2023 Q4 Form 10-K Financial Statement

#000001079523000098 Filed on November 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023
Revenue $4.706B $5.087B $19.37B
YoY Change 2.62% 6.85% 2.66%
Cost Of Revenue $2.679B $3.386B $11.20B
YoY Change 9.21% 26.11% 10.64%
Gross Profit $2.027B $1.701B $8.170B
YoY Change -4.97% -18.06% -6.58%
Gross Profit Margin 43.07% 33.44% 42.17%
Selling, General & Admin $1.213B $1.138B $4.719B
YoY Change 2.19% -3.72% 0.21%
% of Gross Profit 59.84% 66.9% 57.76%
Research & Development $290.0M $281.0M $1.237B
YoY Change -7.35% -6.33% -1.51%
% of Gross Profit 14.31% 16.52% 15.14%
Depreciation & Amortization $561.0M $587.0M $2.288B
YoY Change -1.06% 1.03% 2.65%
% of Gross Profit 27.68% 34.51% 28.0%
Operating Expenses $1.503B $1.478B $5.956B
YoY Change 0.2% -2.25% -0.78%
Operating Profit $439.0M $223.0M $2.111B
YoY Change -24.96% -60.46% -23.01%
Interest Expense $111.0M -$104.0M $452.0M
YoY Change 8.82% 7.22% -218.32%
% of Operating Profit 25.28% -46.64% 21.41%
Other Income/Expense, Net -$4.000M -$64.00M -$46.00M
YoY Change -50.0% -11.11% -60.68%
Pretax Income $359.0M $181.0M $1.662B
YoY Change -25.36% -43.61% -6.79%
Income Tax $77.00M $28.00M $132.0M
% Of Pretax Income 21.45% 15.47% 7.94%
Net Earnings $281.0M $108.0M $1.484B
YoY Change -44.79% -62.5% -16.58%
Net Earnings / Revenue 5.97% 2.12% 7.66%
Basic Earnings Per Share $0.97 $4.97
Diluted Earnings Per Share $0.96 $0.36 $4.94
COMMON SHARES
Basic Shares Outstanding 290.4M shares 286.3M shares
Diluted Shares Outstanding 291.4M shares 288.4M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.182B $1.424B $1.424B
YoY Change 93.14% 40.43% 40.43%
Cash & Equivalents $1.180B $1.416B $1.416B
Short-Term Investments $2.000M $8.000M $8.000M
Other Short-Term Assets $1.349B $1.380B $1.445B
YoY Change -12.69% -19.39% -15.6%
Inventory $3.304B $3.273B $3.273B
Prepaid Expenses
Receivables $2.267B $2.534B $2.534B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.156B $8.676B $8.676B
YoY Change -0.23% 6.57% 6.57%
LONG-TERM ASSETS
Property, Plant & Equipment $6.647B $6.557B $6.557B
YoY Change 6.4% 9.07% 9.07%
Goodwill $24.60B $24.52B
YoY Change -0.67% -0.4%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.259B $2.078B $2.077B
YoY Change 15.55% 12.39% 12.33%
Total Long-Term Assets $44.12B $44.10B $44.10B
YoY Change -1.86% -1.54% -1.54%
TOTAL ASSETS
Total Short-Term Assets $8.156B $8.676B $8.676B
Total Long-Term Assets $44.12B $44.10B $44.10B
Total Assets $52.27B $52.78B $52.78B
YoY Change -1.61% -0.29% -0.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.524B $1.641B $1.641B
YoY Change 1.6% -3.41% -3.41%
Accrued Expenses $2.604B $3.719B
YoY Change -0.04% -1.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.016B $1.141B $1.141B
YoY Change -7.86% -47.64% -47.64%
Total Short-Term Liabilities $7.540B $6.641B $6.641B
YoY Change -1.11% -14.98% -14.98%
LONG-TERM LIABILITIES
Long-Term Debt $14.09B $14.74B $14.74B
YoY Change -1.22% 6.14% 6.14%
Other Long-Term Liabilities $4.414B $4.582B $3.155B
YoY Change -9.21% 422.46% 259.75%
Total Long-Term Liabilities $18.51B $19.32B $17.89B
YoY Change -3.25% 30.87% 21.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.540B $6.641B $6.641B
Total Long-Term Liabilities $18.51B $19.32B $17.89B
Total Liabilities $26.05B $25.96B $26.98B
YoY Change -2.64% -6.05% -2.35%
SHAREHOLDERS EQUITY
Retained Earnings $15.54B $15.54B
YoY Change 1.01% 2.49%
Common Stock $20.11B $20.09B
YoY Change 0.79% 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.828B $8.305B
YoY Change 5.94% -0.3%
Treasury Stock Shares
Shareholders Equity $25.33B $25.80B $25.80B
YoY Change
Total Liabilities & Shareholders Equity $52.27B $52.78B $52.78B
YoY Change -1.61% -0.29% -0.29%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023
OPERATING ACTIVITIES
Net Income $281.0M $108.0M $1.484B
YoY Change -44.79% -62.5% -16.58%
Depreciation, Depletion And Amortization $561.0M $587.0M $2.288B
YoY Change -1.06% 1.03% 2.65%
Cash From Operating Activities $841.0M $1.324B $2.989B
YoY Change 110.78% 36.21% 13.48%
INVESTING ACTIVITIES
Capital Expenditures $116.0M $294.0M $874.0M
YoY Change -44.23% -193.33% -189.83%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $116.0M $431.0M $382.0M
YoY Change 39.76% -125.5% -116.92%
Cash From Investing Activities -$233.0M $137.0M -$716.0M
YoY Change -19.93% -106.83% -77.84%
FINANCING ACTIVITIES
Cash Dividend Paid $275.0M
YoY Change -2.14%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00 $2.155B
YoY Change -100.0% 167.7%
Cash From Financing Activities -$862.0M -997.0M -1.956B
YoY Change 61.42% 81.6% 230.96%
NET CHANGE
Cash From Operating Activities 841.0M 1.324B 2.989B
Cash From Investing Activities -$233.0M 137.0M -716.0M
Cash From Financing Activities -$862.0M -997.0M -1.956B
Net Change In Cash -$247.0M 464.0M $322.0M
YoY Change -40.48% -129.33% -127.1%
FREE CASH FLOW
Cash From Operating Activities $841.0M $1.324B $2.989B
Capital Expenditures $116.0M $294.0M $874.0M
Free Cash Flow $725.0M $1.030B $2.115B
YoY Change 279.58% -19.97% -41.36%

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<div style="margin-top:9pt;text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates or assumptions affect reported assets, liabilities, revenues and expenses as reflected in the consolidated financial statements. Actual results could differ from these estimates.</span></div>
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