The company expects to continue to make substantial investments in R&D to meet customers' product needs, support its growth strategy, and enhance its competitive position.

Customer support related revenue declined in fiscal year 2024 compared to fiscal year 2023, primarily due to weakness in the non-volatile memory market.

The China region had the largest geographic concentration with 42% of the company's revenues during this period.

In the quarter ended March 26, 2023, the company initiated a restructuring plan designed to better align the Company's cost structure with industry investment levels.

The increase in operating expenses in fiscal year 2024 compared to fiscal year 2023 was driven by higher employee-related costs primarily as a result of increased research and development-related headcount and increased spending on transformational activities.

The company's business depends on the timely supply of products and services to meet the demand from its customers, which depends in significant part on the timely delivery of parts, materials and services.

The semiconductor capital equipment industry has historically been characterized by rapid changes in demand. Variability in customers' business plans may lead to changes in demand for equipment and services, which could negatively impact results.

The company's future success depends in part upon its ability to develop and offer new products with improved capabilities and to continue to enhance existing products. If new products or existing products have reliability, quality, design, or safety problems, performance may be impacted.

The company is subject to various challenges related to international sales and the management of global operations including trade regulations, tariffs, export controls, and changes in currency controls.

The semiconductor capital equipment industry is characterized by rapid change and is highly competitive throughout the world. The company faces significant competition with all of its products and services.

Once a semiconductor manufacturer commits to purchase a competitor's semiconductor manufacturing equipment, the manufacturer typically continues to purchase that competitor's equipment, making it more difficult for the company to sell its equipment to that customer.

Semiconductor manufacturing companies may enter into strategic alliances or consolidate with one another to expedite the development of processes and other manufacturing technologies and/or achieve economies of scale, which could work to the company's disadvantage.

The company's business depends on the timely supply of products and services to meet the demand from its customers, which depends in significant part on the timely delivery of parts, materials and services.

Increased restrictions imposed on a class of chemicals known as per- and polyfluoroalkyl substances (PFAS), which are widely used in a large number of products, including parts and materials that are incorporated into products, may negatively impact the supply chain.

The company's manufacturing and R&D facilities are concentrated in a limited number of locations, which are subject to disruption for a variety of reasons, such as natural or man-made disasters, widespread outbreaks of illness, war, terrorist activities, political or governmental unrest or instability, or other events beyond the company's control.

The company's future success depends in part upon its ability to develop and offer new products with improved capabilities and to continue to enhance existing products.

The company continues to make significant investments in R&D to meet customers' product needs, support its growth strategy, and enhance its competitive position.

The company faces uncertainty on which technology solutions will become successful, and its failure to develop and offer the correct technology solutions in a timely manner with productive and cost-effective products could adversely affect its business.

In May 2024, the Board of Directors authorized management to repurchase up to an additional $10.0 billion of Common Stock; this authorization supplements the remaining balance from any prior authorization.

The company's Board of Directors has declared quarterly dividends since April 2014. The intent to continue to pay quarterly dividends is subject to capital availability and periodic determinations by the Board.

The company may be unable to respond to changes in business and economic conditions, engage in transactions that might otherwise be beneficial, or obtain additional financing because its debt agreements contain covenant restrictions that limit its ability to, among other things, incur additional debt.

The company strives to incorporate environmental, social and governance (ESG) considerations into everything it does - from operations and workplace practices, to how it sources materials and designs products.

The company has a goal to achieve net zero emissions by 2050, which it is working to achieve in part by meeting a number of interim targets related to its environmental impact.

There have been no material impacts to capital expenditures or our results of operations associated with this goal, and there are no material cash commitments associated with the goal as of the fiscal year ended June 30, 2024.

China represents a large and fast-developing market for the semiconductor equipment industry and therefore is important to the company's business. Revenue in China represented approximately 42% of total revenue for fiscal year 2024.

The U.S. and China have historically had a complex relationship that has included actions that have impacted trade between the two countries. In recent years, these actions have included an expansion of export license requirements imposed by the U.S. government, which have limited the market for the company's products.

There is inherent risk, based on the complex relationships among the world's major trading nations, that political, diplomatic and national security influences can lead to trade disputes, impacts and/or disruptions, in particular those affecting the semiconductor industry.