KULICKE & SOFFA INDUSTRIES INC
For the period ended Mar 29, 2025. Filed May 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 29, 2025 · Filed May 7, 2025
KLIC$64.01+7.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-28; filed 2025-02-06.
0000056978-25-000029
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-03-29; filed 2025-05-07.
0000056978-25-000056
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 128 previous paragraphs and 138 current paragraphs.
73 unchanged; 50 reworded; 14 added; 4 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 10 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
•our ability to successfully carry out the intended cessation of our Electronics Assembly ("EA") equipment business, including delays or other problems arising from regulatory or judicial review of the activities concerning the intended cessation;
Current report
•our ability to achieve expected organizational efficiencies after the successful cessation of our EA equipment business;
Current report
•risks arising from changes or uncertainties in trade policies, including the imposition of new, reciprocal or increases in existing tariffs or other restrictive trade measures, affecting supply chain costs, product pricing and customer demand;
Current report
Kulicke and Soffa Industries, Inc. (“K&S,” “we,” “us,” “our,” or the “Company”) is a global leader in semiconductor assembly technology, advancing device performance across automotive, compute, industrial, memory and communications markets. Founded on innovation in 1951, K&S is uniquely positioned to overcome increasingly dynamic process challenges – creating and delivering long-term value by aligning technology with opportunity.
Current report
Intended Cessation of EA Equipment Business
Current report
On March 25, 2025, the Board of Directors of the Company approved a strategic plan related to the intended cessation of its Electronics Assembly ("EA") equipment business. The plan includes an intention to wind down the EA equipment business in an effort to prioritize core semiconductor assembly business opportunities and enhance overall through-cycle financial performance. The intended cessation of the EA equipment business is subject to a consultation process with the applicable works council and union representatives, which the Company intends to initiate in its third fiscal quarter of 2025. The wind down activities are ongoing and are expected to be substantially completed by the first half of fiscal 2026, after which there will be some service support activities to serve out the remaining customer obligations. For additional information, see Note 16: Cessation of Business in our Notes to the Consolidated Condensed Financial Statements.
Current report
For the three months ended March 29, 2025, the higher SG&A expenses as compared to the prior year period were primarily due to $5.9 million higher severance expenses, $1.4 million higher staff cost, $0.5 million higher professional services and $0.5 million net unfavorable variance in foreign exchange.
Current report
For the three months ended March 29, 2025, the lower R&D expenses as compared to the prior year period were primarily due to $1.1 million lower professional services. This was partially offset by $0.5 million higher staff cost.
Current report
Impairment Charges
Current report
For the three and six months ended March 29, 2025, the impairment charges in the current period were due to $39.8 million impairment charges on long-lived assets, intangible assets and goodwill related to the intended cessation of the EA equipment business. The impairment charges in the prior year period were due to $44.5 million impairment charges on long-lived assets related to the cancellation of Project W.
Current report
For the three and six months ended March 29, 2025, as compared to the same period ended March 30, 2024, the change in provision for income taxes and effective tax rate was primarily due to the tax effects of the intended cessation of the Company's EA equipment business and the reimbursement from the cancellation of Project W which were recorded as discrete items during fiscal 2025 as well as the one-time charge for the cancellation of Project W and the increase in valuation allowance recorded against certain deferred tax assets, which were recorded as discrete items during fiscal 2024.
Current report
For the three and six months ended March 29, 2025, the effective tax rate is different than the U.S. federal statutory tax rate primarily due to earnings of foreign subsidiaries subject to tax at different rates than the U.S., tax incentives, tax credits, change in valuation allowances, the impact of global intangible low-taxed income, and the tax impact of the discrete items noted above.
Current report
Six months ended March 29, 2025
Current report
Six months ended March 30, 2024
Removed paragraphs (4)
Previous report
Founded in 1951, Kulicke and Soffa Industries, Inc. (“K&S,” “we,” “us,” “our,” or the “Company”) specializes in developing cutting-edge semiconductor and electronics assembly solutions enabling a smarter and more sustainable future. Our ever-growing range of products and services supports growth and facilitates technology transitions across large-scale markets, such as advanced display, automotive, communications, compute, consumer, data storage, energy storage and industrial.
Previous report
For the three months ended December 28, 2024, the increase in provision for income taxes and decrease in the effective tax rate was primarily due to the reimbursement from Project W cancellation which was recorded as a discrete item in the quarter.
Previous report
Three months ended December 28, 2024
Previous report
Three months ended December 30, 2023
Reworded paragraphs (50)
Previous wording
•our expectations regarding the potential impacts on our business of actual or potential inflationary pressures, interest rate and risk premium adjustments, falling consumer sentiment, or economic recession caused, directly or indirectly, by the ongoing tensions in the Middle East, the prolonged Ukraine/Russia conflict, geopolitical tensions and other macroeconomic factors;
Current wording
•our expectations regarding the potential impacts on our business of actual or potential inflationary pressures, interest rate and risk premium adjustments, falling consumer sentiment, or economic recession caused, directly or indirectly, by the ongoing tensions in the Middle East, the prolonged Ukraine/Russia conflict, the worsening trade relationship between the U.S. and the world, geopolitical tensions and other macroeconomic factors;
Previous wording
•our expectations regarding supply chain disruptions caused, directly or indirectly, by various macroeconomic events, including geopolitical tensions, catastrophic events resulting from climate change or other natural disasters and other factors;
Current wording
•our expectations regarding supply chain disruptions caused, directly or indirectly, by various macroeconomic events, including increased tariffs, geopolitical tensions, catastrophic events resulting from climate change or other natural disasters and other factors;
Previous wording
From time to time, our customers may request that we deliver our products to countries where they own or operate production facilities or to countries where they utilize third-party subcontractors or warehouses as part of their supply chain. For example, customers headquartered in the U.S. may require us to deliver our products to their back-end production facilities in China. Our customer base in the Asia/Pacific region has become more geographically concentrated over time as a result of general economic and industry conditions and trends. Approximately 87.2% and 89.9% of our net revenue for the three months ended December 28, 2024 and December 30, 2023, respectively, were for shipments to customer locations outside of the U.S., primarily in the Asia/Pacific region. Approximately 48.9% and 46.2% of our net revenue for the three months ended December 28, 2024 and December 30, 2023, respectively, were for shipments to customers headquartered in China.
Current wording
From time to time, our customers may request that we deliver our products to countries where they own or operate production facilities or to countries where they utilize third-party subcontractors or warehouses as part of their supply chain. For example, customers headquartered in the U.S. may require us to deliver our products to their back-end production facilities in China. Our customer base in the Asia/Pacific region has become more geographically concentrated over time as a result of general economic and industry conditions and trends. Approximately 86.3% and 86.2% of our net revenue for the three months ended March 29, 2025 and March 30, 2024, respectively, were for shipments to customer locations outside of the U.S., primarily in the Asia/Pacific region. Approximately 45.8% and 48.6% of our net revenue for the three months ended March 29, 2025 and March 30, 2024, respectively, were for shipments to customers headquartered in China.
Previous wording
While our customers have generally been impacted by the current global macroeconomic conditions, those with operations in China, an important manufacturing and supply chain hub, have witnessed a faster decline in demand and, accordingly, a faster decline in product shipments, compared to the rest of the world. The shipments to customers headquartered in China are subject to heightened risks and uncertainties related to the respective trade and export control policies of the governments of China and the U.S. Furthermore, there remains a potential risk of conflict and instability in the relationship between Taiwan and China that could disrupt the operations of our customers and/or suppliers in both Taiwan and China and our manufacturing operations in Taiwan and China.
Current wording
While our customers have generally been impacted by the current global macroeconomic conditions, those with operations in China, an important manufacturing and supply chain hub, have witnessed a faster decline in demand and, accordingly, a faster decline in product shipments, compared to the rest of the world. The shipments to customers headquartered in China are subject to heightened risks and uncertainties related to the respective trade and export control policies of the governments of China and the U.S, including the imposition of new tariffs or increases in existing tariffs and general inflationary considerations. Furthermore, there remains a potential risk of conflict and instability in the relationship between Taiwan and China that could disrupt the operations of our customers and/or suppliers in both Taiwan and China and our manufacturing operations in Taiwan and China.
Previous wording
The U.S. and several other countries have levied tariffs on certain goods and have introduced other trade restrictions resulting in substantial uncertainties in the semiconductor, LED, memory and automotive markets.
Current wording
The U.S. and several other countries have levied tariffs on certain goods and sectors and have introduced other trade restrictions resulting in substantial uncertainties in the semiconductor, LED, memory and automotive markets.
Previous wording
To limit potential adverse cyclical, seasonal and macroeconomic effects on our financial position, we have continued our efforts to maintain a strong balance sheet. As of December 28, 2024, our total cash, cash equivalents and short-term investments were $538.3 million, a $38.8 million decrease from the prior fiscal year end. We believe our ability to maintain a strong cash position will allow us to continue to invest in product development, pursue non-organic growth opportunities and return capital to investors through our share repurchase and dividend programs. Please see “Liquidity and Capital Resources” for more information.
Current wording
To limit potential adverse cyclical, seasonal and macroeconomic effects on our financial position, we have continued our efforts to maintain a strong balance sheet. As of March 29, 2025, our total cash, cash equivalents and short-term investments were $581.5 million, a $4.4 million increase from the prior fiscal year end. We believe our ability to maintain a strong cash position will allow us to continue to invest in product development, pursue non-organic growth opportunities and return capital to investors through our share repurchase and dividend programs. Please see “Liquidity and Capital Resources” for more information.
Previous wording
On November 4, 2024, the Company and the Customer entered into a written agreement pursuant to which the Customer had agreed to reimburse the Company for certain costs and expenses that the Company incurred in connection with the Project. Pursuant to the agreement, the Customer agreed to pay $86.2 million to the Company. $15.1 million was included within "Net Revenue" for delivered products. The remaining $71.1 million was included in "Gain relating to cessation of business" in the Consolidated Condensed Statements of Operations, with the corresponding increase to the Accounts and other receivable in our Consolidated Condensed Balance Sheets.
Current wording
On November 4, 2024, the Company and the Customer entered into a written agreement pursuant to which the Customer had agreed to reimburse the Company for certain costs and expenses that the Company incurred in connection with the Project. Pursuant to the agreement, the Customer agreed to pay $86.2 million to the Company. In the quarter ended December 28, 2024, $15.1 million was included within "Net Revenue" for delivered products and the remaining $71.1 million was included in "Gain relating to cessation of business" in the Consolidated Condensed Statements of Operations. As of the quarter ended March 29, 2025, the Company has received the reimbursement amount from the Customer.
Previous wording
The cost of logistics remains high as a result of macroeconomic conditions, inflation and labor shortages across layers of the supply chain. The Company’s management continues to monitor for signs of any expansion of economic or supply chain disruptions or broader supply chain inflationary and logistical costs resulting either directly or indirectly from the tensions in the Middle East or between Ukraine and Russia.
Current wording
The cost of logistics remains high as a result of macroeconomic conditions, inflation and labor shortages across layers of the supply chain. The Company’s management continues to monitor for signs of any expansion of economic or supply chain disruptions or broader supply chain inflationary and logistical costs resulting either directly or indirectly from the tensions in the Middle East or between Ukraine and Russia, as well as the imposition of new, increased or retaliatory tariffs.
Previous wording
Due to general inflationary pressures, declining consumer sentiment, and an economic downturn caused, directly or indirectly, by various macroeconomic factors, including the ongoing tensions in the Middle East and the prolonged Ukraine/Russia conflict, the sector continues to experience volatility and disruption. However, we believe that the long-term semiconductor industry macroeconomics have not changed and we anticipate that the industry’s growth projections will normalize.
Current wording
Due to general inflationary pressures, existing and future tariffs, declining consumer sentiment, and an economic downturn caused, directly or indirectly, by various macroeconomic factors, including the ongoing tensions in the Middle East and the prolonged Ukraine/Russia conflict, the sector continues to experience volatility and disruption. However, we believe that the long-term semiconductor industry macroeconomics have not changed and we anticipate that the industry’s growth projections will normalize.
Previous wording
The following tables reflect our income from operations for the three months ended December 28, 2024 and December 30, 2023:
Current wording
The following tables reflect our income from operations for the three and six months ended March 29, 2025 and March 30, 2024:
Previous wording
Our net revenue for the three months ended December 28, 2024 decreased as compared to our net revenue for the three months ended December 30, 2023. The decrease in net revenue is primarily due to lower volume in Ball Bonding Equipment, APS and All Others and partially offset by the higher volume in Wedge Bonding Equipment and Advanced Solutions, as further outlined in the following tables presented immediately below.
Current wording
Our net revenue for the three and six months ended March 29, 2025 decreased as compared to our net revenue for the three and six months ended March 30, 2024. The decrease in net revenue is primarily due to lower volume in Ball Bonding Equipment, APS and All Others and partially offset by the higher volume in Wedge Bonding Equipment and Advanced Solutions, as further outlined in the following tables presented immediately below.
Previous wording
The following tables reflect net revenue for the three months ended December 28, 2024 and December 30, 2023:
Current wording
The following tables reflect net revenue for the three and six months ended March 29, 2025 and March 30, 2024:
Previous wording
For the three months ended December 28, 2024, the decrease in Ball Bonding Equipment net revenue as compared to the prior year period was primarily due to lower volume of customer purchases in the general semiconductor and memory end markets as a result of relatively stable factory utilization levels.
Current wording
For the three and six months ended March 29, 2025, the decrease in Ball Bonding Equipment net revenue as compared to the prior year period was primarily due to lower volume of customer purchases in the general semiconductor and memory end markets as a result of relatively stable factory utilization levels in certain regions.
Previous wording
For the three months ended December 28, 2024, the increase in Wedge Bonding Equipment net revenue as compared to the prior year period was primarily due to higher volume of customer purchases primarily in the general semiconductor and automotive markets driven by wider Electric Vehicle adoption in certain regions.
Current wording
For the three and six months ended March 29, 2025, the increase in Wedge Bonding Equipment net revenue as compared to the prior year period was primarily due to higher volume of customer purchases primarily in the general semiconductor and automotive markets driven by wider Electric Vehicle adoption in certain regions.
Previous wording
For the three months ended December 28, 2024, the increase in Advanced Solutions net revenue as compared to the prior year period was primarily due to a higher volume of customer purchases in the general semiconductor and LED end markets.
Current wording
For the three and six months ended March 29, 2025, the increase in Advanced Solutions net revenue as compared to the prior year period was primarily due to a higher volume of customer purchases in the general semiconductor end markets.
Previous wording
For the three months ended December 28, 2024, the decrease in APS net revenue as compared to the prior year period was due to a lower volume of customer purchases primarily in spares and services.
Current wording
For the three and six months ended March 29, 2025, the decrease in APS net revenue as compared to the prior year period was due to a lower volume of customer purchases primarily in spares and services, and unfavorable pricing from bonding tools.
Previous wording
For the three months ended December 28, 2024, the decrease in All Others net revenue as compared to the prior year period was primarily due to a lower volume of customer purchases in the general semiconductor end market.
Current wording
For the three and six months ended March 29, 2025, the decrease in All Others net revenue as compared to the prior year period was primarily due to a lower volume of customer purchases in the general semiconductor end market.
Previous wording
The following tables reflect gross profit margin as a percentage of net revenue by reportable segments for the three months ended December 28, 2024 and December 30, 2023:
Current wording
The following tables reflect gross profit margin as a percentage of net revenue by reportable segments for the three and six months ended March 29, 2025 and March 30, 2024:
Previous wording
For the three months ended December 28, 2024, the increase in Ball Bonding Equipment gross profit margin as compared to the prior year period was primarily due to a favorable customer mix, including higher sales to customers where we achieve higher average margins.
Current wording
For the three and six months ended March 29, 2025, the increase in Ball Bonding Equipment gross profit margin as compared to the prior year period was primarily due to a favorable customer mix, including higher sales to customers where we achieve higher average margins.
Previous wording
For the three months ended December 28, 2024, the lower Wedge Bonding Equipment gross profit margin as compared to the prior year period was primarily driven by a less favorable product mix, including higher sales of lower margin products and a shift in customer mix, including higher sales to customers where we achieve lower average margins.
Current wording
For the three and six months ended March 29, 2025, the decrease in Wedge Bonding Equipment gross profit margin as compared to the prior year period was primarily driven by a less favorable product mix, including higher sales of lower margin products and a shift in customer mix, including higher sales to customers where we achieve lower average margins.
Previous wording
For the three months ended December 28, 2024, the increase in Advanced Solutions gross profit margin as compared to the prior year period was primarily due to a favorable product mix which included revenue recognized from delivered products relating to the cancellation of Project W.
Current wording
For the three and six months ended March 29, 2025, the increase in Advanced Solutions gross profit margin as compared to the prior year period was primarily due to the inventory write-down charges in the prior year as a result of the cancellation of Project W and favorable product mix, including higher sales of higher margin products.
Previous wording
For the three months ended December 28, 2024, the decrease in APS gross profit margin as compared to the prior year period was primarily driven by lower volume from spares and services, and unfavorable pricing from bonding tools.
Current wording
For the three and six months ended March 29, 2025, the decrease in APS gross profit margin as compared to the prior year period was primarily driven by lower volume from spares and services, and unfavorable pricing from bonding tools.
Previous wording
For the three months ended December 28, 2024, the higher gross profit margin for the “All Others” category as compared to the prior year period was primarily driven by a provision for excess and obsolete inventory in the prior year period.
Current wording
For the three and six months ended March 29, 2025, the decrease in gross profit margin for the “All Others” category as compared to the prior year period was primarily driven by the inventory write-down charges incurred as a result of the intended cessation of the EA equipment business.
Previous wording
The following tables reflect operating expenses for the three months ended December 28, 2024 and December 30, 2023:
Current wording
The following tables reflect operating expenses for the three and six months ended March 29, 2025 and March 30, 2024:
Previous wording
For the three months ended December 28, 2024, the lower SG&A expenses as compared to the prior year period were primarily due to a $4.2 million net favorable variance in foreign exchange. This was partially offset by $0.7 million in severance expenses and $0.3 million in higher staff costs.
Current wording
For the six months ended March 29, 2025, the higher SG&A expenses as compared to the prior year period were primarily due to $6.7 million higher severance expenses, $1.8 million higher staff cost and $0.5 million higher professional services. This was partially offset by $3.6 million net favorable variance in foreign exchange.
Previous wording
For the three months ended December 28, 2024, the higher R&D expenses as compared to the prior year period were primarily due to $2.9 million higher staff cost related to incentive compensation. This was partially offset by $2.2 million in lower spending on prototype materials.
Current wording
For the six months ended March 29, 2025, the higher R&D expenses as compared to the prior year period were primarily due to $3.4 million higher staff cost. This was partially offset by $2.5 million lower prototype materials.
Previous wording
For the three months ended December 28, 2024, the higher gain relating to cessation of business as compared to the prior year period was primarily due to the $71.1 million reimbursement for certain costs and expenses from Project W cancellation, a $3.2 million gain on the disposal of a subsidiary and a $1.7 million gain from the supplier settlement.
Current wording
For the six months ended March 29, 2025, the gain relating to cessation of business was primarily due to the $71.1 million reimbursement for certain costs and expenses from the cancellation of Project W, a $3.2 million gain on the disposal of a subsidiary and a $1.7 million gain from the supplier settlement.
Previous wording
Our income from operations for the three months ended December 28, 2024 increased as compared to our income from operations for the three months ended December 30, 2023. The changes in income from operations for the respective segments are due to the changes in net revenue, gross profit margin and operating expenses as explained in the respective sections above.
Current wording
Our loss from operations for the three and six months ended March 29, 2025 decreased as compared to our loss from operations for the three and six months ended March 30, 2024. The changes in income/(loss) from operations for the respective segments are due to the changes in net revenue, gross profit margin and operating expenses as explained in the respective sections above.
Previous wording
The following tables reflect income/(loss) from operations by reportable segments for the three months ended December 28, 2024 and December 30, 2023.
Current wording
The following tables reflect income/(loss) from operations by reportable segments for the three and six months ended March 29, 2025 and March 30, 2024.
Previous wording
The following tables reflect interest income and interest expense for the three months ended December 28, 2024 and December 30, 2023:
Current wording
The following tables reflect interest income and interest expense for the three and six months ended March 29, 2025 and March 30, 2024:
Previous wording
For the three months ended December 28, 2024, interest income decreased as compared to the prior year period primarily due to a lower average balances of cash, cash equivalents and short-term investments.
Current wording
For the three and six months ended March 29, 2025, interest income decreased as compared to the prior year period primarily due to a lower average balances of cash, cash equivalents and short-term investments.
Previous wording
The following table reflects the provision for income taxes and the effective tax rate for the three months ended December 28, 2024 and December 30, 2023:
Current wording
The following table reflects the provision for income taxes and the effective tax rate for the three and six months ended March 29, 2025 and March 30, 2024:
Previous wording
The following table reflects a summary of the Consolidated Condensed Statements of Cash Flow information for the three months ended December 28, 2024 and December 30, 2023:
Current wording
The following table reflects a summary of the Consolidated Condensed Statements of Cash Flow information for the six months ended March 29, 2025 and March 30, 2024:
Previous wording
Net cash used in operating activities was primarily due to net income of $9.3 million, non-cash adjustments to net income of $20.4 million and a net unfavorable change in operating assets and liabilities of $37.0 million. The net change in operating assets and liabilities was primarily driven by a increase in accounts and other receivable of $25.6 million, an increase in inventories of $22.1 million and a decrease in accounts payable and accrued expenses and other current liabilities of $0.8 million. This was partially offset by an decrease in prepaid expenses and other current assets of $7.5 million and an increase income tax payable of $2.4 million.
Current wording
The increase in net cash provided by operating activities was primarily due to non-cash adjustments to net loss of $89.0 million and a net favourable change in operating assets and liabilities of $12.6 million, partially offset by a net loss of $2.9 million. The non-cash adjustments were primarily due to impairment charges of $39.8 million and an inventory write-down of $28.9 million as a result of the intended cessation of the EA equipment business. The net change in operating assets and liabilities was primarily driven by a decrease in accounts and other receivable of $20.1 million, a decrease in prepaid expenses and other current assets of $7.4 million, and a net increase in accounts payable, accrued expenses and other liabilities of $3.3 million. This was partially offset by an increase in inventories of $11.3 million after excluding the impact of the inventory write-down as shown above, and a decrease in income tax payable of $5.8 million.
Previous wording
The increase in accounts and other receivable in the three months ended December 28, 2024 was mainly due to the timing of payments due. The increase in inventories was due to the buildup of long lead time materials to fulfill certain customer purchase orders. The decrease in accounts payable and accrued expenses and other current liabilities was primarily due to lower customer advances, accrued employee compensation and lower material purchases. The increase in income tax payable was primarily due to higher profitability which included the reimbursement from Project W cancellation which was recorded as a discrete item in the quarter.
Current wording
The decrease in accounts and other receivable in the six months ended March 29, 2025 was mainly due to lower sales for the period. The decrease in prepaid expenses and other current assets was mainly due to the receipt of tax refunds. The net increase in accounts payable, accrued expenses and other liabilities was primarily due to higher accrued adverse purchase commitments, partially offset by overall lower purchases. The increase in inventories was due to the buildup of long lead time materials to fulfill certain customer purchase orders. The decrease in income tax payable was primarily due to lower profitability which included the net impact from the intended cessation of EA equipment business and reimbursement from the cancellation of Project W which were treated as discrete items.
Previous wording
Net cash provided by investing activities was due to net maturity of short-term investments of $90.0 million and net cash received from the disposal of a subsidiary of $2.6 million, and offset by capital expenditures of $10.2 million and investment in a private equity fund of $0.4 million.
Current wording
Net cash provided by investing activities was due to net maturity of short-term investments of $55.0 million and net cash received from the disposal of a subsidiary of $2.5 million, partially offset by capital expenditures of $12.2 million and investment in a private equity fund of $1.8 million.
Previous wording
Net cash used in financing activities was primarily due to common stock repurchases of $37.2 million and dividend payments of $10.8 million.
Current wording
Net cash used in financing activities was primarily due to common stock repurchases of $58.5 million and dividend payments of $21.8 million.
Previous wording
The increase in net cash used in operating activities was primarily due to a net income of $81.6 million and non-cash adjustments to net income of $6.4 million, partially offset by a net unfavourable change in operating assets and liabilities of $69.1 million. The net change in operating assets and liabilities was primarily driven by an increase in accounts and other receivable of $53.9 million, an increase in inventories of $9.1 million, and a decrease in accounts payable and accrued expenses and other current liabilities of $15.8 million . This was partially offset by an increase in income tax payable of $9.8 million and a decrease in prepaid expenses and other current assets of $1.9 million.
Current wording
The increase in net cash used in operating activities was primarily due to a net loss of $93.4 million and a net unfavorable change in operating assets and liabilities of $87.2 million, partially offset by non-cash adjustments to net income of $153.1 million. The non-cash adjustments were primarily due to impairment charges of $44.5 million and inventory write-down of $57.3 million as a result of the cancellation of the Project. The net change in operating assets and liabilities was primarily driven by an increase in accounts and other receivable of $36.5 million, an increase in inventories of $28.6 million after excluding the impact of the inventory write-down as shown above, a decrease in income tax payable of $21.7 million and a decrease in accounts payable and accrued expenses and other current liabilities of $7.8 million. This was partially offset by a decrease in prepaid expenses and other current assets of $13.4 million.
Previous wording
The increase in accounts and other receivable in the three months ended December 30, 2023 was mainly due to the timing of payments due. The increase in inventories was due to the buildup of long lead time materials to fulfill certain customer purchase orders. The decrease in accounts payable and accrued expenses and other current liabilities was primarily due to lower accrued employee compensation that was paid out in the period, partially offset by higher material purchases during the period. The decrease in prepaid expenses was mainly due the transfer of contract assets to net account receivables.
Current wording
The increase in accounts and other receivable in the six months ended March 30, 2024 was mainly due to the timing of payments due. The increase in inventories was due to the buildup of long lead time materials to fulfill certain customer purchase orders. The decrease in income tax payable was primarily due to lower profitability. The decrease in accounts payable and accrued expenses and other current liabilities was primarily due to the payment of back loaded purchases, partially offset by higher accrued employee compensation and accrued purchase order cancellation charges arising from the cancellation of the Project. The decrease in prepaid expenses was mainly due the transfer of contract assets to net account receivables.
Previous wording
Net cash used in investing activities was due to net purchase of short-term investments of $55.0 million, capital expenditures of $4.4 million and investment in private equity fund of $1.1 million.
Current wording
Net cash used in investing activities was due to net purchase of short-term investments of $45.0 million, capital expenditures of $11.0 million and investment in a private equity fund of $1.1 million.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Similarly, approximately 86.8% and 88.1% of our net revenue for the six months ended March 29, 2025 and March 30, 2024, respectively, were for shipments to customer locations outside of the U.S., primarily in the Asia/Pacific region. Approximately 47.3% and 47.4% of our net revenue for the six months ended March 29, 2025 and March 30, 2024, respectively, were for shipments to customers headquartered in China.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Additionally, and as previously announced on November 13, 2024, the Board of Directors authorized a new share repurchase program to repurchase up to $300 million of the Company's common stock (the "New Program"), with the intention that the New Program initiate upon the completion of the Prior Program.