The company said its net sales fell 1% in 2023 from 2022. It attributed the decline in China sales of 22% to lower customer demand. The company said sales excluding China rose 5%.

1. 01

   The company said its net sales fell 1% in 2023 from 2022. It attributed the decline in China sales of 22% to lower customer demand. The company said sales excluding China rose 5%.

2. 02

   The company said operating income was $818 million in 2023, down 6% from 2022. It cited higher merit-based compensation expenses, severance-related costs of $26 million tied to the workforce reduction, and costs related to the Wyatt acquisition as factors behind the decline.

3. 03

   The company said it acquired Wyatt Technology, LLC and its subsidiaries on May 16, 2023 for a total purchase price of $1.3 billion in cash, funded with cash on its balance sheet and borrowings under its revolving credit facility. As of December 31, 2023, outstanding debt was $2.4 billion.

4. 04

   The company said net cash provided by operating activities fell to $603 million in 2023 from $612 million in 2022. It cited lower net income, higher inventory, higher income tax payments and higher incentive compensation payments as factors behind the decrease.

Key figures

Fiscal year ended December 31, 2023

Revenue

$3.0B

Operating income

$818M

EPS

$10.84

Operating cash flow

$603M

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.