2023 Q1 Form 10-K Financial Statement

#000070198523000008 Filed on March 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2023
Revenue $2.889B $7.560B
YoY Change -4.56% -4.09%
Cost Of Revenue $1.639B $4.305B
YoY Change 3.6% 6.9%
Gross Profit $1.250B $3.255B
YoY Change -13.55% -15.56%
Gross Profit Margin 43.27% 43.06%
Selling, General & Admin $597.0M $1.879B
YoY Change 5.29% 1.79%
% of Gross Profit 47.76% 57.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.00M $221.0M
YoY Change 11.32% -39.12%
% of Gross Profit 4.72% 6.79%
Operating Expenses $597.0M $1.879B
YoY Change 5.29% 1.79%
Operating Profit $653.0M $1.376B
YoY Change -25.71% -31.51%
Interest Expense -$87.00M -$348.0M
YoY Change 0.0% -189.69%
% of Operating Profit -13.32% -25.29%
Other Income/Expense, Net $10.00M $17.00M
YoY Change -600.0% -108.59%
Pretax Income $576.0M $1.045B
YoY Change -27.09% -26.56%
Income Tax $148.0M $251.0M
% Of Pretax Income 25.69% 24.02%
Net Earnings $434.0M $800.0M
YoY Change -26.94% -39.98%
Net Earnings / Revenue 15.02% 10.58%
Basic Earnings Per Share $1.90 $3.45
Diluted Earnings Per Share $1.89 $3.43
COMMON SHARES
Basic Shares Outstanding 228.8M shares 232.0M shares
Diluted Shares Outstanding 233.0M shares

Balance Sheet

Concept 2023 Q1 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.232B $1.232B
YoY Change -37.75% -37.75%
Cash & Equivalents $1.232B $1.232B
Short-Term Investments
Other Short-Term Assets $99.00M $99.00M
YoY Change 22.22% 22.22%
Inventory $709.0M $709.0M
Prepaid Expenses
Receivables $226.0M $226.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.266B $2.266B
YoY Change -24.69% -24.69%
LONG-TERM ASSETS
Property, Plant & Equipment $2.243B $2.243B
YoY Change 122.3% 10.49%
Goodwill $628.0M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $124.0M $124.0M
YoY Change -1.59% -1.59%
Other Assets $192.0M $192.0M
YoY Change 28.86% 182.35%
Total Long-Term Assets $3.228B $3.228B
YoY Change 6.99% 6.99%
TOTAL ASSETS
Total Short-Term Assets $2.266B $2.266B
Total Long-Term Assets $3.228B $3.228B
Total Assets $5.494B $5.494B
YoY Change -8.83% -8.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $455.0M $455.0M
YoY Change 4.6% 4.6%
Accrued Expenses $850.0M $850.0M
YoY Change 30.57% 34.07%
Deferred Revenue $195.0M
YoY Change 31.76%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.379B $1.379B
YoY Change 6.9% 6.9%
LONG-TERM LIABILITIES
Long-Term Debt $4.862B $4.862B
YoY Change 0.16% 0.16%
Other Long-Term Liabilities $1.290B $1.290B
YoY Change 409.88% 3.86%
Total Long-Term Liabilities $6.152B $6.152B
YoY Change 20.46% 0.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.379B $1.379B
Total Long-Term Liabilities $6.152B $6.152B
Total Liabilities $7.699B $7.699B
YoY Change 20.35% 2.05%
SHAREHOLDERS EQUITY
Retained Earnings -$2.401B
YoY Change 33.17%
Common Stock $939.0M
YoY Change -8.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $822.0M
YoY Change 0.0%
Treasury Stock Shares 15.00M shares
Shareholders Equity -$2.205B -$2.205B
YoY Change
Total Liabilities & Shareholders Equity $5.494B $5.494B
YoY Change -8.83% -8.83%

Cashflow Statement

Concept 2023 Q1 2023
OPERATING ACTIVITIES
Net Income $434.0M $800.0M
YoY Change -26.94% -39.98%
Depreciation, Depletion And Amortization $59.00M $221.0M
YoY Change 11.32% -39.12%
Cash From Operating Activities $1.077B $1.144B
YoY Change 3.06% -23.32%
INVESTING ACTIVITIES
Capital Expenditures $76.00M $328.0M
YoY Change -362.07% 21.48%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$76.00M -$328.0M
YoY Change 145.16% 26.64%
FINANCING ACTIVITIES
Cash Dividend Paid $46.00M $186.0M
YoY Change 17.95% 55.0%
Common Stock Issuance & Retirement, Net $4.000M -$1.306B
YoY Change -166.5%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -63.00M -1.562B
YoY Change -86.74% -51.0%
NET CHANGE
Cash From Operating Activities 1.077B 1.144B
Cash From Investing Activities -76.00M -328.0M
Cash From Financing Activities -63.00M -1.562B
Net Change In Cash 938.0M -746.0M
YoY Change 74.03% -61.82%
FREE CASH FLOW
Cash From Operating Activities $1.077B $1.144B
Capital Expenditures $76.00M $328.0M
Free Cash Flow $1.001B $816.0M
YoY Change -6.8% -33.22%

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<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily composed of U.S. government obligations, U.S. Treasury and AAA-rated money market funds, commercial paper and bank deposits.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.</span></div>
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EarningsPerShareBasic
2.31
CY2021Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.32
CY2021Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.77
CY2021Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.66
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.27
CY2021Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.66
CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.57
CY2021Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.33
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.01
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.97
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.34
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.28
CY2022Q1 us-gaap Inventory Write Down
InventoryWriteDown
9000000 usd
CY2022Q1 bbwi Inventory Write Down Net Of Tax
InventoryWriteDownNetOfTax
7000000 usd

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