2024 Q2 Form 10-Q Financial Statement

#000000497724000086 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $5.138B $5.436B
YoY Change -0.66% 13.25%
Cost Of Revenue $1.921B $2.010B
YoY Change -8.44% -6.51%
Gross Profit $3.217B $3.426B
YoY Change 4.65% 29.28%
Gross Profit Margin 62.61% 63.02%
Selling, General & Admin $694.0M $739.0M
YoY Change -4.67% -4.65%
% of Gross Profit 21.57% 21.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $208.0M $215.0M
YoY Change 2.97% 4.88%
% of Gross Profit 6.47% 6.28%
Operating Expenses $1.198B $3.266B
YoY Change -63.65% -5.55%
Operating Profit $2.019B $160.0M
YoY Change 77.26% -85.88%
Interest Expense $50.00M $47.00M
YoY Change -198.04% -2.08%
% of Operating Profit 2.48% 29.38%
Other Income/Expense, Net $0.00 -$2.000M
YoY Change -100.0%
Pretax Income $2.019B $2.170B
YoY Change 10.63% 61.7%
Income Tax $264.0M $291.0M
% Of Pretax Income 13.08% 13.41%
Net Earnings $1.755B $1.879B
YoY Change 7.41% 58.16%
Net Earnings / Revenue 34.16% 34.57%
Basic Earnings Per Share $3.11 $3.27
Diluted Earnings Per Share $3.10 $3.25
COMMON SHARES
Basic Shares Outstanding 568.2M shares 577.0M shares
Diluted Shares Outstanding 566.8M shares 577.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $6.060B $5.098B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $398.0M $418.0M
YoY Change -20.4% -20.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $101.6B $106.6B
YoY Change -9.1% -8.63%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $120.2B $124.7B
YoY Change -8.01% -7.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $103.0M $107.0M
YoY Change -25.9% -24.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $855.0M $884.0M
YoY Change 77.39% 12.04%
LONG-TERM LIABILITIES
Long-Term Debt $7.327B $7.805B
YoY Change 5.45% 7.24%
Other Long-Term Liabilities $4.093B $3.786B
YoY Change -4.17% 1.72%
Total Long-Term Liabilities $11.42B $11.59B
YoY Change 1.79% 5.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $855.0M $884.0M
Total Long-Term Liabilities $11.42B $11.59B
Total Liabilities $94.12B $101.2B
YoY Change -14.58% -12.13%
SHAREHOLDERS EQUITY
Retained Earnings $51.35B $49.87B
YoY Change 9.39% 9.48%
Common Stock $2.971B $2.942B
YoY Change 4.87% 5.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.98B $24.18B
YoY Change 13.57% 13.53%
Treasury Stock Shares
Shareholders Equity $26.05B $23.54B
YoY Change
Total Liabilities & Shareholders Equity $120.2B $124.7B
YoY Change -8.01% -7.58%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $1.755B $1.879B
YoY Change 7.41% 58.16%
Depreciation, Depletion And Amortization $208.0M $215.0M
YoY Change 2.97% 4.88%
Cash From Operating Activities $255.0M $849.0M
YoY Change -32.72% 19.92%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.067B -$148.0M
YoY Change 26.97% -390.2%
Cash From Investing Activities $2.067B $227.0M
YoY Change 26.97% 116.19%
FINANCING ACTIVITIES
Cash Dividend Paid $278.0M
YoY Change 12.1%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.320B -$256.0M
YoY Change 30.56% -72.56%
NET CHANGE
Cash From Operating Activities 255.0M $849.0M
Cash From Investing Activities 2.067B $227.0M
Cash From Financing Activities -1.320B -$256.0M
Net Change In Cash 1.002B $792.0M
YoY Change 0.6% -691.04%
FREE CASH FLOW
Cash From Operating Activities $255.0M $849.0M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="text-align:justify"><span style="color:#0094ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span><span style="color:#0094ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to prior-year amounts to conform to current-year reporting classifications. These reclassifications had no impact on net earnings or total shareholders' equity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span id="i81088520cc5240ca99780e22f5fa40b4_60936"></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three-month period ended March 31, 2023, immaterial reclassifications were made to the consolidated statement of cash flows related to investments in limited partnerships and the impact of foreign currency on policy liabilities. The impact of the reclassification related to investments in limited partnerships resulted in an increase to net cash flows provided by operating activities of $182 million with a corresponding decrease to net cash flows provided by investing activities. There was no impact to net cash flows provided by operating activities as a result of the reclassification related </span></div>to the impact of foreign currency on policy liabilities between the increase in policy liabilities and other, net line items within operating activities.
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