Despite the revenue decline, the company is increasing investment in developing new technologies and products, as evidenced by the increase in research and development expenses for the three months ended March 29, 2024.

Company expects that cash, cash equivalents, and marketable securities on hand, the cash we expect to generate from operations, and funds from our Revolver, will be sufficient to fund our short-term and long-term liquidity requirements.

During the six months ended March 29, 2024, the Company changed its accounting estimate for the expected useful lives of certain machinery and equipment, resulting in a decrease in depreciation expense of $37.7 million.

Our chief executive officer and chief financial officer concluded that, as of March 29, 2024, our disclosure controls and procedures were effective at the reasonable assurance level.

The report includes forward-looking statements that acknowledge the possible impacts of geopolitical conflicts, inflation, recession, and global health crises, indicating awareness of these external risks.

The company acknowledges exposure to overall financial market risks, such as changes in market liquidity, credit quality, investment risk, interest rate risk, and foreign exchange rate risk.

The semiconductor industry is characterized by vigorous protection and pursuit of intellectual property rights. From time to time, third parties have asserted and may in the future assert patent, copyright, trademark, and other intellectual property rights to technologies that are important to the Company's business.

The change in accounting estimate for the useful lives of machinery and equipment resulted in a decrease in depreciation expense, impacting cost of goods sold and research and development expenses.

The increase in research and development expenses for the three months ended March 29, 2024, as compared with the corresponding period in fiscal 2023, was primarily related to an increase in certain headcount-related expenses, including share-based compensation, as a result of our increased investment in developing new technologies and products.

On April 30, 2024, the Company announced that the Board of Directors had declared a cash dividend on the Company's common stock of $0.68 per share.

During the three and six months ended March 29, 2024, the Company did not repurchase any shares of its common stock pursuant to the January 31, 2023 stock repurchase program.

We generally experience seasonal peaks during our fourth and first fiscal quarters (which correspond to the second half of the calendar year), primarily as a result of increased worldwide production of consumer electronics in anticipation of holiday sales, whereas our second and third fiscal quarters are typically lower and in line with seasonal industry trends.