2024 Q2 Form 10-Q Financial Statement

#000031815424000020 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $8.388B $7.447B $6.105B
YoY Change 20.07% 21.98% -2.13%
Cost Of Revenue $3.236B $3.200B $1.720B
YoY Change 78.49% 86.05% 10.19%
Gross Profit $5.152B $4.247B $4.385B
YoY Change -0.41% -3.15% -6.24%
Gross Profit Margin 61.42% 57.03% 71.83%
Selling, General & Admin $1.785B $1.808B $1.258B
YoY Change 37.94% 43.72% 2.44%
% of Gross Profit 34.65% 42.57% 28.69%
Research & Development $1.447B $1.343B $1.058B
YoY Change 30.01% 26.94% 10.32%
% of Gross Profit 28.09% 31.62% 24.13%
Depreciation & Amortization $1.400B $1.399B $900.0M
YoY Change 56.25% 55.44% 7.02%
% of Gross Profit 27.17% 32.94% 20.52%
Operating Expenses $3.232B $3.151B $2.316B
YoY Change 34.28% 36.05% 5.9%
Operating Profit $1.909B $991.0M $1.921B
YoY Change -28.87% -48.41% -23.16%
Interest Expense -$1.206B -$824.0M -$543.0M
YoY Change 60.37% 51.75% 84.07%
% of Operating Profit -63.17% -83.15% -28.27%
Other Income/Expense, Net -$307.0M -$235.0M $2.064B
YoY Change -3.46% -111.39% -489.43%
Pretax Income $794.0M -$68.00M $3.442B
YoY Change -50.81% -101.98% 105.49%
Income Tax $48.00M $45.00M $601.0M
% Of Pretax Income 6.05% 17.46%
Net Earnings $746.0M -$113.0M $2.841B
YoY Change -45.9% -103.98% 92.48%
Net Earnings / Revenue 8.89% -1.52% 46.54%
Basic Earnings Per Share $1.39 -$0.21 $5.32
Diluted Earnings Per Share $1.38 -$0.21 $5.28
COMMON SHARES
Basic Shares Outstanding 536.4M shares 535.9M shares 534.0M shares
Diluted Shares Outstanding 541.0M shares 536.0M shares 538.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.301B $9.708B $31.60B
YoY Change -72.8% -69.28% 382.9%
Cash & Equivalents $9.301B $9.708B $31.60B
Short-Term Investments $1.000M
Other Short-Term Assets $2.976B $2.821B $2.395B
YoY Change 28.06% 17.79% -3.74%
Inventory $7.995B $8.724B $5.011B
Prepaid Expenses
Receivables $6.934B $6.776B $5.736B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.21B $28.03B $44.70B
YoY Change -42.58% -37.3% 141.38%
LONG-TERM ASSETS
Property, Plant & Equipment $6.097B $6.002B $5.460B
YoY Change 10.21% 9.93% 6.18%
Goodwill $18.62B $18.57B $15.53B
YoY Change 19.86% 19.57% 4.26%
Intangibles $30.17B $31.37B $15.39B
YoY Change 106.19% 103.81% 5.67%
Long-Term Investments
YoY Change
Other Assets $8.816B $9.007B $7.633B
YoY Change 22.56% 18.0% 25.75%
Total Long-Term Assets $63.70B $64.95B $44.02B
YoY Change 48.53% 47.56% 8.21%
TOTAL ASSETS
Total Short-Term Assets $27.21B $28.03B $44.70B
Total Long-Term Assets $63.70B $64.95B $44.02B
Total Assets $90.91B $92.98B $88.72B
YoY Change 0.71% 4.8% 49.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.267B $1.628B $1.320B
YoY Change 87.05% 23.33% -5.92%
Accrued Expenses $13.72B $14.13B $12.06B
YoY Change 0.03% 17.13% 13.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.528B $3.959B $834.0M
YoY Change 155.1% 374.7% -1.18%
Total Short-Term Liabilities $21.52B $19.71B $14.22B
YoY Change 25.85% 38.68% 10.31%
LONG-TERM LIABILITIES
Long-Term Debt $57.12B $60.06B $60.76B
YoY Change -3.81% -1.15% 68.73%
Other Long-Term Liabilities $2.363B $2.357B $2.532B
YoY Change -6.82% -6.91% -7.32%
Total Long-Term Liabilities $59.48B $62.42B $63.29B
YoY Change -3.93% -1.38% 63.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.52B $19.71B $14.22B
Total Long-Term Liabilities $59.48B $62.42B $63.29B
Total Liabilities $81.00B $82.13B $77.51B
YoY Change 2.51% 5.97% 50.13%
SHAREHOLDERS EQUITY
Retained Earnings -$27.12B -$27.87B -$26.92B
YoY Change 6.2% 3.53% -8.96%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.925B $5.022B $5.348B
YoY Change
Total Liabilities & Shareholders Equity $90.91B $92.98B $88.72B
YoY Change 0.71% 4.8% 49.87%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $746.0M -$113.0M $2.841B
YoY Change -45.9% -103.98% 92.48%
Depreciation, Depletion And Amortization $1.400B $1.399B $900.0M
YoY Change 56.25% 55.44% 7.02%
Cash From Operating Activities $2.459B $689.0M $1.064B
YoY Change -40.16% -35.24% -50.83%
INVESTING ACTIVITIES
Capital Expenditures $238.0M $230.0M $344.0M
YoY Change -12.18% -33.14% 81.05%
Acquisitions
YoY Change
Other Investing Activities $21.00M -$13.00M -$28.00M
YoY Change -65.0% -53.57% -40.43%
Cash From Investing Activities -$217.0M -$217.0M $1.358B
YoY Change 2.84% -115.98% -1323.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $704.0M
YoY Change -100.0%
Cash From Financing Activities -2.649B -$1.708B $21.51B
YoY Change 118.93% -107.94% -712.09%
NET CHANGE
Cash From Operating Activities 2.459B $689.0M $1.064B
Cash From Investing Activities -217.0M -$217.0M $1.358B
Cash From Financing Activities -2.649B -$1.708B $21.51B
Net Change In Cash -407.0M -$1.236B $23.93B
YoY Change -115.14% -105.16% -1737.99%
FREE CASH FLOW
Cash From Operating Activities $2.459B $689.0M $1.064B
Capital Expenditures $238.0M $230.0M $344.0M
Free Cash Flow $2.221B $459.0M $720.0M
YoY Change -42.13% -36.25% -63.53%

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<div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of estimates</span></div><div style="margin-bottom:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.</span></div>
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