2024 Q1 Form 10-K Financial Statement

#000076447824000010 Filed on March 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2024
Revenue $14.65B $43.45B
YoY Change -0.6% -6.15%
Cost Of Revenue $11.65B $33.85B
YoY Change -1.27% -6.97%
Gross Profit $3.001B $9.603B
YoY Change 2.07% -3.12%
Gross Profit Margin 20.49% 22.1%
Selling, General & Admin $2.266B $7.815B
YoY Change 0.4% -1.94%
% of Gross Profit 75.51% 81.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $221.0M $923.0M
YoY Change -7.53% 0.54%
% of Gross Profit 7.36% 9.61%
Operating Expenses $2.271B $7.876B
YoY Change 0.62% -1.18%
Operating Profit $730.0M $1.727B
YoY Change 6.88% -11.07%
Interest Expense $23.00M $26.00M
YoY Change 64.29% -471.43%
% of Operating Profit 3.15% 1.51%
Other Income/Expense, Net
YoY Change
Pretax Income $584.0M $1.621B
YoY Change -4.42% -9.34%
Income Tax $124.0M $381.0M
% Of Pretax Income 21.23% 23.5%
Net Earnings $460.0M $1.241B
YoY Change -7.07% -12.54%
Net Earnings / Revenue 3.14% 2.86%
Basic Earnings Per Share $5.70
Diluted Earnings Per Share $2.12 $5.68
COMMON SHARES
Basic Shares Outstanding 215.4M 217.7M
Diluted Shares Outstanding 218.5M

Balance Sheet

Concept 2024 Q1 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.447B $1.447B
YoY Change -22.79% -22.79%
Cash & Equivalents $1.447B $1.447B
Short-Term Investments
Other Short-Term Assets $553.0M $553.0M
YoY Change -14.53% -14.53%
Inventory $4.958B $4.958B
Prepaid Expenses
Receivables $939.0M $939.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.897B $7.897B
YoY Change -10.28% -10.28%
LONG-TERM ASSETS
Property, Plant & Equipment $5.018B $5.018B
YoY Change -1.57% -1.57%
Goodwill $1.383B
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $48.00M $48.00M
YoY Change
Other Assets $493.0M $493.0M
YoY Change -5.19% -5.19%
Total Long-Term Assets $7.070B $7.070B
YoY Change 0.99% 0.99%
TOTAL ASSETS
Total Short-Term Assets $7.897B $7.897B
Total Long-Term Assets $7.070B $7.070B
Total Assets $14.97B $14.97B
YoY Change -5.29% -5.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.637B $4.637B
YoY Change -18.46% -18.46%
Accrued Expenses $1.953B $1.953B
YoY Change 3.55% 3.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.00M $13.00M
YoY Change -18.75% -18.75%
Total Short-Term Liabilities $7.909B $7.909B
YoY Change -11.92% -11.92%
LONG-TERM LIABILITIES
Long-Term Debt $1.152B $1.152B
YoY Change -0.69% -0.69%
Other Long-Term Liabilities $2.853B $2.853B
YoY Change -0.56% -0.56%
Total Long-Term Liabilities $4.005B $4.005B
YoY Change -0.6% -0.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.909B $7.909B
Total Long-Term Liabilities $4.005B $4.005B
Total Liabilities $11.91B $11.91B
YoY Change -8.41% -8.41%
SHAREHOLDERS EQUITY
Retained Earnings $2.683B
YoY Change 10.41%
Common Stock $22.00M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.053B $3.053B
YoY Change
Total Liabilities & Shareholders Equity $14.97B $14.97B
YoY Change -5.29% -5.29%

Cashflow Statement

Concept 2024 Q1 2024
OPERATING ACTIVITIES
Net Income $460.0M $1.241B
YoY Change -7.07% -12.54%
Depreciation, Depletion And Amortization $221.0M $923.0M
YoY Change -7.53% 0.54%
Cash From Operating Activities $1.180B $1.470B
YoY Change -38.92% -19.41%
INVESTING ACTIVITIES
Capital Expenditures $183.0M $795.0M
YoY Change -21.79% -14.52%
Acquisitions
YoY Change
Other Investing Activities $2.000M $14.00M
YoY Change -75.0% -143.75%
Cash From Investing Activities -$181.0M -$781.0M
YoY Change -19.91% -18.81%
FINANCING ACTIVITIES
Cash Dividend Paid $801.0M
YoY Change 1.52%
Common Stock Issuance & Retirement, Net -$51.00M -$321.0M
YoY Change -90.69% -67.84%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -272.0M -1.144B
YoY Change -63.64% -36.66%
NET CHANGE
Cash From Operating Activities 1.180B 1.470B
Cash From Investing Activities -181.0M -781.0M
Cash From Financing Activities -272.0M -1.144B
Net Change In Cash 727.0M -455.0M
YoY Change -24.11% -51.8%
FREE CASH FLOW
Cash From Operating Activities $1.180B $1.470B
Capital Expenditures $183.0M $795.0M
Free Cash Flow $997.0M $675.0M
YoY Change -41.28% -24.5%

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<span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Use of Estimates in the Preparation of Financial Statements</span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 8pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 8pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. ("GAAP") requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts in the consolidated financial statements, as well as the </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">disclosure of contingent liabilities. Future results could be materially affected if actual results were to differ from these estimates and assumptions.</span></p>
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<span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Fiscal Year</span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 9pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Our fiscal year ends on the Saturday nearest the end of January. </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Fiscal 2024, fiscal 2023 and fiscal 2022 ended February 3, 2024, January 28, 2023, and January 29, 2022, respectively. Unless otherwise noted, references to years in these notes to consolidated financial statements relate to fiscal years, and not calendar years. </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Fiscal 2024 included 53 weeks with the 53</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"><sup>rd</sup></span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> week occurring in the fiscal fourth quarter. Fiscal 2023 and fiscal 2022 each included 52 weeks. </span></p>
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CY2024Q1 us-gaap Derivative Notional Amount
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q1 us-gaap Long Term Debt Current
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CY2023Q1 us-gaap Long Term Debt Noncurrent
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CY2023 bby Share Based Compensation Tax
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Current Federal Tax Expense Benefit
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Jason Bonfig
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Deloitte & Touche LLP
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