For the quarter ended March 2024, Littelfuse (LFUS) reported revenue of $535.39 million, down 12.2% over the same period last year. EPS came in at $1.76, compared to $3.64 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $519.13 million, representing a surprise of +3.13%. The company delivered an EPS surprise of +0.57%, with the consensus EPS estimate being $1.75.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stre ...

[Executive Summary & Business Outlook](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Outlook) [Q1 2024 Performance Highlights](index=1&type=section&id=Q1%202024%20Performance%20Highlights) Littelfuse reported solid first-quarter results for 2024, with sales exceeding and earnings aligning with guidance. The company's diversified end markets, robust technology, and portfolio optimization helped mitigate ongoing inventory destocking. Despite a 12% decline in net sales, strong cash generation was noted - Global team delivered solid first quarter results, with sales above and earnings in-line with expectations, supported by diversified end market exposures, robust technology offering, and portfolio optimization initiatives.[1](index=1&type=chunk) | Metric | Q1 2024 | Q1 2023 (YoY Change) | | :-------------------------- | :------ | :-------------------- | | Net sales | $535 million | Down 12% (12% organically) | | GAAP diluted EPS | $1.93 | - | | Adjusted diluted EPS | $1.76 | - | | Cash flow from operations | $57 million | - | | Free cash flow | $42 million | - | [Q2 2024 Financial Guidance](index=1&type=section&id=Second%20Quarter%20of%202024%20Guidance) For the second quarter of 2024, Littelfuse anticipates net sales between $525 million and $555 million, adjusted diluted EPS in the range of $1.65 to $1.85, and an adjusted effective tax rate of approximately 23% | Metric | Q2 2024 Guidance | | :------------------------ | :------------------- | | Net sales | $525 - $555 million | | Adjusted diluted EPS | $1.65 - $1.85 | | Adjusted effective tax rate | Approximately 23% | [Dividend and Share Repurchase Authorization](index=2&type=section&id=Dividend%20and%20Share%20Repurchase%20Authorization) The Board of Directors approved a new stock repurchase authorization of up to $300 million, effective from May 1, 2024, to April 30, 2027. Additionally, a cash dividend of $0.65 per share will be paid on June 6, 2024 - Board of Directors approved a new stock repurchase authorization for up to **$300 million** of common stock, valid from May 1, 2024, to April 30, 2027.[8](index=8&type=chunk) - A cash dividend of **$0.65** per share will be paid on June 6, 2024, to shareholders of record as of May 23, 2024.[8](index=8&type=chunk) [Company Overview](index=2&type=section&id=About%20Littelfuse) Littelfuse, Inc. is a diversified, industrial technology manufacturing company with approximately 17,000 global associates across more than 20 countries, serving over 100,000 end customers in industrial, transportation, and electronics markets - Littelfuse, Inc. is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world.[6](index=6&type=chunk) - The company operates in **over 20 countries** with **approximately 17,000 global associates**, serving **over 100,000 end customers** in industrial, transportation, and electronics end markets.[6](index=6&type=chunk) [Forward-Looking Statements & Non-GAAP Measures](index=2&type=section&id=Safe%20Harbor%20Statement%20under%20the%20Private%20Securities%20Litigation%20Reform%20Act%20of%201995) The press release includes forward-looking statements, which are subject to various risks and uncertainties detailed in SEC filings. It also utilizes non-GAAP financial measures, such as adjusted EPS and free cash flow, which the company believes provide useful information for understanding core operational performance and credit position by excluding items not directly related to fundamental business operations - Statements in the press release that are not historical facts constitute 'forward-looking statements' subject to risks and uncertainties that could cause actual results to differ materially.[7](index=7&type=chunk) - The company uses non-GAAP financial measures (e.g., organic net sales, adjusted operating income, adjusted diluted EPS, free cash flow) to provide useful information to investors regarding operational performance and credit position, enhancing understanding of core financial performance and facilitating historical comparisons.[10](index=10&type=chunk)[12](index=12&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 30, 2024, total assets decreased slightly to $3,943.5 million from $3,995.3 million at December 30, 2023. Current assets saw an increase, while long-term assets like property, plant, and equipment, intangible assets, and goodwill experienced declines. Total liabilities increased, primarily driven by a significant rise in the current portion of long-term debt | (in thousands) | March 30, 2024 | December 30, 2023 | | :------------------------------------------ | :------------- | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $562,153 | $555,513 | | Total current assets | $1,444,111 | $1,408,600 | | Net property, plant, and equipment | $479,435 | $493,153 | | Intangible assets, net | $584,631 | $606,136 | | Goodwill | $1,294,737 | $1,309,998 | | Total assets | $3,943,461 | $3,995,275 | | **LIABILITIES AND EQUITY** | | | | Current portion of long-term debt | $65,824 | $14,020 | | Total current liabilities | $404,972 | $375,494 | | Long-term debt, less current portion | $800,849 | $857,915 | | Total equity | $2,471,293 | $2,480,481 | | Total liabilities and equity | $3,943,461 | $3,995,275 | [Condensed Consolidated Statements of Net Income](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20NET%20INCOME) For the three months ended March 30, 2024, net sales decreased by 12.2% year-over-year to $535.4 million. This led to a significant decline in gross profit and operating income, ultimately resulting in a 45.4% reduction in net income to $48.5 million and diluted EPS falling from $3.54 to $1.93 | (in thousands, except per share data) | March 30, 2024 | April 1, 2023 | YoY Change (%) | | :------------------------------------ | :------------- | :------------ | :------------- | | Net sales | $535,385 | $609,782 | (12.2)% | | Cost of sales | $347,577 | $364,825 | (4.8)% | | Gross profit | $187,808 | $244,957 | (23.3)% | | Total operating expenses | $132,856 | $134,316 | (1.1)% | | Operating income | $54,952 | $110,641 | (50.3)% | | Income before income taxes | $55,704 | $108,903 | (48.8)% | | Income taxes | $7,252 | $20,158 | (64.0)% | | Net income | $48,452 | $88,745 | (45.4)% | | Diluted EPS | $1.93 | $3.54 | (45.5)% | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash provided by operating activities increased to $57.2 million in Q1 2024, up from $53.4 million in Q1 2023, primarily due to inventory adjustments. Net cash used in investing activities significantly decreased to $8.5 million, as there were no major acquisitions in Q1 2024 compared to the prior year. Net cash used in financing activities increased to $33.5 million, driven by common stock repurchases | (in thousands) | March 30, 2024 | April 1, 2023 | | :------------------------------------------ | :------------- | :------------ | | Net cash provided by operating activities | $57,150 | $53,407 | | Net cash used in investing activities | $(8,483) | $(183,188) | | Net cash used in financing activities | $(33,520) | $(12,204) | | Increase (decrease) in cash, cash equivalents, and restricted cash | $6,597 | $(137,414) | | Cash, cash equivalents, and restricted cash at end of period | $563,720 | $427,525 | [Segment Performance Analysis](index=7&type=section&id=NET%20SALES%20AND%20OPERATING%20INCOME%20BY%20SEGMENT) [Net Sales and Operating Income by Segment](index=7&type=section&id=Net%20Sales%20and%20Operating%20Income%20by%20Segment) In Q1 2024, total net sales declined by 12.2% year-over-year. The Electronics segment experienced an 18.8% sales decline and a 58.1% drop in operating income. The Industrial segment also saw a 12.6% sales decrease and a 72.0% decline in operating income. In contrast, the Transportation segment demonstrated resilience with a 2.2% increase in sales and an 89.9% surge in operating income | Net sales (in thousands) | 2024 | 2023 | % (Decline) / Growth | | :----------------------- | :--- | :--- | :------------------- | | Electronics | $291,105 | $358,593 | (18.8)% | | Transportation | $170,367 | $166,641 | 2.2 % | | Industrial | $73,913 | $84,548 | (12.6)% | | Total net sales | $535,385 | $609,782 | (12.2)% | | Operating income (in thousands) | 2024 | 2023 | % (Decline) / Growth | | :------------------------------ | :--- | :--- | :------------------- | | Electronics | $37,803 | $90,162 | (58.1)% | | Transportation | $16,206 | $8,532 | 89.9 % | | Industrial | $4,796 | $17,141 | (72.0)% | | Total operating income | $54,952 | $110,641 | (50.3)% | | Operating Margin | 2024 | 2023 | % (Decline)/Growth | | :--------------- | :--- | :--- | :----------------- | | Electronics | 13.0 % | 25.1 % | (12.1)% | | Transportation | 9.5 % | 5.1 % | 4.4 % | | Industrial | 6.5 % | 20.3 % | (13.8)% | [Supplemental Financial Information (Non-GAAP Reconciliations)](index=8&type=section&id=SUPPLEMENTAL%20FINANCIAL%20INFORMATION) [Non-GAAP EPS Reconciliation](index=8&type=section&id=Non-GAAP%20EPS%20reconciliation) For Q1 2024, adjusted diluted EPS was $1.76, which is lower than the GAAP diluted EPS of $1.93. This difference is primarily due to a negative $0.17 impact from non-GAAP adjustments, including a non-operating foreign exchange gain and income tax adjustments | Non-GAAP EPS reconciliation | Q1-24 | Q1-23 | | :-------------------------- | :---- | :---- | | GAAP diluted EPS | $1.93 | $3.54 | | EPS impact of Non-GAAP adjustments | $(0.17) | $0.10 | | Adjusted diluted EPS | $1.76 | $3.64 | [Adjusted Operating Margin and Adjusted EBITDA Reconciliation](index=8&type=section&id=Adjusted%20operating%20margin%20%2F%20Adjusted%20EBITDA%20reconciliation) In Q1 2024, adjusted operating income was $58.8 million, resulting in an adjusted operating margin of 11.0%. Adjusted EBITDA stood at $91.3 million, with an adjusted EBITDA margin of 17.1%. Both adjusted metrics reflect a decline compared to Q1 2023 | Metric | Q1-24 | Q1-23 | | :------------------------ | :---- | :---- | | GAAP operating income | $55.0 | $110.6 | | Non-GAAP adjustments to operating income | $3.8 | $5.2 | | Adjusted operating income | $58.8 | $115.8 | | Amortization of intangibles | $15.8 | $16.9 | | Depreciation expenses | $16.7 | $17.6 | | Adjusted EBITDA | $91.3 | $150.3 | | Margin | Q1-24 | Q1-23 | | :------------------ | :---- | :---- | | Operating margin | 10.3 % | 18.1 % | | Adjusted operating margin | 11.0 % | 19.0 % | | Adjusted EBITDA margin | 17.1 % | 24.6 % | [Adjusted EBITDA by Segment](index=9&type=section&id=Adjusted%20EBITDA%20by%20Segment) For Q1 2024, the Electronics segment reported Adjusted EBITDA of $57.6 million (19.8% margin), Transportation $24.9 million (14.6% margin), and Industrial $8.8 million (11.9% margin). All segments experienced a decrease in Adjusted EBITDA compared to Q1 2023 | Adjusted EBITDA (in millions) | Q1-24 | Q1-23 | | :---------------------------- | :---- | :---- | | Electronics | $57.6 | $110.0 | | Transportation | $24.9 | $19.8 | | Industrial | $8.8 | $20.5 | | Adjusted EBITDA Margin | Q1-24 | Q1-23 | | :--------------------- | :---- | :---- | | Electronics | 19.8 % | 30.7 % | | Transportation | 14.6 % | 11.9 % | | Industrial | 11.9 % | 24.3 % | [Net Sales Reconciliation](index=9&type=section&id=Net%20sales%20reconciliation) The overall 12% net sales decline in Q1 2024 compared to Q1 2023 was primarily organic. The Electronics segment saw a 19% organic net sales decline, and Industrial a 14% decline, while the Transportation segment achieved 3% organic net sales growth | Net sales (decline) growth (Q1-24 vs. Q1-23) | Electronics | Transportation | Industrial | Total | | :------------------------------------------ | :---------- | :------------- | :--------- | :---- | | Net sales (decline) growth | (19)% | 2 % | (13)% | (12)% | | Less: Acquisitions | — % | — % | 1 % | — % | | Less: FX impact | — % | (1)% | — % | — % | | Organic net sales (decline) growth | (19)% | 3 % | (14)% | (12)% | [Income Tax Reconciliation](index=9&type=section&id=Income%20tax%20reconciliation) The adjusted effective tax rate for Q1 2024 was 19.3%, a slight increase from 18.8% in Q1 2023. Adjusted income taxes for the quarter amounted to $10.6 million | Income tax reconciliation | Q1-24 | Q1-23 | | :------------------------ | :---- | :---- | | Income taxes | $7.3 | $20.2 | | Effective rate | 13.0 % | 18.5 % | | Non-GAAP adjustments - income taxes | $3.3 | $0.9 | | Adjusted income taxes | $10.6 | $21.1 | | Adjusted effective rate | 19.3 % | 18.8 % | [Free Cash Flow Reconciliation](index=9&type=section&id=Free%20cash%20flow%20reconciliation) Free cash flow significantly increased to $41.6 million in Q1 2024 from $27.7 million in Q1 2023. This improvement was driven by higher net cash provided by operating activities and reduced purchases of property, plant, and equipment | Free cash flow reconciliation | Q1-24 | Q1-23 | | :---------------------------- | :---- | :---- | | Net cash provided by operating activities | $57.1 | $53.4 | | Less: Purchases of property, plant and equipment | $(15.5) | $(25.7) | | Free cash flow | $41.6 | $27.7 | [Consolidated Debt and Leverage Ratio](index=10&type=section&id=Consolidated%20Total%20Debt) As of March 30, 2024, consolidated total debt was $866.7 million, with net debt reported at $712.9 million. The consolidated net leverage ratio stood at 1.4x, which is well below the credit agreement's covenant limit of 3.50:1.00 | Consolidated Total Debt | As of March 30, 2024 | | :---------------------- | :------------------- | | Consolidated Total Debt | $866.7 | | Net debt | $712.9 | | Consolidated EBITDA | Twelve Months Ended March 30, 2024 | | :------------------ | :--------------------------------- | | Net Income | $219.1 | | Interest expense | $39.8 | | Income taxes | $56.2 | | Depreciation | $70.7 | | Amortization | $64.8 | | Consolidated EBITDA | $501.0 | - Consolidated Net Leverage Ratio was **1.4x**, significantly below the Credit Agreement's covenant limit of **3.50:1.00**.[31](index=31&type=chunk)

Financial Performance - Net sales decreased by $151.2 million (6.0%) to $2,362.7 million in 2023, primarily due to lower volume in the Electronics segment and the commercial vehicle business within the Transportation segment[166] - Net income decreased to $259.5 million ($10.34 per diluted share) in 2023 from $373.3 million ($14.94 per diluted share) in 2022, driven by lower operating income in the Electronics and Transportation segments[166] - Total revenue for fiscal year 2023 was $2,362.7 million, a decrease from $2,513.9 million in 2022[197] - Operating income for 2022 was $500.8 million, an increase of $115.2 million (29.9%) compared to 2021[251] - Operating margins increased from 18.5% in 2021 to 19.9% in 2022, primarily driven by higher operating income in the Electronics segment[251] Cash Flow and Capital Management - Net cash provided by operating activities increased by $37.7 million to $457.4 million in 2023, primarily due to reductions in working capital[167] - The company plans to return 40% of free cash flow to shareholders through dividends and opportunistic share repurchases[178] - The company's ability to access capital markets and bank credit facilities is critical for investments, strategic acquisitions, and refinancing maturing debt obligations[119] Acquisitions and Strategic Growth - The company completed the acquisition of Western Automation for approximately $162 million in cash, which had annualized sales of approximately $25 million[169] - The company entered into a definitive purchase agreement to acquire a 200mm wafer fab in Dortmund, Germany for approximately 93 million Euro, with 37.2 million Euro paid in 2023 and the remaining 56 million Euro to be paid at closing in early 2025[168] - The company targets 5-7% average annual organic sales growth and 5-7% average annual growth from strategic acquisitions as part of its five-year strategic plan[178] - The company's strategy focuses on increasing product content, expanding into high-growth geographies and end markets, and leveraging strategic acquisitions to enhance organic growth[178] Regional Sales Performance - Asia-Pacific net sales decreased by $121.0 million (11.9%) in 2023, primarily due to lower electronics and commercial vehicle sales[240] - European net sales increased by $60.6 million (12.1%) in 2023, driven by acquisitions and increased semiconductor and passenger car product sales[241] Goodwill and Asset Valuation - The company's goodwill impairment test as of October 1, 2023 indicated no impairment charges, with the estimated fair values of all seven reporting units exceeding their carrying values[185] - All seven reporting units passed the goodwill impairment test with fair values exceeding carrying values by 23% to 369% as of October 1, 2023[188] - A 1.0% decrease in estimated annual future cash flows would decrease the estimated fair value of the reporting unit by approximately 1.0%[189] - The estimated discount rate was 12.6% for most reporting units and 16.8% for the Industrial Controls and Sensors unit[189] - The company holds material amounts of goodwill and other long-lived assets, and a decline in expected profitability could lead to asset impairment[117] Revenue Recognition and Sales Incentives - The Company recognizes revenue when control of the product is transferred to the customer, typically at the time of shipment[198] - The Company offers volume-based sales incentives, estimating rebates as a reduction to revenue as products are sold[204] Market and Operational Risks - The company's revenues may vary significantly due to factors such as changes in customer buying decisions, demand for products, distributor inventory stocking, and product mix[116] - The company's fixed costs may reduce operating results if sales fall below expectations, as many expenses, particularly capital equipment and manufacturing overhead, are relatively fixed[120] - The company is exposed to potential security breaches or disruptions to its IT systems, which could result in financial liability, legal sanctions, or reputational damage[123] - The company faces risks related to currency exchange rates, commodity prices, and interest rates, which could have a material adverse effect on its results of operations and financial condition[113] - The company may incur additional expenses due to customer demands and regulations related to conflict-free minerals, particularly in the semiconductor industry[124] - The bankruptcy or insolvency of a major customer, such as an auto manufacturer or supplier, could lead to substantial disruptions and lower demand for the company's products[118] Currency Exposure - The company's most significant net long exposure is to the euro, while its most significant net short exposures are to the Chinese renminbi, Mexican peso, and Philippine peso[114] Stock Performance - The company's stock price ranged between a low of $212.8 and a high of $309.9 from December 31, 2022, to December 30, 2023[121]

1 January 30, 2024 Expertise Applied | Answers Delivered Important Information About Littelfuse, Inc. This presentation does not constitute or form part of, and should not be construed as, an offer or solicitation to purchase or sell securities of Littelfuse, Inc. and no investment decision should be made based upon the information provided herein. Littelfuse strongly urges you to review its filings with the Securities and Exchange Commission, which can be found at investor.littelfuse.com. This website also ...

Littelfuse (LFUS) reported $533.81 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 13%. EPS of $2.02 for the same period compares to $3.34 a year ago.The reported revenue represents a surprise of -0.42% over the Zacks Consensus Estimate of $536.05 million. With the consensus EPS estimate being $2.02, the company has not delivered EPS surprise.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compa ...

CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the fourth quarter and full year ended December 30, 2023: Fourth Quarter 2023 Results Net sales of $533.8 million were down 13% versus the prior year period, and down 14.5% organically GAAP diluted EPS was $1.71; adjusted diluted EPS was $2.02 Cash flow from operations was $144 million and free ...

Wall Street analysts forecast that Littelfuse (LFUS) will report quarterly earnings of $2.02 per share in its upcoming release, pointing to a year-over-year decline of 39.5%. It is anticipated that revenues will amount to $536.05 million, exhibiting a decline of 12.6% compared to the year-ago quarter.The current level reflects a downward revision of 0.9% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised th ...

CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world, announced today that it will release financial results for its fourth quarter of fiscal 2023 after market close on Tuesday, January 30, 2024. The press release and slide presentation will be available in the Investor Relations section of the company’s website, Littelfuse.com. The company will host a conference call on Wednesday, January ...

CHICAGO--(BUSINESS WIRE)--Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, was recently named one of America’s Most Responsible Companies on Newsweek’s 2024 list. This marks the second consecutive year the Company has been recognized. This prestigious award is presented by Newsweek and Statista Inc., the world-leading statistics portal and industry ranking provider. The final list recognizes the top 600 most responsible ...

Financial Performance - For Q3 2023, the company reported net sales of $607.1 million, a decrease of $51.8 million, or 7.9% compared to Q3 2022, including $7.3 million or 1.1% from favorable foreign exchange rates [121]. - Net income for Q3 2023 was $57.8 million, or $2.30 per diluted share, down from $75.5 million, or $3.02 per diluted share in Q3 2022, primarily due to lower operating income in the Electronics segment [121]. - Operating income for Q3 2023 was $93.6 million, a decrease of $28.3 million, or 23.2%, compared to Q3 2022, with operating margins declining from 18.5% to 15.4% [137]. - Gross profit for Q3 2023 was $226.9 million, or 37.4% of net sales, down from $256.8 million, or 39.0% of net sales in Q3 2022 [133]. - Cost of sales for Q3 2023 was $380.2 million, or 62.6% of net sales, compared to $402.1 million, or 61.0% of net sales in Q3 2022 [131]. - Operating income for the first nine months of 2023 was $296.3 million, a decrease of $110.3 million, or 27.1%, compared to $406.6 million for the same period in 2022 [138]. - Income before income taxes for the first nine months of 2023 was $269.6 million, or 14.7% of net sales, down from $339.7 million, or 17.9% of net sales, in the first nine months of 2022 [140]. - Net sales decreased by $51.3 million, or 6.8%, in the first nine months of 2023 compared to the same period in 2022, primarily due to lower volume in the electronics products business [162]. Segment Performance - Net sales in the Electronics segment decreased by $69.0 million, or 6.1%, in the first nine months of 2023 compared to the same period in 2022, despite an incremental $91.9 million from the C&K acquisition [147]. - Net sales in the Transportation segment decreased by $32.6 million, or 5.9%, in the first nine months of 2023, with a significant decline of $40.6 million in the commercial vehicle business [152]. - Net sales in the Industrial segment increased by $29.7 million, or 12.9%, in the first nine months of 2023, driven by higher volume in construction/MRO and the acquisition of Western Automation [156]. - Operating income in the Electronics segment for the first nine months of 2023 was $247.0 million, a decrease of $92.6 million, or 27.3%, compared to $339.7 million in the same period of 2022 [150]. - Operating income in the Transportation segment for the first nine months of 2023 was $26.0 million, a decrease of $31.6 million, or 54.8%, compared to $57.6 million in the same period of 2022 [154]. - Operating income in the Industrial segment for the first nine months of 2023 was $45.5 million, an increase of $5.5 million, or 13.7%, compared to $40.0 million in the same period of 2022 [158]. Acquisitions and Investments - The company acquired Western Automation for approximately $162 million in cash, which had annualized sales of about $25 million at the time of acquisition [123]. - The company entered into a purchase agreement to acquire a 200mm wafer fab in Dortmund, Germany for approximately €93 million, with a down payment of €37.2 million made in Q3 2023 [122]. - The acquisition of Western Automation for approximately $162 million was completed, with annualized sales of about $25 million reported at the time of acquisition [183]. Cash Flow and Dividends - Net cash provided by operating activities for the nine months ended September 30, 2023 was $313.1 million, slightly down from $313.4 million for the same period in 2022 [124]. - Net cash used in investing activities was $261.4 million for the nine months ended September 30, 2023, a significant decrease from $610.0 million in the same period in 2022 [188]. - The Company paid quarterly dividends of $16.2 million during the third quarter of 2023 and announced a quarterly cash dividend of $0.65 per share payable on December 7, 2023 [184]. Market Conditions and Risks - The company faced challenges in the macro environment, including supply chain disruptions and varying regional dynamics, with a modest impact from the ongoing war in Ukraine [125]. - There have been no material changes in the Company's exposure to market risk during the nine months ended September 30, 2023 [195]. Tax and Accounting - The effective tax rate for the first nine months of 2023 was 19.7%, higher than the 17.6% effective tax rate for the same period in 2022, primarily due to a one-time deduction in 2022 [142]. - There were no significant changes in the application of critical accounting policies during the nine months ended September 30, 2023 [194]. - The Company's financial statements are prepared in accordance with U.S. GAAP, using estimates and judgments based on historical experience and current trends [193]. Cash Position and Share Repurchase - Cash and cash equivalents were $560.1 million as of September 30, 2023, a decrease of $2.5 million compared to December 31, 2022 [169]. - The Company announced a new three-year share repurchase program to buy back up to $300 million of its common stock from May 1, 2021, to April 30, 2024 [190]. - As of September 30, 2023, the Company had no off-balance sheet arrangements and was not liable for any third-party indebtedness [191]. - As of September 30, 2023, the effective interest rate on outstanding borrowings was 6.67% [174].