Immunodiagnostics revenue andan increase of $2.1 million in Reproductive Health revenue.

Previous wording

Segment operating income for the three months ended September 29, 2024 was $103.0 million, as compared to $114.2 million for the three months ended October 1, 2023, a decrease of $11.2 million, or 10%. Segment operating margin decreased 287 basis points in the three months ended September 29, 2024, as compared to the three months ended October 1, 2023, primarily due to lower sales volume and continued investments, partially offset by pricing actions.

Current wording

Segment operating incomefor the three months ended March 30, 2025 was $74.0 million, as compared to $76.2 millionfor the three months ended March 31, 2024, a decrease of $2.2 million, or 3%. Segment operating margin decreased 150 basis points in the three months ended March 30, 2025, as compared to the three months ended March 31, 2024, primarily due to continued investments in new product development, digital capabilities and growth initiatives, partially offset by pricing actions and higher productivity.

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, in the foreseeable future, including at least in the next 12 months. However, we expect to use external sources to satisfy the balance of our debt when due, any larger acquisitions and other long-term liabilities. 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 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 our internal 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, acquisitions, interest payments on our debt and dividends on our common stock, for the foreseeable future, including at least the next 12 months. 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 debt retirement, opportunistic share repurchases and continued strategic and value creating acquisitions.

Previous wording

At September 29, 2024, we had cash and cash equivalents of$1,229.8 million, of which $511.7 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.

Current wording

At March 30, 2025, we had cash and cash equivalents of$1,137.6 million, of which $533.7 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.

Previous wording

In connection with the sale of the Business, we expect to receivethe remaining balance related to the Brand Fee of$65.6 million as of September 29, 2024, in installments through March 2025.

Current wording

In connection with the sale of the Business, we are entitled to proceeds in installments that commenced upon our ceasing the use of the former brand and related trademarks and transferring them to the purchaser of the Business (the “Brand Fee”). As of March 30, 2025, the remaining balance related to the Brand Fee is$46.9 million, which is expected to be received in installments through the second half of fiscal year 2025.

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”). During the three months ended September 29, 2024, we repurchased 1,283,609 shares of common stock under the Repurchase Program for an aggregate cost of $153.4 million. During the nine months ended September 29, 2024, we repurchased 1,535,311 shares of common stock under the Repurchase Program for an aggregate cost of $179.3 million. Subsequent to the third quarter of fiscal year 2024, we repurchased 284,985 shares of common stock under the Repurchase Program at an aggregate cost of $34.3 million. On October 24, 2024, the Repurchase Program was terminated by our Board and our Board authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination. The New Repurchase Program will expire on October 23, 2026 unless terminated earlier by our Board and may be suspended or discontinued at any time. Subsequent to October 24, 2024, we repurchased 171,400 shares of common stock under the New Repurchase Program at an aggregate cost of $20.3 million. If we continue to repurchase shares, the New 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 October 24, 2024, our Board of Directors(our“Board”)authorized us to repurchase shares of common stock for an aggregate amount up to $1.0 billion under a stock repurchase program (the “Repurchase Program”). The Repurchase Program will expire on October 23, 2026 unless terminated earlier by our Board and may be suspended or discontinued at any time. As of March 30, 2025,$707.2 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 September 29, 2024, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $82.7 million. As of September 29, 2024, we have recorded contingent consideration obligations of $31.1 million, of which $13.0 million was recorded in accrued expenses and other current liabilities, and $18.1 million was recorded in long-term liabilities. The maximum earnout period for acquisitions with open contingency periods is 7.2 years from September 29, 2024, and the remaining weighted average expected earnout period at September 29, 2024 was 4.4 years.

Current wording

As of March 30, 2025, we may have to pay contingent consideration related to acquisitions with open contingency periods of up to $75.9 million. As of March 30, 2025, we have recorded contingent consideration obligations of $19.7 million, of which $6.9 million was recorded in accrued expenses and other current liabilities, and $12.8 million was recorded in long- term liabilities. The maximum earnout period for acquisitions with open contingency periods is 6.7 years from March 30, 2025, and the remaining weighted average expected earnout period at March 30, 2025 was 4.1 years.

Previous wording

Operating Activities. Net cash provided by operating activities of ourcontinuing operations was $489.5 million for the nine months ended September 29, 2024, as compared to $58.8 million for the nine months ended October 1, 2023, an increase of $430.7 million, primarily due to higher income from continuing operations and less cash used for investments in working capital during the nine months ended September 29, 2024 as compared to the nine months ended October 1, 2023. The cash provided by operating activities for the nine months ended September 29, 2024 was principally a result of income from continuing operations of $194.7 million, adjustments for non-cash charges aggregating to $373.7 million, including depreciation and amortization of $322.8 million, and a net cash decrease in working capital of $78.9 million. The cash provided by operating activities for the nine months ended October 1, 2023 was principally a result of income from continuing operations of $115.9 million, and adjustments for non-cash charges aggregating to $417.0 million, including depreciation and amortization of $326.2 million, as well as net cash decrease in working capital of $474.1 million.

Current wording

Operating Activities. Net cash provided by operating activities of ourcontinuing operations was $134.1 million for the three months ended March 30, 2025, as compared to $150.1 million for the three months ended March 31, 2024, a decrease of $16.0 million, primarilydue to timing of collections, increased variable incentive compensation and tax payments during the three months ended March 30, 2025 as compared to the three months ended March 31, 2024. The cash provided by operating activities for the three months ended March 30, 2025 was principally a result of income from continuing operations of $41.7 million, adjustments for non-cash charges aggregating to $105.7 million, including depreciation and amortization of $97.4 million, and a net cash decrease in working capital of $13.3 million. 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, and 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.

Previous wording

Investing Activities. Net cash provided by investing activitiesof our continuing operationswas $646.0 million for the nine months ended September 29, 2024, as compared to net cash used in investing activities of $346.4 million for the nine months ended October 1, 2023, an increase of $992.4 million. During the nine months ended September 29, 2024, proceeds from maturity of U.S. treasury securities were $710.0 million and proceeds from investments and notes receivables were $2.5 million. The cash provided by investing activities during the nine months ended September 29, 2024 was partially offset by net cash used for capital expenditures of $62.2 million, as compared to $57.3 million for the nine months ended October 1, 2023. During the nine months ended September 29, 2024, purchases of investments and notes receivables were $4.3 million, as compared to $6.0 million for the nine months ended October 1, 2023. During the nine months ended October 1, 2023, purchases of investments in U.S. treasury securities amounted to $831.2 million, and net cash used for acquisitions was $2.1 million, which were partially offset by proceeds from maturity of U.S. treasury securities totaling $550.0 million.

Current wording

Investing Activities. Net cash used in investing activitiesof our continuing operationswas $15.8 million for the three months ended March 30, 2025, as compared to $18.2 million for the three months ended March 31, 2024, a decrease of $2.4 million. During the three months ended March 30, 2025, net cash used for capital expenditures was $16.0 million, as compared to $17.8 million for the three months ended March 31, 2024. The cash used in investing activities during the three months ended March 30, 2025 was partially offset by $0.2 million proceeds from disposition of businesses and assets. During the three months ended March 31, 2024, purchases of investments and notes receivables amounted to $0.3 million.

Previous wording

Financing Activities. Net cash used in financing activities was $935.2 million for the nine months ended September 29, 2024, as compared to $927.5 million for the nine months ended October 1, 2023, an increase in net cash used in financing activities of $7.7 million. During the nine months ended September 29, 2024, we made net payments of$722.3 millionon debts, as compared to $510.8 million during the nine months ended October 1, 2023. During the nine months ended September 29, 2024, we repurchased shares of our common stock for a total cost of $184.4 million, as compared to $384.0 million in the prior year period. We paid $8.8 million for acquisition-related contingent consideration during the nine months ended September 29, 2024, as compared to $10.1 million in the prior year period. We paid $25.9 million in dividends for the nine months ended September 29, 2024, as compared to $26.3 million for the nine months ended October 1, 2023. The cash used in financing activities during the nine months ended September 29, 2024 was partially offset by proceeds from the issuance of common stock under our stock plans of $6.2 million during the nine months ended September 29, 2024, as compared to $3.7 million for the nine months ended October 1, 2023.

Current wording

Financing Activities. Net cash used in financing activities was $163.7 million for the three months ended March 30, 2025, as compared to $35.0 million for the three months ended March 31, 2024, an increase of $128.7 million. During the three months ended March 30, 2025, we repurchased shares of our common stock for a total cost of $153.6 million, as compared to $10.8 million in the prior year period. We paid $8.4 million in dividends for the three months ended March 30, 2025, as compared to $8.6 million for the three months ended March 31, 2024. During the three months ended March 30, 2025, we made net payments of$2.5 millionon debts, as compared to $10.8 million during the three months ended March 31, 2024. We paid $1.8 million for acquisition-related contingent consideration during the three months ended March 30, 2025, as compared to $8.7 million in the prior year period. The cash used in financing activities during the three months ended March 30, 2025 was partially offset by proceeds from the issuance of common stock under our stock plans of $2.6 million during the three months ended March 30, 2025, as compared to $3.9 million for the three months ended March 31, 2024.

Previous wording

During the third quarter of fiscal year 2024, we paid in full$711.5 million of outstanding 0.850% Senior Unsecured Notes that became due in September 2024. 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

On January 7, 2025, our prior senior unsecured revolving credit facility was cancelled and replaced with a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of$1.5 billion available through January 7, 2030. See Note 6, Debt, in the Notes to Condensed Consolidated Financial Statements and Note 12, Debt, to our audited consolidated financial statements in the 2024 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 foreach of the first three quartersof fiscal year 2024 and in each quarter of fiscal year 2023. At September 29, 2024, we had accrued $8.5 million for dividends declared on July 25, 2024 for the third quarter of fiscal year 2024 that will be paid in November 2024. On October 24, 2024, we announced that our Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2024 that will be payable in February 2025. 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 forthe first quarterof fiscal year 2025 and in each quarter of fiscal year 2024. At March 30, 2025, we had accrued $8.2 million for dividends declared on January 23, 2025 for the first quarter of fiscal year 2025 that will be paid in May 2025. On April 24, 2025, we announced that our Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2025 that will be payable in August 2025. 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.