The following discussion and analysis has been prepared as an aid to
understanding our financial condition and results of our operations. It should
be read in conjunction with the consolidated financial statements and the notes
to those statements included elsewhere in this Annual Report on Form 10-K. This
discussion contains forward-looking statements that involve risks and
uncertainties. See "Cautionary Note Regarding Forward-Looking Statements" at the
beginning of this Form 10-K. Our actual results could differ materially from
those contained in these forward-looking statements due to a number of factors,
including those discussed in Part I, Item 1A "Risk Factors" and elsewhere in
this Annual Report on Form 10-K.

Przegląd biznesowy

We design, develop and market analog and mixed-signal integrated circuits (ICs)
and other electronic components and circuitry used in high-voltage power
conversion. Our products are used in power converters that convert electricity
from a high-voltage source to the type of power required for a specified
downstream use. In most cases, this conversion entails, among other functions,
converting alternating current (AC) to direct current (DC) or vice versa,
reducing or increasing the voltage, and regulating the output voltage and/or
current according to the customer's specifications.
A large percentage of our products are ICs used in AC-DC power supplies, which
convert the high-voltage AC from a wall outlet to the low-voltage DC required by
most electronic devices. Power supplies incorporating our products are used with
all manner of electronic products including mobile phones, computing and
networking equipment, appliances, electronic utility meters, battery-powered
tools, industrial controls, and "home-automation," or "internet of things"
applications such as networked thermostats, power strips and security devices.
We also supply high-voltage LED drivers, which are AC-DC ICs specifically
designed for lighting applications that utilize light-emitting diodes, and
motor-driver ICs addressing brushless DC (BLDC) motors used in refrigerators,
HVAC systems, ceiling fans and other consumer-appliance and light commercial
applications.
We also offer high-voltage gate drivers, either standalone ICs or circuit boards
containing ICs, electrical isolation components and other circuitry, used to
operate high-voltage switches such as insulated-gate bipolar transistors (IGBTs)
and silicon-carbide (SiC) MOSFETs. These combinations of switches and drivers
are used for power conversion in high-power applications (i.e., power levels
ranging from a few kilowatts up to gigawatts) such as industrial motors, solar-
and wind-power systems, electric vehicles (EVs) and high-voltage DC transmission
systems.
Our net revenues were $651.1 million, $703.3 million and $488.3 million in 2022,
2021 and 2020, respectively. The decrease in revenues in 2022 was primarily
driven by the communications end-market category, in which revenues fell by 36%,
reflecting lower global demand for smartphones. More broadly, we observed a
deterioration in demand as the year progressed, reflecting a range of
macroeconomic and cyclical factors, including: lower demand for products such as
smartphones, computers and appliances following a period of strong demand during
the COVID-19 pandemic, and a shift in consumer spending in favor of services
rather than goods as the pandemic waned; measures implemented in China to
control the spread of COVID-19, which affected consumer demand in China as well
as the ability of some of our customers to manufacture their products; the
impact of inflation on consumer spending; economic downturns in local and global
economies; a build-up in the supply chain of inventory of our products, and of
intermediate and finished products containing our products. The latter effect
was driven by the efforts of supply-chain participants to overcome component
shortages that developed during the pandemic, with the abrupt slowdown in demand
leading to oversupply of inventory.
In 2021, revenues increased by $215.0 million, reflecting the strong demand
conditions then prevalent across the semiconductor industry, as well as
market-share gains for our products in a broad range of applications including
consumer appliances, advanced chargers for mobile devices such as smartphones,
tablets and notebook computers, and a range of industrial applications including
home-and-building automation, electronic utility meters, battery-operated tools
and broad-based industrial applications.
Our top ten customers, including distributors that resell to OEMs and merchant
power supply manufacturers, accounted for approximately 76%, 78% and 62% of net
revenues in 2022, 2021 and 2020, respectively. In 2022, 2021 and 2020, two
customers, which are distributors of our products, each accounted for more than
10% of our net revenues. International sales represented approximately 96%, 98%
and 98% of net revenues in 2022, 2021 and 2020, respectively.

Nasze wyniki biznesowe i finansowe w znacznym stopniu zależą od sytuacji na całym świecie
warunki ekonomiczne. Stoimy w obliczu globalnych wyzwań i zagrożeń makroekonomicznych, w tym m.in
skutki konfliktu na Ukrainie, potencjalne zagrożenia wynikające z napięć

23
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between China and Taiwan, the COVID-19 pandemic, volatility in exchange rates,
cyclical demand patterns common for our industry, inflation, tariffs and other
risks associated with the global trade environment.
Because our industry is intensely price-sensitive, our gross margin (gross
profit divided by net revenues) is subject to change based on the relative
pricing of solutions that compete with ours. Variations in product mix,
end-market mix and customer mix can also cause our gross margin to fluctuate.
Also, because we purchase a large percentage of our silicon wafers from
foundries located in Japan, our gross margin is influenced by fluctuations in
the exchange rate between the U.S. dollar and the Japanese yen. All else being
equal, a 10% change in the value of the U.S. dollar compared to the Japanese yen
would eventually result in a corresponding change in our gross margin of
approximately 1%; this sensitivity may increase or decrease depending on
the percentage of our wafer supply that we purchase from Japanese suppliers.
Also, although our wafer fabrication and assembly operations are outsourced, as
are most of our test operations, a portion of our production costs are fixed in
nature. As a result, our unit costs and gross profit margin are impacted by the
volume of units we produce.
Our gross profit, defined as net revenues less cost of revenues, was $366.9
million or 56% of net revenues in 2022, compared to $360.6 million or 51% of net
revenues in 2021, and $243.6 million or 50% of net revenues in 2020. Our gross
margin increased in 2022 due to a combination of factors, including a more
favorable end-market mix, with a greater percentage of sales coming from
higher-margin market categories and manufacturing efficiencies including the
benefit of higher unit volumes on our manufacturing costs per unit. Our gross
margin also increased in 2021, driven primarily by manufacturing efficiencies
partially offset by an unfavorable change in end-market mix.
Total operating expenses in 2022 were $186.5 million, an increase of
$0.9 million as compared to 2021 due to higher salary and related expenses
driven by increased headcount and product development expenses. These increases
were partially offset by lower stock-based compensation expense related to
performance-based awards. Total operating expenses in 2021 were $185.6 million,
an increase of $12.5 million as compared to 2020 due to higher salary and
related expenses driven by increased headcount and annual merit increases,
increased commission expense driven by increased sales and higher stock-based
compensation expense related to performance-based awards. These increases were
partially offset by lower patent-litigation expenses.

Krytyczne zasady rachunkowości i szacunki

The preparation of financial statements and related disclosures in conformity
with accounting principles generally accepted in the United States of America,
or U.S. GAAP, requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosures of contingent
assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. On an ongoing
basis, we evaluate our estimates, including those listed below. We base our
estimates on historical facts and various other assumptions that we believe to
be reasonable at the time the estimates are made. Actual results could differ
from those estimates.

Nasze kluczowe zasady rachunkowości są następujące:

? rozpoznanie przychodu.

Our critical accounting policies are important to the portrayal of our financial
condition and results of operations, and require us to make judgments and
estimates about matters that are inherently uncertain. A brief description of
our critical accounting policies and material estimates is set forth below. For
more information regarding our accounting policies, see Note 2, Summary of
Significant Accounting Policies and Recent Accounting Pronouncements, in our
Notes to Consolidated Financial Statements in this Annual Report on Form 10-K.

Rozpoznawanie przychodów

Product revenues consist of sales to original equipment manufacturers, or OEMs,
merchant power supply manufacturers and distributors. We apply the provisions of
Accounting Standards Codification (ASC) 606-10, Revenue from Contracts with
Customers, and all related appropriate guidance. We recognize revenue under the
core principle to depict the transfer of control to our customers in an amount
reflecting the consideration we expect to be entitled. In order to achieve that
core principle, we apply the following five-step approach: (1) identify the
contract with a customer, (2) identify the performance obligations in the
contract, (3) determine the transaction price, (4) allocate the transaction
price to the performance obligations in the contract, and (5) recognize revenue
when a performance obligation is satisfied.
24

Spis treści

Sales to most distributors are made under terms allowing certain price
adjustments and limited rights of return (known as "stock rotation") of our
products held in their inventory or upon sale to their end customers. We
recognize revenue from sales to distributors upon the transfer of control to the
distributor. Frequently, distributors need to sell at a price lower than the
standard distribution price in order to win business. At the time the
distributor invoices its customer or soon thereafter, the distributor submits a
"ship and debit" price adjustment claim to us to adjust the distributor's cost
from the standard price to the pre-approved lower price. After we verify that
the claim was pre-approved, we issue a credit memo to the distributor for the
ship and debit claim. In determining the transaction price, we consider ship and
debit price adjustments to be variable consideration. At the time revenue is
recognized on sales to distributors, future ship and debit price adjustments are
unknown and therefore subject to uncertainty. Such price adjustments are
estimated using the expected value method based on an analysis of actual ship
and debit claims, at the distributor and product level, over a period of time
considered adequate to account for current pricing and business trends. The
reserve for ship and debit claims increased by $11.6 million between
December 31, 2022 and December 31, 2021, primarily due to higher inventory
levels held by distributors and expected ship and debit claims related to such
inventory. Historically, actual price adjustments for ship and debit claims
relative to those estimated when determining the transaction price have not
materially differed. To the extent future ship and debit claims significantly
exceed amounts estimated, there could be a material impact on our revenues and
results of operations.
Stock rotation rights grant the distributor the ability to return certain
specified amounts of inventory. Stock rotation returns are an additional form of
variable consideration and are also estimated using the expected value method
based on historical return rates. Historically, these distributor stock rotation
returns have not been material.

Wyniki operacji

Poniższa tabela przedstawia zestawienie dochodów jako procent netto
przychody za wskazane okresy:

Year Ended December 31,
2022           2021     2020
Net revenues                      100.0 %        100.0 %   100.0 %
Cost of revenues                   43.7           48.7      50.1
Gross profit                       56.3           51.3      49.9
Operating expenses:
Research and development           14.4           12.1      16.7
Sales and marketing                 9.6            8.6      11.2
General and administrative          4.4            5.7       7.6
Other operating expenses, net       0.2              -         -
Total operating expenses           28.6           26.4      35.5
Income from operations             27.7           24.9      14.4
Other income                        0.5            0.2       1.0
Income before income taxes         28.2           25.1      15.4
Provision for income taxes          2.0            1.7       0.8
Net income                         26.2 %         23.4 %    14.6 %

Porównanie lat zakończonych 31 grudnia 2022, 2021 i 2020

Net revenues. Net revenues consist of revenues from product sales, which are
calculated net of returns and allowances. In 2022, revenues decreased by $52.1
million as compared to 2021, primarily driven by the communications end-market
category reflecting lower global demand for smartphones. We observed a
deterioration in demand across other end markets as the year progressed,
reflecting a range of macroeconomic and cyclical factors as described above.
In 2021, revenues increased by $215.0 million compared to 2020 reflecting the
strong demand conditions then prevalent across the semiconductor industry, as
well as market-share gains for our products in a broad range of applications
including consumer appliances, advanced chargers for mobile devices such as
smartphones, tablets and notebook computers, and a range of industrial
applications including home-and-building automation, electronic utility meters,
battery-operated tools and broad-based industrial applications.
25

Spis treści

Our approximate net revenue mix by end-markets served in 2022, 2021 and 2020 is
as follows:
End Market        2022   2021   2020
Communications    21 %   30 %    30 %
Computer          10 %   10 %     7 %
Consumer          33 %   32 %    33 %
Industrial        36 %   28 %    30 %

Sales to customers outside of the United States were $625.6 million, $686.0
million and $477.3 million in 2022, 2021 and 2020, respectively, representing
96% of net revenues in 2022, and 98% of net revenues in both 2021 and 2020.
Although power supplies using our products are designed and distributed
worldwide, most of these power supplies are manufactured by our customers in
Asia. As a result, sales to this region accounted for approximately 75%, 83% and
81% of our net revenues in 2022, 2021 and 2020, respectively. We expect
international sales to continue to account for a large portion of our net
revenues for the foreseeable future.

Sprzedaż do dystrybutorów stanowiła 70%, 75% i 75% naszych przychodów netto w roku
2022, 2021 i 2020, odpowiednio, z bezpośrednią sprzedażą producentom OEM i energetyce handlowej
producentów dostaw, którzy odpowiadają za pozostałą część w każdym z
odpowiednie lata.

Następujący klienci reprezentowali 10% lub więcej naszych przychodów netto za:
odpowiednie lata:

Customer                           2022   2021   2020
Avnet                              31 %   30 %    19 %

Honestar Technologies Co., Ltd. 11 % 16 % 11 %

Żaden inny klient nie odpowiadał za 10% lub więcej przychodów netto w tych latach.

Gross profit. Gross profit is net revenues less cost of revenues. Our cost of
revenues consists primarily of the purchase of wafers from our contracted
foundries, the assembly, packaging and testing of our products by
sub-contractors, product testing performed in our own facility, overhead
associated with the management of our supply chain and the amortization of
acquired intangible assets. Gross margin is gross profit divided by net
revenues. The following table compares gross profit and gross margin for the
years ended December 31, 2022, 2021 and 2020:
(dollars in millions)      2022     Change      2021     Change     2020
Gross profit             $ 366.9     1.7 %   $ 360.6     48.1 %   $ 243.6
Gross margin                56.3 %              51.3 %               49.9 %

Our gross margin increased in 2022 as compared to 2021 due to a combination of
factors, including a more favorable end-market mix, with a greater percentage of
sales coming from higher-margin market categories and manufacturing efficiencies
including the benefit of higher unit volumes on our manufacturing costs per
unit. Our gross margin increased in 2021 as compared to 2020 as manufacturing
efficiencies were partially offset by an unfavorable change in end-market mix.
Research and development expenses. Research and development (R&D) expenses
consist primarily of employee-related expenses including salaries and
stock-based compensation, as well as expensed material and facility costs
associated with the development of new processes and products. We also record
R&D expenses for prototype wafers related to new products until the products are
released to production. The following table compares R&D expenses for the years
ended years ended December 31, 2022, 2021 and 2020:
(dollars in millions)          2022    Change     2021    Change    2020
R&D expenses                 $ 93.9    10.6 %   $ 84.9     3.9 %   $ 81.7
Headcount (at period end)       310                304                280
R&D expenses increased in 2022 compared to 2021 due to higher salary and related
expenses driven by increased headcount, increased equipment-related expenses and
product-development costs partially offset by decreased stock-based compensation
expense related to performance-based awards. R&D expenses increased
in 2021 compared to 2020 due to higher salary and related expenses driven by
increased headcount and annual merit increases, higher stock-based compensation
expense related to performance-based awards and increased equipment-related
expenses.

Koszty sprzedaży i marketingu. Koszty sprzedaży i marketingu (S&M) składają się
głównie wydatków pracowniczych, w tym wynagrodzeń i akcji
wynagrodzeń i prowizji dla przedstawicieli handlowych, jak również

26

Spis treści

amortization of acquired intangible assets and facilities expenses, including
expenses associated with our regional sales and support offices. The following
table compares sales and marketing expenses for the years ended December 31,
2022, 2021 and 2020:
(dollars in millions)             2022    Change     2021    Change    2020
Sales and marketing expenses    $ 62.6     2.9 %   $ 60.8    11.6 %   $ 54.5
Headcount (at period end)          320                280                265
S&M expenses increased in 2022 compared to 2021 due to higher salary and related
expenses from the expansion of headcount and increases in travel and trade
shows. These increases were partially offset by decreased commissions expense
and lower stock-based compensation expense primarily related to
performance-based awards. S&M expenses increased in 2021 as compared to 2020 due
to increased commissions expense driven by increased sales, higher salary and
related expenses from the expansion of headcount, and higher stock-based
compensation expense primarily related to performance-based awards.
General and administrative expenses. General and administrative (G&A) expenses
consist primarily of employee-related expenses, including salaries and
stock-based compensation expenses for administration, finance, human resources
and general management, as well as consulting, professional services, legal and
auditing expenses. The table below compares G&A expenses for the years ended
December 31, 2022, 2021 and 2020:

(dolary w milionach) 2022 Zmiana 2021 Zmiana 2020
Wydatki ogólne i administracyjne

                 $ 28.9    (27.5) %   $ 39.8     8.0 %   $ 36.9
Headcount (at period end)        72                   70                 68
G&A expenses decreased in 2022 due to lower stock-based compensation expense
related to performance-based awards and lower patent-litigation expenses. G&A
expenses increased in 2021 due to higher stock-based compensation expense
related to performance-based awards partially offset by lower patent-litigation
expenses.
Other operating expenses, net. Other operating expenses, net was $1.1 million in
fiscal 2022. This amount consisted of a $2.9 million expense stemming from the
settlement of our litigation with Opticurrent LLC (refer to Note 13, Legal
Proceedings and Contingencies, in our Notes to Consolidated Financial Statements
included in this Annual Report on Form 10-K), offset by receipt of a $1.7
million distribution related to the bankruptcy liquidation of SemiSouth
Laboratories, Inc.'s of which we were a creditor as a result of investments made
in SemiSouth in 2011.
Other income. Other income consists primarily of interest income earned on cash
and cash equivalents, marketable securities and other investments, and the
impact of foreign exchange gains or losses. The following table compares other
income for the years ended December 31, 2022, 2021 and 2020:

(dolary w milionach) 2022 Zmiana 2021 Zmiana 2020
Inne dochody

             $ 3.0   179.9 %   $ 1.1    (77.4) %   $ 4.8
Other income increased in 2022 due primarily to an increase in interest income
resulting from higher yields earned on our investments. Other income decreased
in 2021 due primarily to lower interest income, as lower yields earned on our
cash and investments more than offset the impact of higher cash and investment
balances.
Provision for income taxes. Provision for income taxes represents federal, state
and foreign taxes. The following table compares the provision for income taxes
for the years ended December 31, 2022, 2021 and 2020:
(dollars in millions)           2022    Change     2021      Change    2020

Rezerwa na podatek dochodowy 12,6 USD 7,3 % 11,7 USD 187,7 % 4,1 USD
Efektywna stopa podatkowa

               6.9 %              6.7 %               5.4 %
In 2022, 2021 and 2020, the effective tax rate was lower than the statutory U.S.
federal income-tax rates of 21% due to the geographic distribution of our
world-wide earnings in lower tax jurisdictions, the impact of federal research
tax credits and the recognition of excess tax benefits related to share-based
compensation. Additionally, in 2022 and 2021, our effective tax rate was
favorably impacted by a discrete item associated with the release of an
unrecognized tax benefit. These benefits were offset by U.S. tax on foreign
income, known as global intangible low-taxed income. The primary jurisdiction
from which our foreign earnings are derived is the Cayman Islands, which is a
non-taxing jurisdiction. Income earned in other foreign jurisdictions was not
material. We have not been granted any incentivized tax rates and do not
27

Spis treści

działać w ramach wakacji podatkowych w jakiejkolwiek jurysdykcji. Aby uzyskać dodatkowe informacje,
patrz Nota 11, Rezerwa na podatek dochodowy, w Notach do skonsolidowanego sprawozdania finansowego
Sprawozdania finansowe zawarte w niniejszym raporcie rocznym na formularzu 10-K.

Płynność i zasoby kapitałowe

We had $353.8 million in cash, cash equivalents and short-term marketable
securities at December 31, 2022 compared to $530.4 million at December 31, 2021
and $449.2 million at December 31, 2020. As of December 31, 2022, 2021 and 2020,
we had working capital, defined as current assets less current liabilities, of
approximately $466.7 million, $614.5 million and $538.7 million, respectively.
We have a Credit Agreement with Wells Fargo Bank, National Association (the
"Credit Agreement") that provides us with a $75.0 million revolving line of
credit to use for general corporate purposes with a $20.0 million sub-limit for
the issuance of standby and trade letters of credit. The Credit Agreement was
amended on June 7, 2021, to provide an alternate borrowing rate as a replacement
for LIBOR and extend the termination date from April 30, 2022 to June 7, 2026,
with all other terms remaining the same. Our ability to borrow under the
revolving line of credit is conditioned upon our compliance with specified
covenants, including reporting and financial covenants, primarily a minimum
liquidity measure and a debt to earnings ratio, with which we are currently in
compliance. The Credit Agreement terminates on June 7, 2026; all advances under
the revolving line of credit will become due on such date, or earlier in the
event of a default. As of December 31, 2022 and 2021, we had no advances
outstanding under the Credit Agreement.

Środki pieniężne z działalności operacyjnej

Nasza działalność operacyjna wygenerowała środki pieniężne w wysokości 215,3 mln USD, 230,9 mln USD i
125,6 mln USD w latach zakończonych 31 grudnia 2022, 2021 i 2020 r.,
odpowiednio. Środki pieniężne generujemy głównie z działalności operacyjnej w
zwykły tok działalności.

In 2022, our net income was $170.9 million, which included non-cash expenses of
$34.9 million of depreciation, $22.4 million of stock-based compensation,
$3.3 million for amortization of premium on marketable securities,
$2.4 million of intangibles amortization and a $2.6 million decrease in deferred
income taxes. Sources of cash also included a $19.9 million decrease in accounts
receivable and $7.3 million decrease in prepaid expenses and other assets. These
sources of cash were partially offset by a $36.2 million increase in inventories
due to softening demand during the year and a $3.8 million decrease in accounts
payable (excluding payables related to property and equipment) due to timing of
payments and a $5.2 million decrease in taxes payable and accrued liabilities.
In 2021, our net income was $164.4 million, which included non-cash expenses of
$37.6 million of stock-based compensation, $31.5 million of depreciation and
$3.5 million of intangibles amortization. Sources of cash also included a $4.1
million increase in accounts payable (excluding payables related to property and
equipment) due to timing of payments, a $4.3 million decrease in prepaid
expenses and other assets and a $3.6 million decrease in inventories. These
sources of cash were partially offset by a $13.2 million increase in deferred
income taxes, a $5.5 million increase in accounts receivable due to increased
shipments and a $4.1 million decrease in taxes payable and accrued liabilities.
In 2020, our net income was $71.2 million, which included non-cash expenses of
$30.9 million of stock-based compensation, $23.7 million of depreciation and
$4.4 million of intangibles amortization. Sources of cash also included a $9.1
million decrease in prepaid expenses and other assets, primarily driven by taxes
refunded, a $5.7 million increase in accounts payable (excluding payables
related to property and equipment) and a $4.1 million increase in taxes payable
and accrued liabilities, in each case due to the timing of payments. These
sources of cash were partially offset by an $11.3 million increase in accounts
receivable due to increased shipments and the timing of collections, a $12.5
million increase in inventories, reflecting impact of a market slowdown during
the first half of the year and higher inventory levels to support anticipated
future demand.

Środki pieniężne z działalności inwestycyjnej

Our investing activities in the year ended December 31, 2022 generated $78.3
million of cash, consisting primarily of $116.3 million from sales and
maturities of marketable securities, net of purchases, and proceeds of
$1.2 million from the sale of an office building, partially offset by $39.2
million for purchases of property and equipment, primarily production-related
machinery and equipment.

Nasza działalność inwestycyjna w roku zakończonym 31 grudnia 2021 r. zaowocowała a
Wykorzystanie gotówki netto w wysokości 232,8 mln USD, na które składa się głównie 185,6 mln USD
zakupy zbywalnych papierów wartościowych, po odliczeniu sprzedaży i terminów zapadalności oraz 47,3 USD
milion

28
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for purchases of property and equipment, primarily machinery and equipment for
use in the manufacture of our products, as well as construction of an office
building in Switzerland.
Our investing activities in the year ended December 31, 2020 resulted in a $28.3
million net use of cash, consisting primarily of $41.7 million from purchases of
marketable securities, net of sales and maturities, and $70.6 million for
purchases of property and equipment, primarily machinery and equipment for use
in the manufacture of our products and a building for our design center in
Germany.

Środki pieniężne z działalności finansowej

Our financing activities in the year ended December 31, 2022, resulted in a
$346.4 million net use of cash. Financing activities consisted primarily of
$311.1 million for the repurchase of our common stock and $41.5 million for the
payment of dividends to stockholders, partially offset by proceeds of $6.2
million from the issuance of common stock, including the exercise of employee
stock options and issuance of shares through our employee stock purchase plan.
Our financing activities in the year ended December 31, 2021, resulted in a
$98.8 million net use of cash. Financing activities consisted primarily of $73.9
million for the repurchase of our common stock and $32.6 million for the payment
of dividends to stockholders, partially offset by proceeds of $7.7 million from
the issuance of common stock, including the exercise of employee stock options
and issuance of shares through our employee stock purchase plan.
Our financing activities in the year ended December 31, 2020, resulted in a net
use of $17.2 million of cash. Financing activities consisted primarily of $25.1
million for the payment of dividends to stockholders and $2.6 million for the
repurchase of our common stock, partially offset by proceeds of $10.5 million
from the issuance of common stock, including the exercise of employee stock
options and the issuance of shares through our employee stock purchase plan.

Dywidendy

In October 2019, our board of directors raised the cash dividends per share with
the declaration of five cash dividends, consisting of (a) a dividend of
$0.01 per share to be paid to stockholders of record at the end of the fourth
quarter in 2019, that was in addition to the dividend of $0.085 per share to be
paid to stockholders of record at the end of the fourth quarter in 2019
previously declared by the board in January 2019, and (b) a dividend of
$0.095 per share to be paid to stockholders of record at the end of each quarter
in 2020.
In April 2020, our board of directors raised the cash dividends with the
declaration of three cash dividends of $0.105 per share (in lieu of the
$0.095 per share previously announced in October 2019) to be paid to
stockholders of record at the end of each of the second, third and fourth
quarter in 2020. In July 2020, our board of directors raised the cash dividends
further with the declaration of two cash dividends of $0.11 per share (in lieu
of the $0.105 per share announced in April 2020) to be paid to stockholders of
record at the end of each of the third and fourth quarter in 2020.
In January 2021, our board of directors raised the quarterly cash dividend by an
additional $0.02 per share with the declaration of four cash dividends of
$0.13 per share to be paid to stockholders of record at the end of each quarter
in 2021. In October 2021, our board of directors raised the quarterly cash
dividend with the declaration of five cash dividends of $0.15 per share (the
first in lieu of the $0.13 per share announced in January 2021) to be paid to
stockholders of record at the end of the fourth quarter in 2021 and at the end
of each quarter in 2022.
In January 2022, our board of directors raised the quarterly cash dividend an
additional $0.03 per share with the declaration of four cash dividends of $0.18
per share (in lieu of the $0.15 per share announced in October 2021) to be paid
to stockholders of record at the end of each quarter in 2022.
In February 2023, our board of directors raised the cash dividend with the
declaration of four cash dividends of $0.19 per share to be paid to stockholders
of record at the end of each quarter in 2023. The declaration of any future cash
dividend is at the discretion of our board of directors and will depend on our
financial condition, results of operations, capital requirements, business
conditions and other factors, as well as a determination that cash dividends are
in the best interest of our stockholders.

Wykup akcji

Over the years our board of directors has authorized the use of funds to
repurchase shares of our common stock, including $80.0 million in October 2018,
$50.0 million in both April and October 2021, $100.0 million in January 2022,
$50.0 million in February 2022, $75.0 million in April 2022 and $100.0 million
in October 2022 with repurchases to be
29

Spis treści

realizowane zgodnie z wcześniej ustalonymi wytycznymi cena/wolumen. W 2020 r. my
odkupił 63 tysiące akcji za około 2,6 miliona dolarów. W 2021 r. my
odkupił 0,9 miliona akcji za około 73,9 miliona dolarów. W 2022 r. my
odkupił 3,8 miliona akcji za 311,1 miliona dolarów, pozostawiając 81,3 miliona dolarów
środki zatwierdzone na dzień 31 grudnia 2022 r.

Autoryzacja przyszłych programów odkupu akcji zależy od naszego uznania
rady dyrektorów i będzie zależeć od naszej kondycji finansowej, wyników
operacji, wymogów kapitałowych i warunków biznesowych oraz innych
czynniki.

Nakłady kapitałowe

Cash paid for property and equipment in the year ended December 31, 2022 was
$39.2 million. As of December 31, 2022, we had non-cancelable commitments of
$1.1 million for the purchase of property and equipment. We expect capital
expenditures in fiscal 2023 to be primarily for machinery and equipment for use
in the manufacture of our products to support future growth. We expect to fund
these capital expenditures with cash on hand as well as cash provided by future
operations.
Other Information
Our cash, cash equivalents and investment balances may change in future periods
due to changes in our planned cash outlays, including changes in incremental
costs such as direct and integration costs related to future acquisitions. The
Tax Act signed into law on December 22, 2017 generally allows companies to
repatriate accumulated foreign earnings without incurring additional U.S.
federal taxes beginning after December 31, 2017. Accordingly, as of
December 31, 2022, our worldwide cash and marketable securities are available to
fund capital allocation needs, including capital and internal investments,
acquisitions, stock repurchases and/or dividends without incurring significant
U.S. federal income taxes.
If our operating results deteriorate in future periods, either as a result of a
decrease in customer demand or pricing pressures from our customers or our
competitors, or for other reasons, our ability to generate positive cash flow
from operations may be jeopardized. In that case, we may be forced to use our
cash, cash equivalents and short-term investments, use our current financing or
seek additional financing from third parties to fund our operations. We believe
that cash generated from operations, together with existing sources of
liquidity, will satisfy our projected working capital and other cash
requirements for at least the next 12 months. Our uses of cash beyond the next
12 months will depend on many factors, including the general economic
environment in which we operate and our ability to generate cash flow from
operations, which are uncertain but include funding our operations and
additional capital expenditures.

Umowy pozabilansowe

As of December 31, 2022 and 2021, we did not have any off-balance-sheet
arrangements or relationships with unconsolidated entities or financial
partnerships, such as entities often referred to as structured finance or
special purpose entities, which are typically established for the purpose of
facilitating off-balance-sheet arrangements or other contractually narrow or
limited purposes.
Contractual Obligations
As of December 31, 2022, we had the following non-cancelable contractual
obligations:
Payments Due by Period
Less than 1
(In thousands)                        Total          Year          1 - 3 Years      4 - 5 Years     Over 5 Years
Operating lease obligations(1)       $  9,641    $       3,268    $       3,911    $       1,664    $         798
Purchase obligations(2)              $ 46,157    $      46,157    $           -    $           -    $           -

(1) Zobowiązania z tytułu leasingu operacyjnego stanowią niezdyskontowaną, nieodwołalną pozostałą część

opłaty leasingowe.

Zobowiązania do zakupu stanowią zobowiązania wobec naszych dostawców i innych stron
(2) na zakupy towarów i usług, które składają się głównie z opłatka i

inne zakupy zapasów, montaż i inne usługi produkcyjne oraz

    purchases of property and equipment.
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Table of Contents
In addition to operating lease and purchase obligations, we have a contractual
obligation related to income tax as of December 31, 2022, which primarily
comprises unrecognized tax benefits of approximately $23.4 million, and was
classified as contra deferred tax assets or long-term income taxes payable in
our consolidated balance sheet. As of December 31, 2022 we also had
approximately $3.0 million classified as long-term income taxes payable related
to the estimated one-time transition tax from the enactment of the Tax Act which
will be payable in three remaining annual installments. We believe that cash
generated from operations, together with existing sources of liquidity, will
satisfy the cash requirements for these contractual obligations.

Ostatnio wydane oświadczenia rachunkowe

For recently issued accounting announcements, see "Recently Issued Accounting
Pronouncements" in Note 2, Significant Accounting Policies and Recent Accounting
Pronouncements, in our Notes to Consolidated Financial Statements included in
this Annual Report on Form 10-K.

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