The company said its net sales rose $866 million, or 10%, in 2023 compared to 2022. Net sales in the Products and Systems Integration segment grew 9%, and those in the Software and Services segment grew 10%.

1. 01

   The company said its net sales rose $866 million, or 10%, in 2023 compared to 2022. Net sales in the Products and Systems Integration segment grew 9%, and those in the Software and Services segment grew 10%.

2. 02

   Gross margin was 49.8% of net sales in 2023, up from 46.4% in 2022, the company said. Operating earnings rose $633 million, or 38%. The company explained that the $147 million fixed asset impairment loss related to the ESN contract recorded in 2022 did not recur in 2023.

3. 03

   The company said that on February 14, 2024, it agreed with Silver Lake Partners to repurchase 1.75% of its senior convertible notes, with principal of $1.0 billion, for cash of $1.59 billion, including the conversion premium. It said payment will be made in Q1 2024 and will be funded with cash on the balance sheet and short-term borrowings.

4. 04

   The company said it used $589 million in cash to pay dividends in 2023 ($530 million in 2022) and $804 million for its share repurchase program ($836 million in 2022).

Key figures

Fiscal year ended December 31, 2023

Revenue

$10.0B

Operating income

$2.3B

Net income

$1.7B

EPS

$9.93

Gross profit

$5.0B

Operating cash flow

$2.0B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.