2024 Q1 Form 10-K Financial Statement

#000000248824000012 Filed on January 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $5.473B $6.168B $22.68B
YoY Change 10.16% -3.9%
Cost Of Revenue $2.913B $3.257B $12.22B
YoY Change 1.91% -5.99%
Gross Profit $2.560B $2.911B $10.46B
YoY Change 21.14% -1.35%
Gross Profit Margin 46.78% 47.2% 46.12%
Selling, General & Admin $620.0M $644.0M $2.352B
YoY Change 9.15% 0.68%
% of Gross Profit 24.22% 22.12% 22.49%
Research & Development $1.525B $1.511B $5.872B
YoY Change 10.61% 17.32%
% of Gross Profit 59.57% 51.91% 56.14%
Depreciation & Amortization $784.0M $799.0M $441.0M
YoY Change 32.95% -79.0%
% of Gross Profit 30.63% 27.45% 4.22%
Operating Expenses $2.537B $2.575B $8.224B
YoY Change 0.7% -12.89%
Operating Profit $23.00M $336.0M $401.0M
YoY Change -318.18% -65.49%
Interest Expense -$25.00M -$27.00M $106.0M
YoY Change 42.11% -220.45%
% of Operating Profit -108.7% -8.04% 26.43%
Other Income/Expense, Net $53.00M $49.00M $197.0M
YoY Change 53.13% 2362.5%
Pretax Income $64.00M $364.0M $508.0M
YoY Change -367.65% -57.09%
Income Tax -$52.00M -$297.0M -$346.0M
% Of Pretax Income -81.25% -81.59% -68.11%
Net Earnings $123.0M $667.0M $854.0M
YoY Change 3076.19% -35.3%
Net Earnings / Revenue 2.25% 10.81% 3.77%
Basic Earnings Per Share $0.08 $0.53
Diluted Earnings Per Share $0.08 $0.41 $0.53
COMMON SHARES
Basic Shares Outstanding 1.616B shares 1.615B shares 1.614B shares
Diluted Shares Outstanding 1.639B shares 1.625B shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.035B $5.773B $5.773B
YoY Change -1.4% -1.4%
Cash & Equivalents $4.190B $3.933B $3.933B
Short-Term Investments $1.845B $1.840B $1.840B
Other Short-Term Assets $1.328B $1.259B $1.259B
YoY Change -0.63% -0.63%
Inventory $4.652B $4.351B $4.351B
Prepaid Expenses
Receivables $5.038B $5.376B $5.376B
Other Receivables $31.00M $9.000M $9.000M
Total Short-Term Assets $17.08B $16.77B $16.77B
YoY Change 11.65% 11.65%
LONG-TERM ASSETS
Property, Plant & Equipment $2.256B $1.589B $2.222B
YoY Change -19.46% 12.62%
Goodwill $24.26B $24.26B
YoY Change 0.35%
Intangibles $20.74B $21.36B
YoY Change -11.42%
Long-Term Investments $106.0M $99.00M $99.00M
YoY Change 19.28% 19.28%
Other Assets $3.446B $2.805B $3.171B
YoY Change 26.92% 43.48%
Total Long-Term Assets $50.81B $51.12B $51.12B
YoY Change -2.75% -2.75%
TOTAL ASSETS
Total Short-Term Assets $17.08B $16.77B $16.77B
Total Long-Term Assets $50.81B $51.12B $51.12B
Total Assets $67.90B $67.89B $67.89B
YoY Change 0.45% 0.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.856B $2.055B $2.418B
YoY Change -30.48% -18.2%
Accrued Expenses $2.508B $3.082B $2.644B
YoY Change 0.16% -14.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $751.0M $0.00
YoY Change
Long-Term Debt Due $750.0M $751.0M $751.0M
YoY Change
Total Short-Term Liabilities $6.474B $6.689B $6.689B
YoY Change 5.02% 5.02%
LONG-TERM LIABILITIES
Long-Term Debt $1.718B $1.717B $1.717B
YoY Change -30.4% -30.4%
Other Long-Term Liabilities $2.306B $1.850B $2.385B
YoY Change -10.19% 15.78%
Total Long-Term Liabilities $4.024B $3.567B $4.102B
YoY Change -21.21% -9.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.474B $6.689B $6.689B
Total Long-Term Liabilities $4.024B $3.567B $4.102B
Total Liabilities $11.70B $10.26B $11.99B
YoY Change -20.06% -6.52%
SHAREHOLDERS EQUITY
Retained Earnings $846.0M $723.0M
YoY Change -651.91%
Common Stock $60.07B $59.69B
YoY Change 2.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.690B $4.514B
YoY Change 45.66%
Treasury Stock Shares
Shareholders Equity $56.20B $55.89B $55.89B
YoY Change
Total Liabilities & Shareholders Equity $67.90B $67.89B $67.89B
YoY Change 0.45% 0.45%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $123.0M $667.0M $854.0M
YoY Change 3076.19% -35.3%
Depreciation, Depletion And Amortization $784.0M $799.0M $441.0M
YoY Change 32.95% -79.0%
Cash From Operating Activities $521.0M $381.0M $1.667B
YoY Change -32.8% -53.24%
INVESTING ACTIVITIES
Capital Expenditures $142.0M $139.0M $546.0M
YoY Change 12.1% 21.33%
Acquisitions
YoY Change
Other Investing Activities $7.000M $289.0M $11.00M
YoY Change -75.73% -99.55%
Cash From Investing Activities -$135.0M $150.0M -$1.423B
YoY Change -85.94% -171.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $985.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -129.0M -159.0M -$1.146B
YoY Change -19.29% -64.89%
NET CHANGE
Cash From Operating Activities 521.0M 381.0M $1.667B
Cash From Investing Activities -135.0M 150.0M -$1.423B
Cash From Financing Activities -129.0M -159.0M -$1.146B
Net Change In Cash 257.0M 372.0M -$902.0M
YoY Change -74.11% -139.22%
FREE CASH FLOW
Cash From Operating Activities $521.0M $381.0M $1.667B
Capital Expenditures $142.0M $139.0M $546.0M
Free Cash Flow $379.0M $242.0M $1.121B
YoY Change -45.37% -64.01%

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CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassification. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain immaterial prior period amounts have been reclassified to conform to current period presentation.</span></div>
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CY2023 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-7000000 usd
CY2023 us-gaap Increase Decrease In Equity Securities Fv Ni
IncreaseDecreaseInEquitySecuritiesFvNi
1000000 usd
CY2022 us-gaap Increase Decrease In Equity Securities Fv Ni
IncreaseDecreaseInEquitySecuritiesFvNi
-62000000 usd
CY2021 us-gaap Increase Decrease In Equity Securities Fv Ni
IncreaseDecreaseInEquitySecuritiesFvNi
56000000 usd
CY2023 amd Other Miscellaneous Expense Income Net
OtherMiscellaneousExpenseIncomeNet
8000000 usd
CY2022 amd Other Miscellaneous Expense Income Net
OtherMiscellaneousExpenseIncomeNet
-5000000 usd
CY2021 amd Other Miscellaneous Expense Income Net
OtherMiscellaneousExpenseIncomeNet
2000000 usd
CY2023 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
197000000 usd
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8000000 usd
CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
55000000 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
127000000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
118000000 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
71000000 usd
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
46000000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
40000000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
147000000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
108000000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y29D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0457
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
132000000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
107000000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
108000000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
87000000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
61000000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
283000000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
778000000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
137000000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
641000000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
106000000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
535000000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
535000000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
3858000000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
351000000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
186000000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
51000000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
49000000 usd
CY2023Q4 us-gaap Purchase Obligation Due After Fifth Year
PurchaseObligationDueAfterFifthYear
99000000 usd
CY2023Q4 us-gaap Purchase Obligation
PurchaseObligation
4594000000 usd
CY2023 amd Product Warranty Period
ProductWarrantyPeriod
P1Y
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
65000000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
51000000 usd
CY2023 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
126000000 usd
CY2022 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
115000000 usd
CY2023 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
106000000 usd
CY2022 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
101000000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
85000000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
65000000 usd
CY2023 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Contingencies <div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Litigation and Other Legal Matters</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As of December 30, 2023, there were no material legal proceedings. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is a defendant or plaintiff in various actions that arose in the normal course of business. With respect to these matters, based on management’s current knowledge, the Company believes that the amount or range of reasonably possible loss, if any, will not, either individually or in the aggregate, have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Environmental Matters</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is named as a responsible party on Superfund clean-up orders for three sites in Sunnyvale, California that are on the National Priorities List. Since 1981, the Company has discovered hazardous material releases to the groundwater from former underground tanks and proceeded to investigate and conduct remediation at these three sites. The chemicals released into the groundwater were commonly used in the semiconductor industry in the United States in the wafer fabrication process prior to 1979.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 1991, the Company received Final Site Clean-up Requirements Orders from the California Regional Water Quality Control Board relating to the three sites. The Company has entered into settlement agreements with other responsible parties on two of the orders. During the term of such agreements, other parties have agreed to assume most of the foreseeable costs as well as the primary role in conducting remediation activities under the orders. The Company remains responsible for additional costs beyond the scope of the agreements as well as all remaining costs in the event that the other parties do not fulfill their obligations under the settlement agreements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To address anticipated future remediation costs under the orders, the Company has computed and recorded an estimated environmental liability of approximately $4.8 million and has not recorded any potential insurance recoveries in determining the estimated costs of the cleanup. The progress of future remediation efforts cannot be predicted with certainty and these costs may change. The Company believes that any amount in addition to what has already been accrued would not be material.</span></div>
CY2023Q4 amd Site Contingency Numberof Sites
SiteContingencyNumberofSites
3 site
CY2023Q4 amd Site Contingency Numberof Sites
SiteContingencyNumberofSites
3 site
CY2023Q4 amd Site Contingency Numberof Sites
SiteContingencyNumberofSites
3 site
CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
4800000 usd
CY2023 dei Auditor Name
AuditorName
Ernst & Young LLP
CY2023 dei Auditor Name
AuditorName
Ernst & Young LLP
CY2023 dei Auditor Location
AuditorLocation
San Jose, California
CY2023 dei Auditor Firm
AuditorFirmId
42

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