Research and development expenses increased by 8.6% to $160.7 million for the quarter ended June 28, 2024, compared to $148.0 million for the same period in fiscal 2023. This increase reflects the company's continued investment in developing new technologies and products.

Management intends to improve gross profit by increasing unit volumes, improving manufacturing efficiencies, lowering manufacturing costs of existing products, and introducing new and higher value-added products.

The Company changed its accounting estimate for the expected useful lives of certain machinery and equipment, resulting in a decrease in depreciation expense of $18.9 million and an increase in net income of $11.3 million for the three months ended June 28, 2024.

The chief executive officer and chief financial officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of June 28, 2024.

The semiconductor industry is characterized by vigorous protection and pursuit of intellectual property rights, and the Company may be involved in legal proceedings that could materially and adversely affect its financial condition or results of operations.

The Company is subject to overall financial market risks, such as changes in market liquidity, credit quality, investment risk, interest rate risk, and foreign exchange rate risk.

The company repurchased $77.4 million of its common stock during the quarter ended June 28, 2024, under the January 31, 2023 stock repurchase program, with $1.9 billion remaining available under the program.

On July 30, 2024, the Company announced that the Board of Directors had declared a cash dividend on the Company's common stock of $0.70 per share, payable on September 10, 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 $18.9 million for the three months ended June 28, 2024.

The company generally experiences seasonal peaks during its 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 its second and third fiscal quarters are typically lower.