AMETEK INC

Previous wording

For the quarter ended June 30, 2024, the Company posted record operating income. Contributions from the acquisitions of United Electronic Industries ("UEI") in August 2023, Amplifier Research Corp. ("Amplifier Research") in October 2023, and Paragon Medical ("Paragon") in December 2023, as well as our Operational Excellence initiatives, had a positive impact on the second quarter of 2024 results. In the first quarter of 2024, the Company recorded pre-tax integration costs related to the Paragon acquisition totaling $29.2 million, of which $22.4 million was employee severance. The integration costs reduced net income by $22.2 million. For the first six months of 2024, EMG experienced customer inventory normalization in our automation and engineered solutions core businesses, which we expect will continue through the remainder of 2024. The full year impact of the 2023 acquisitions, including the continued integration of Paragon, and focus on and implementation of our Operational Excellence initiatives are expected to have a positive impact on our 2024 results.

Current wording

For the quarter ended September 30, 2024, the Company posted strong orders, sales, and operating income. Contributions from the acquisitions of Amplifier Research Corp. ("Amplifier Research") in October 2023, and Paragon Medical ("Paragon") in December 2023, as well as our Operational Excellence initiatives, all of which had a positive impact on the third quarter of 2024 results. In the first quarter of 2024, the Company recorded pre-tax integration costs related to the Paragon acquisition totaling $29.2 million, of which $22.4 million was employee severance. The integration costs reduced net income by $22.2 million in the year-to-date period. For the first nine months of 2024, EMG experienced customer inventory normalization in our automation and engineered solutions core businesses. The full year impact of the 2023 acquisitions, including the continued integration of Paragon, and focus on and implementation of our Operational Excellence initiatives are expected to have a positive impact on the remainder of our 2024 results.

Previous wording

Results of operations for the second quarter of 2024 compared with the second quarter of 2023

Current wording

Results of operations for the third quarter of 2024 compared with the third quarter of 2023

Previous wording

Net sales for the second quarter of 2024 were $1,734.8 million, an increase of $88.7 million or 5.4%, compared with net sales of $1,646.1 million for the second quarter of 2023. The increase in net sales for the second quarter of 2024 was due to an 8% increase from acquisitions, partially offset by a 2% organic sales decline.

Current wording

Net sales for the third quarter of 2024 were $1,708.6 million, an increase of $85.8 million or 5.3%, compared with net sales of $1,622.8 million for the third quarter of 2023. The increase in net sales for the third quarter of 2024 was due to a 7% increase from acquisitions, partially offset by a 2% organic sales decline.

Previous wording

Total international sales for the second quarter of 2024 were $790.0 million or 45.5% of net sales, an increase of $3.7 million or 0.5%, compared with international sales of $786.2 million or 47.8% of net sales for the second quarter of 2023.

Current wording

Total international sales for the third quarter of 2024 were $813.5 million or 47.6% of net sales, an increase of $81.8 million or 11.2%, compared with international sales of $731.7 million or 45.1% of net sales for the third quarter of 2023. The increase in international sales was primarily driven by strong demand in Europe and Asia as well as contributions from the 2023 acquisitions.

Previous wording

Orders for the second quarter of 2024 were $1,677.2 million, an increase of $22.8 million or 1.4%, compared with $1,654.4 million for the second quarter of 2023. The increase in orders for the second quarter of 2024 was due to a 6% increase from acquisitions, partially offset by 4% organic order decline as well as a 1% unfavorable effect of foreign currency translation. The Company's backlog of unfilled orders at June 30, 2024 was $3,403.0 million, a decrease of $131.1 million or 3.7% compared with $3,534.1 million at December 31, 2023.

Current wording

Orders for the third quarter of 2024 were $1,743.4 million, an increase of $192.8 million or 12.4%, compared with $1,550.6 million for the third quarter of 2023. The increase in orders for the third quarter of 2024 was due to a 7% increase from acquisitions, a 2% organic order increase, as well as a 4% favorable effect of foreign currency translation. The Company's backlog of unfilled orders at September 30, 2024 was $3,437.8 million, a decrease of $96.3 million or 2.7% compared with $3,534.1 million at December 31, 2023.

Previous wording

Cost of sales for the second quarter of 2024 was $1,110.4 million or 64.0% of net sales, an increase of $57.2 million or 5.4%, compared with $1,053.2 million or 64.0% of net sales for the second quarter of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.

Current wording

Cost of sales for the third quarter of 2024 was $1,092.8 million or 64.0% of net sales, an increase of $71.9 million or 7.0%, compared with $1,020.9 million or 62.9% of net sales for the third quarter of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.

Previous wording

Segment operating income for the second quarter of 2024 was $473.0 million, an increase of $29.7 million or 6.7%, compared with segment operating income of $443.3 million for the second quarter of 2023. Segment operating margins, as a percentage of net sales, increased to 27.3% for the second quarter of 2024, compared with 26.9% for the second quarter of 2023. Segment operating margins were negatively impacted in the second quarter of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of recent acquisitions, segment operating margins increased 190 basis points compared to the second quarter of 2023, due to the continued benefits from the Company's Operational Excellence initiatives.

Current wording

Segment operating income for the third quarter of 2024 was $470.5 million, an increase of $7.8 million or 1.7%, compared with segment operating income of $462.7 million for the third quarter of 2023. Segment operating margins, as a percentage of net sales, decreased to 27.5% for the third quarter of 2024, compared with 28.5% for the third quarter of 2023. Segment operating margins were negatively impacted in the third quarter of 2024 by the dilutive impact of the 2023 acquisitions and the effect of foreign currency translation. In the third quarter of 2024, the dilutive impact of recent acquisitions negatively impacted segment operating margins by 100 basis points. Foreign currency exchange headwinds in the third quarter of 2024 negatively impacted margins by 50 basis points. Excluding the dilutive impact of recent acquisitions and the effect of foreign currency translation, segment operating margins increased 50 basis points compared to the third quarter of 2023.

Previous wording

Interest expense for the second quarter of 2024 was $30.6 million, an increase of $11.9 million or 63.4%, compared with $18.7 million for the second quarter of 2023. The increase in the second quarter of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.

Current wording

Interest expense for the third quarter of 2024 was $25.1 million, an increase of $6.7 million or 36.6%, compared with $18.4 million for the third quarter of 2023. The increase in the third quarter of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.

Previous wording

Other income, net was $0.1 million for the second quarter of 2024, compared with $3.7 million of other expense, net for the second quarter of 2023. The increase of $3.8 million of other income in the second quarter of 2024 includes higher pension income of $1.5 million, compared to the second quarter of 2023.

Current wording

Other expense, net was $1.9 million for the third quarter of 2024, compared with $6.3 million of other expense, net for the third quarter of 2023. The decrease of $4.4 million of other expense in the third quarter of 2024 includes higher pension income of $1.6 million and lower acquisition-related due diligence expense compared to the third quarter of 2023.

Previous wording

The effective tax rate for the second quarter of 2024 was 19.0%, compared with 18.2% for the second quarter of 2023. The higher effective tax rate in the second quarter of 2024 is primarily due to higher U.S. taxes on foreign sourced earnings compared to the second quarter of 2023.

Current wording

The effective tax rate for the third quarter of 2024 was 18.8%, compared with 17.7% for the third quarter of 2023. The higher tax rate in the third quarter of 2024 primarily reflects higher year over year tax cost on foreign sourced income.

Previous wording

Diluted earnings per share for the second quarter of 2024 were $1.45, an increase of $0.05 or 3.6%, compared with $1.40 per diluted share for the second quarter of 2023.

Current wording

Diluted earnings per share for the third quarter of 2024 were flat at $1.47, compared with the third quarter of 2023.

Previous wording

EIG’s operating income was $349.9 million for the second quarter of 2024, an increase of $42.8 million or 13.9%, compared with $307.1 million for the second quarter of 2023. EIG’s operating margins were 30.3% of net sales for the second quarter of 2024, compared with 27.1% for the second quarter of 2023. EIG's operating margins increased in the second quarter of 2024 compared to the second quarter of 2023 due to the sales increase discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Current wording

EIG’s operating income was $339.0 million for the third quarter of 2024, an increase of $3.8 million or 1.1%, compared with $335.2 million for the third quarter of 2023. EIG’s operating margins were 29.9% of net sales for the third quarter of 2024, compared with 29.5% for the third quarter of 2023. Foreign currency exchange headwinds negatively impacted EIG's operating margins in the third quarter of 2024 by 40 basis points. EIG's operating margins increased in the third quarter of 2024 compared to the third quarter of 2023 due to the continued benefits from the Company's Operational Excellence initiatives.

Previous wording

EMG’snet sales totaled a record $581.2 million for the second quarter of 2024, an increase of $69.7 million or 13.6%, compared with $511.5 million for the second quarter of 2023. The net sales increase was due to a 20% increase from the recent acquisitions, partially offset by a 6% organic sales decrease. The organic sales decrease for the second quarter of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.

Current wording

EMG’snet sales totaled $574.0 million for the third quarter of 2024, an increase of $87.3 million or 17.9%, compared with $486.7 million for the third quarter of 2023. The net sales increase was due to a 21% increase from the recent acquisitions, partially offset by a 3% organic sales decrease. The organic sales decrease for the third quarter of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.

Previous wording

Results of operations for the first six months of 2024 compared with the first six months of 2023

Current wording

Results of operations for the first nine months of 2024 compared with the first nine months of 2023

Previous wording

Net sales for the first six months of 2024 were $3,471.0 million, an increase of $227.8 million or 7.0%, compared with net sales of $3,243.2 million for the first six months of 2023. The increase in net sales for the first six months of 2024 was due to an 8% increase from acquisitions, partially offset by a 1% organic sales decline.

Current wording

Net sales for the first nine months of 2024 were $5,179.6 million, an increase of $313.5 million or 6.4%, compared with net sales of $4,866.1 million for the first nine months of 2023. The increase in net sales for the first nine months of 2024 was due to an 8% increase from acquisitions, partially offset by a 2% organic sales decline.

Previous wording

Total international sales for the first six months of 2024 were $1,613.4 million or 46.5% of net sales, an increase of $39.1 million or 2.5%, compared with international sales of $1,574.3 million or 48.5% of net sales for the first six months of 2023.

Current wording

Total international sales for the first nine months of 2024 were $2,426.9 million or 46.9% of net sales, an increase of $120.9 million or 5.2%, compared with international sales of $2,306.0 million or 47.4% of net sales for the first nine months of 2023. The increase in international sales was primarily driven by contributions from the 2023 acquisitions.

Previous wording

Orders for the first six months of 2024 were $3,339.9 million, a decrease of $126.5 million or 3.6%, compared with $3,466.4 million for the first six months of 2023. The decrease in orders for the first six months of 2024 was due to a 7% organic order decline as well as a 1% unfavorable effect of foreign currency translation, partially offset by a 5% increase from acquisitions. The organic orders decrease for the first six months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.

Current wording

Orders for the first nine months of 2024 were $5,083.3 million, an increase of $66.2 million or 1.3%, compared with $5,017.1 million for the first nine months of 2023. The increase in orders for the first nine months of 2024 was due to a 5% increase from acquisitions, partially offset by a 4% organic order decline. The organic orders decrease for the first nine months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.

Previous wording

Cost of sales for the first six months of 2024 was $2,255.1 million or 65.0% of net sales, an increase of $179.4 million or 8.6%, compared with $2,075.7 million or 64.0% of net sales for the first six months of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.

Current wording

Cost of sales for the first nine months of 2024 was $3,347.9 million or 64.6% of net sales, an increase of $251.3 million or 8.1%, compared with $3,096.6 million or 63.6% of net sales for the first nine months of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.

Previous wording

Segment operating income for the first six months of 2024 was $916.6 million, an increase of $43.1 million or 4.9%, compared with segment operating income of $873.5 million for the first six months of 2023. Segment operating margins, as a percentage of net sales, decreased to 26.4% for the first six months of 2024, compared with 26.9% for the first six months of 2023. Segment operating income and operating margins for the first six months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 80 basis points. Segment operating margins were also negatively impacted in the first six months of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins increased 190 basis points compared to the first six months of 2023, due to the continued benefits from the Company's Operational Excellence initiatives.

Current wording

Segment operating income for the first nine months of 2024 was $1,387.1 million, an increase of $50.9 million or 3.8%, compared with segment operating income of $1,336.2 million for the first nine months of 2023. Segment operating margins, as a percentage of net sales, decreased to 26.8% for the first nine months of 2024, compared with 27.5% for the first nine months of 2023. Segment operating income and operating margins for the first nine months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 50 basis points. The dilutive impact of the 2023 acquisitions negatively impacted segment operating margins by 140 basis points in the first nine months of 2024. Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins increased 120 basis points compared to the first nine months of 2023, due to the continued benefits from the Company's Operational Excellence initiatives.

Previous wording

Selling, general and administrative expenses for the first six months of 2024 were $351.2 million or 10.1% of net sales, an increase of $8.0 million or 2.3%, compared with $343.2 million or 10.6% of net sales for the first six months of 2023. Selling expenses increased primarily due to the net sales increase discussed above. General and administrative expenses for the first six months of 2024 were $51.9 million, compared with $49.2 million for the first six months of 2023.

Current wording

Selling, general and administrative expenses for the first nine months of 2024 were $521.1 million or 10.1% of net sales, an increase of $14.1 million or 2.8%, compared with $507.0 million or 10.4% of net sales for the first nine months of 2023. Selling expenses increased primarily due to the net sales increase discussed above. General and administrative expenses for the first nine months of 2024 were $76.5 million, compared with $73.8 million for the first nine months of 2023.

Previous wording

Interest expense for the first six months of 2024 was $65.8 million, an increase of $26.5 million or 67.6%, compared with $39.3 million for the first six months of 2023. The increase in the first six months of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.

Current wording

Interest expense for the first nine months of 2024 was $91.0 million, an increase of $33.3 million or 57.7%, compared with $57.7 million for the first nine months of 2023. The increase in the first nine months of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.

Previous wording

Other expense, net was $0.5 million for the first six months of 2024, compared with $9.1 million of other expense, net for the first six months of 2023, an increase of $8.5 million of other income. The first six months of 2024 includes $3.1 million of higher pension income, compared to the first six months of 2023.

Current wording

Other expense, net was $2.4 million for the first nine months of 2024, compared with $15.3 million of other expense, net for the first nine months of 2023, a decrease of $12.9 million of other expense. The first nine months of 2024 includes $4.7 million of higher pension income, foreign exchange gains of $3.7 million, and lower acquisition-related due diligence expense, compared to the first nine months of 2023.

Previous wording

Diluted earnings per share for the first six months of 2024 were $2.79, an increase of $0.07 or 2.6%, compared with $2.72 per diluted share for the first six months of 2023.

Current wording

Diluted earnings per share for the first nine months of 2024 were $4.26, an increase of $0.07 or 1.7%, compared with $4.19 per diluted share for the first nine months of 2023.

Previous wording

EIG’s net sales totaled $2,310.4 million for the first six months of 2024, an increase of $58.5 million or 2.6%, compared with $2,251.9 million for the first six months of 2023. The net sales increase was due to a 2% increase from acquisitions.

Current wording

EIG’s net sales totaled $3,445.0 million for the first nine months of 2024, an increase of $57.0 million or 1.7%, compared with $3,388.0 million for the first nine months of 2023. The net sales increase was due to a 2% increase from acquisitions.

Previous wording

EIG’s operating income was $702.8 million for the first six months of 2024, an increase of $86.0 million or 13.9%, compared with $616.8 million for the first six months of 2023. EIG’s operating margins were 30.4% of net sales for the first six months of 2024, compared with 27.4% for the first six months of 2023. EIG operating margins increased in the first six months of 2024 compared to the first six months of 2023, due to the increase in net sales discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Current wording

EIG’s operating income was $1,041.8 million for the first nine months of 2024, an increase of $89.8 million or 9.4%, compared with $952.0 million for the first nine months of 2023. EIG’s operating margins were 30.2% of net sales for the first nine months of 2024, compared with 28.1% for the first nine months of 2023. EIG operating margins increased in the first nine months of 2024 compared to the first nine months of 2023, due to the increase in net sales discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

Previous wording

EMG’snet sales totaled $1,160.6 million for the first six months of 2024, an increase of $169.3 million or 17.1%, compared with $991.3 million for the first six months of 2023. The net sales increase was due to a 22% increase from acquisitions, partially offset by a 5% organic sales decrease. The organic sales decrease for the first six months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.

Current wording

EMG’snet sales totaled $1,734.6 million for the first nine months of 2024, an increase of $256.6 million or 17.4%, compared with $1,478.0 million for the first nine months of 2023. The net sales increase was due to a 22% increase from acquisitions, partially offset by a 4% organic sales decrease. The organic sales decrease for the first nine months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.

Previous wording

EMG’s operating income was $213.8 million for the first six months of 2024, a decrease of $42.9 million or 16.7%, compared with $256.7 million for the first six months of 2023. EMG’s operating margins were 18.4% of net sales for the first six months of 2024, compared with 25.9% for the first six months of 2023. EMG's operating income and operating margins for the first six months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 250 basis points. Segment operating margins were also negatively impacted in the first six months of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins decreased 140 basis points compared to the first six months of 2023, due to the organic sales decrease discussed above.

Current wording

EMG’s operating income was $345.3 million for the first nine months of 2024, a decrease of $39.0 million or 10.1%, compared with $384.3 million for the first nine months of 2023. EMG’s operating margins were 19.9% of net sales for the first nine months of 2024, compared with 26.0% for the first nine months of 2023. EMG's operating income and operating margins for the first nine months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 170 basis points. Segment operating margins were also negatively impacted in the first nine months of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins decreased 110 basis points compared to the first nine months of 2023, due to the organic sales decrease discussed above.

Previous wording

Cash provided by operating activities totaled $791.7 million for the first six months of 2024, an increase of $69.9 million or 9.7%, compared with $721.8 million for the first six months of 2023. The increase in cash provided by operating activities for the first six months of 2024 was primarily due to higher net income, net of noncash depreciation and amortization expense related to recent acquisitions.

Current wording

Cash provided by operating activities totaled $1,278.8 million for the first nine months of 2024, an increase of $84.2 million or 7.0%, compared with $1,194.6 million for the first nine months of 2023. The increase in cash provided by operating activities for the first nine months of 2024 was primarily due to higher net income, net of higher noncash depreciation and amortization expense related to recent acquisitions, and improved working capital management.

Previous wording

Free cash flow (cash flow provided by operating activities less capital expenditures) was $742.6 million for the first six months of 2024, compared with $673.9 million for the first six months of 2023. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $1,057.5 million for the first six months of 2024, compared with $977.3 million for the first six months of 2023. Free cash flow and EBITDA are presented because the Company is aware that they are measures used by third parties in evaluating the Company.

Current wording

Free cash flow (cash flow provided by operating activities less capital expenditures) was $1,203.5 million for the first nine months of 2024, compared with $1,118.1 million for the first nine months of 2023. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $1,590.5 million for the first nine months of 2024, compared with $1,488.3 million for the first nine months of 2023. Free cash flow and EBITDA are presented because the Company is aware that they are measures used by third parties in evaluating the Company.

Previous wording

Cash used by investing activities totaled $43.5 million for the first six months of 2024, compared with cash used by investing activities of $150.0 million for the first six months of 2023. For the first six months of 2023, the Company paid $99.3 million, net of cash acquired, to purchase Bison Gear & Engineering Corp. Additions to property, plant and equipment totaled $49.1 million for the first six months of 2024, compared with $47.8 million for the first six months of 2023.

Current wording

Cash used by investing activities totaled $69.5 million for the first nine months of 2024, compared with cash used by investing activities of $326.3 million for the first nine months of 2023. For the first nine months of 2023, the Company paid $246.7 million, net of cash acquired, to purchase United Electronic Industries and Bison Gear & Engineering Corp. For the first nine months of 2024, the Company received $4.2 million from the sale of a facility. Additions to property, plant and equipment totaled $75.4 million for the first nine months of 2024, compared with $76.5 million for the first nine months of 2023.

Previous wording

Cash used by financing activities totaled $751.7 million for the first six months of 2024, compared with cash used by financing activities of $317.1 million for the first six months of 2023. At June 30, 2024, total debt, net was $2,651.4 million, compared with $3,313.3 million at December 31, 2023. For the first six months of 2024, total borrowings decreased by $640.6 million compared with a $219.6 million decrease for the first six months of 2023. At June 30, 2024, the Company had available borrowing capacity of $2,483.2 million under its revolving credit facility, including the $700 million accordion feature.

Current wording

Cash used by financing activities totaled $1,228.4 million for the first nine months of 2024, compared with cash used by financing activities of $364.8 million for the first nine months of 2023. At September 30, 2024, total debt, net was $2,336.5 million, compared with $3,313.3 million at December 31, 2023. For the first nine months of 2024, total borrowings decreased by $998.1 million compared with a $220.6 million decrease for the first nine months of 2023. At September 30, 2024, the Company had available borrowing capacity of $2,520.3 million under its revolving credit facility, including the $700 million accordion feature.

Previous wording

The debt-to-capital ratio was 22.3% at June 30, 2024, compared with 27.5% at December 31, 2023. The net debt-to-capital ratio (total debt, net less cash and cash equivalents divided by the sum of net debt and stockholders’ equity) was 19.6% at June 30, 2024, compared with 25.0% at December 31, 2023. The net debt-to-capital ratio is presented because the Company is aware that this measure is used by third parties in evaluating the Company.

Current wording

The net debt-to-capital ratio (total debt, net less cash and cash equivalents divided by the sum of net debt and stockholders’ equity) was 16.9% at September 30, 2024, compared with 25.0% at December 31, 2023. The net debt-to-capital ratio is presented because the Company is aware that this measure is used by third parties in evaluating the Company.

Previous wording

Additional financing activities for the first six months of 2024 included cash dividends paid of $129.4 million, compared with $115.1 million for the first six months of 2023. Effective February 9, 2024, the Company’s Board of Directors approved a 12% increase in the quarterly cash dividend on the Company’s common stock to $0.28 per common share from $0.25 per common share. The Company repurchased $7.6 million of its common stock for the first six months of 2024, compared with $6.5 million for the first six months of 2023. Proceeds from stock option exercises were $34.5 million for the first six months of 2024, compared with $29.1 million for the first six months of 2023.

Current wording

Additional financing activities for the first nine months of 2024 included cash dividends paid of $194.1 million, compared with $172.7 million for the first nine months of 2023. Effective February 9, 2024, the Company’s Board of Directors approved a 12% increase in the quarterly cash dividend on the Company’s common stock to $0.28 per common share from $0.25 per common share. The Company repurchased $68.0 million of its common stock for the first nine months of 2024, compared with $6.6 million for the first nine months of 2023. Proceeds from stock option exercises were $39.7 million for the first nine months of 2024, compared with $40.1 million for the first nine months of 2023.

Previous wording

As a result of all of the Company’s cash flow activities for the first six months of 2024, cash and cash equivalents at June 30, 2024 totaled $396.6 million, compared with $409.8 million at December 31, 2023. At June 30, 2024, the Company had $366.9 million in cash outside the United States, compared with $375.9 million at December 31, 2023. The Company utilizes this cash to fund its international operations, as well as to acquire international businesses. The Company is in compliance with all covenants, including financial covenants, for all of its debt agreements. The Company believes it has sufficient cash-generating capabilities from domestic and unrestricted foreign sources, available credit facilities and access to long-term capital funds to enable it to meet its operating needs and contractual obligations in the foreseeable future.

Current wording

As a result of all of the Company’s cash flow activities for the first nine months of 2024, cash and cash equivalents at September 30, 2024 totaled $396.3 million, compared with $409.8 million at December 31, 2023. At September 30, 2024, the Company had $365.2 million in cash outside the United States, compared with $375.9 million at December 31, 2023. The Company utilizes this cash to fund its international operations, as well as to acquire international businesses. The Company is in compliance with all covenants, including financial covenants, for all of its debt agreements. The Company believes it has sufficient cash-generating capabilities from domestic and unrestricted foreign sources, available credit facilities and access to long-term capital funds to enable it to meet its operating needs and contractual obligations in the foreseeable future.