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Unaudited Quarterly Results

12 Months Ended

Dec. 31, 2024

18 Unaudited Quarterly Results

The Company’s unaudited quarterly results are summarized below (in thousands, except per share data):


	First			Second			Third			Fourth
2024	Quarter			Quarter			Quarter			Quarter			Total
Net sales	$	636,839		$	708,529		$	740,305		$	872,714		$	2,958,387
Costs and operating expenses:
Cost of sales		261,786			288,244			301,655			348,516			1,200,201
Selling and administrative expenses		174,536			173,247			169,097			173,268			690,148
Research and development expenses		44,595			46,182			45,336			46,914			183,027
Purchased intangibles amortization		11,834			11,744			11,759			11,753			47,090
Litigation provisions		10,242			—			1,326			—			11,568

Total costs and operating expenses		502,993			519,417			529,173			580,451			2,132,034

Operating income		133,846			189,112			211,132			292,263			826,353
Other income (expense), net		2,259			(302	)		(338	)		(843	)		776
Interest expense		(25,520	)		(23,726	)		(21,435	)		(18,996	)		(89,677	)
Interest income		4,271			4,328			4,258			4,559			17,416

Income before income taxes		114,856			169,412			193,617			276,983			754,868
Provision for income taxes		12,660			26,675			32,114			45,585			117,034

Net income	$	102,196		$	142,737		$	161,503		$	231,398		$	637,834

Net income per basic common share		1.73			2.41			2.72			3.90			10.75
Weighted-average number of basic common shares		59,232			59,339			59,367			59,386			59,333
Net income per diluted common share		1.72			2.40			2.71			3.88			10.71
Weighted-average number of diluted common shares and equivalents		59,431			59,451			59,504			59,645			59,552


	First			Second			Third			Fourth
2023	Quarter			Quarter			Quarter			Quarter			Total
Net sales	$	684,674		$	740,576		$	711,692		$	819,474		$	2,956,416
Costs and operating expenses:
Cost of sales		284,380			301,076			291,407			318,360			1,195,223
Selling and administrative expenses		181,956			186,953			186,748			180,357			736,014
Research and development expenses		42,691			45,873			41,995			44,386			174,945
Purchased intangibles amortization		1,479			6,815			12,116			12,148			32,558

Total costs and operating expenses		510,506			540,717			532,266			555,251			2,138,740

Operating income		174,168			199,859			179,426			264,223			817,676
Other income (expense), net		1,388			(352	)		328			(557	)		807
Interest expense		(14,444	)		(23,272	)		(30,442	)		(30,703	)		(98,861	)
Interest income		4,061			4,040			3,883			4,637			16,621

Income before income taxes		165,173			180,275			153,195			237,600			736,243
Provision for income taxes		24,250			29,721			18,643			21,395			94,009

Net income	$	140,923		$	150,554		$	134,552		$	216,205		$	642,234

Net income per basic common share		2.39			2.56			2.28			3.66			10.87
Weighted-average number of basic common shares		59,023			58,857			59,093			59,142			59,076
Net income per diluted common share		2.38			2.55			2.27			3.65			10.84
Weighted-average number of diluted common shares and equivalents		59,317			59,010			59,225			59,311			59,270

The Company typically experiences an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar year-end. Selling and administrative expenses are typically higher after the first quarter in each year as the Company’s annual payroll merit increases take effect.

The Company experienced significant increases in purchased intangibles amortization and interest expense beginning in the second quarter of 2023 as a result of the Wyatt acquisition.