The company is scaling and integrating recent business acquisitions to focus on growth opportunities within adjacent and expansion markets. This indicates a strategic shift towards diversifying revenue streams beyond core businesses.

Management expects revenues and profitability to improve sequentially from the first half to the second half of the current year, and on a year-over-year basis in the second half of the year. This forward-looking statement suggests confidence in future performance despite current challenges.

Operating expenses decreased due to cost savings largely attributed to Exit and restructuring actions. The company has realized approximately $75 million of net savings to date, including $25 million in the current quarter.

As of March 30, 2024, the Company has cumulatively repurchased 409,014 shares of common stock for approximately $107 million, resulting in a remaining amount of share repurchases authorized under the May 2022 program of $893 million. This indicates management's confidence in the company's long-term value.

The report references Part I, Item 1A, “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023. The risks described in the Annual Report are not the only risks facing the Company.

The company acknowledges the effect of global market conditions, including the North America; EMEA; Latin America; and Asia-Pacific regions in which we do business, as a risk factor.

Three customers, who are distributors of the Company's products and solutions, individually accounted for more than 10% of our Net sales for the periods presented. In the aggregate, the approximate percentage of our segment and Company total Net sales was as follows: AIT 16%, EVM 36%, Total 52%.

End-users of our products, solutions and services are diversified across a wide variety of industries. This is a strength.

The company saw $201 million change in operating activities primarily due to lower cash payments for inventory purchases and the reduction of overall inventory levels. This suggests improved inventory management.

The Company has a share repurchase program for up to $1 billion of its outstanding shares of common stock. As of March 30, 2024, the Company has cumulatively repurchased 409,014 shares of common stock for approximately $107 million, resulting in a remaining amount of share repurchases authorized under the May 2022 program of $893 million.

The company's first quarter of 2024 results continued to be impacted by broad-based softness across our end markets in all regions. This indicates a challenging macroeconomic environment.