2024 Q2 Form 10-K Financial Statement

#000001469324000086 Filed on June 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 2023 Q2
Revenue $964.0M $4.178B $1.046B
YoY Change -7.84% -1.18% 5.02%
Cost Of Revenue $395.0M $1.652B $411.0M
YoY Change -3.89% -4.73% 11.08%
Gross Profit $569.0M $2.526B $635.0M
YoY Change -10.39% 1.28% 1.44%
Gross Profit Margin 59.02% 60.46% 60.71%
Selling, General & Admin $346.0M $1.355B $335.0M
YoY Change 3.28% 8.57% 4.04%
% of Gross Profit 60.81% 53.64% 52.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.00M $87.00M $21.00M
YoY Change 0.0% 8.75% 10.53%
% of Gross Profit 3.69% 3.44% 3.31%
Operating Expenses $461.0M $1.379B $337.0M
YoY Change 36.8% 0.88% -11.32%
Operating Profit $108.0M $1.147B $298.0M
YoY Change -63.76% 1.77% 21.14%
Interest Expense -$27.00M -$113.0M -$27.00M
YoY Change 0.0% 39.51% 42.11%
% of Operating Profit -25.0% -9.85% -9.06%
Other Income/Expense, Net -$1.000M -$3.000M -$2.000M
YoY Change -50.0% -89.66% -81.82%
Pretax Income $347.0M $1.298B $269.0M
YoY Change 29.0% 27.63% 24.54%
Income Tax $81.00M $274.0M $62.00M
% Of Pretax Income 23.34% 21.11% 23.05%
Net Earnings $266.0M $1.024B $207.0M
YoY Change 28.5% 30.78% 37.09%
Net Earnings / Revenue 27.59% 24.51% 19.79%
Basic Earnings Per Share $2.15
Diluted Earnings Per Share $0.56 $2.15 $0.43
COMMON SHARES
Basic Shares Outstanding 476.4M shares
Diluted Shares Outstanding 477.2M shares

Balance Sheet

Concept 2024 Q2 2024 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $446.0M $446.0M $374.0M
YoY Change 19.25% 19.25% -56.91%
Cash & Equivalents $446.0M $446.0M $374.0M
Short-Term Investments
Other Short-Term Assets $265.0M $265.0M $289.0M
YoY Change -8.3% -8.3% 136.89%
Inventory $2.556B $2.556B $2.283B
Prepaid Expenses
Receivables $769.0M $769.0M $855.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.036B $4.036B $3.801B
YoY Change 6.18% 6.18% 0.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.074B $1.074B $1.031B
YoY Change 4.17% 4.17% 17.83%
Goodwill $1.455B $1.457B
YoY Change -0.14% 91.46%
Intangibles $990.0M $1.164B
YoY Change -14.95% 98.63%
Long-Term Investments $270.0M $270.0M $3.000M
YoY Change 8900.0%
Other Assets $341.0M $341.0M $324.0M
YoY Change 5.25% 5.25% 7.64%
Total Long-Term Assets $4.130B $4.130B $3.976B
YoY Change 3.87% 3.87% 53.1%
TOTAL ASSETS
Total Short-Term Assets $4.036B $4.036B $3.801B
Total Long-Term Assets $4.130B $4.130B $3.976B
Total Assets $8.166B $8.166B $7.777B
YoY Change 5.0% 5.0% 22.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $793.0M $793.0M $827.0M
YoY Change -4.11% -4.11% 17.64%
Accrued Expenses $526.0M $526.0M $519.0M
YoY Change 1.35% 1.35% 7.01%
Deferred Revenue
YoY Change
Short-Term Debt $428.0M $428.0M $235.0M
YoY Change 82.13% 82.13%
Long-Term Debt Due $300.0M $300.0M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.559B $1.559B $1.084B
YoY Change 43.82% 43.82% 4.84%
LONG-TERM LIABILITIES
Long-Term Debt $2.372B $2.372B $2.678B
YoY Change -11.43% -11.43% 32.64%
Other Long-Term Liabilities $403.0M $403.0M $424.0M
YoY Change -4.95% -4.95% 134.25%
Total Long-Term Liabilities $2.775B $2.775B $3.102B
YoY Change -10.54% -10.54% 41.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.559B $1.559B $1.084B
Total Long-Term Liabilities $2.775B $2.775B $3.102B
Total Liabilities $4.649B $4.649B $4.509B
YoY Change 3.1% 3.1% 24.01%
SHAREHOLDERS EQUITY
Retained Earnings $4.261B $3.643B
YoY Change 16.96% 12.37%
Common Stock $13.00M $1.000M
YoY Change 1200.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $608.0M $213.0M
YoY Change 185.45% -5.33%
Treasury Stock Shares
Shareholders Equity $3.517B $3.517B $3.268B
YoY Change
Total Liabilities & Shareholders Equity $8.166B $8.166B $7.777B
YoY Change 5.0% 5.0% 22.03%

Cashflow Statement

Concept 2024 Q2 2024 2023 Q2
OPERATING ACTIVITIES
Net Income $266.0M $1.024B $207.0M
YoY Change 28.5% 30.78% 37.09%
Depreciation, Depletion And Amortization $21.00M $87.00M $21.00M
YoY Change 0.0% 8.75% 10.53%
Cash From Operating Activities $285.0M $647.0M $230.0M
YoY Change 23.91% 1.09% -9.09%
INVESTING ACTIVITIES
Capital Expenditures $80.00M $228.0M $67.00M
YoY Change 19.4% 24.59% -203.08%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $66.00M -$31.00M $12.00M
YoY Change 450.0% 34.78% 1100.0%
Cash From Investing Activities -$14.00M $49.00M -$55.00M
YoY Change -74.55% -103.62% -14.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -406.0M -$618.0M -229.0M
YoY Change 77.29% -358.58% 112.04%
NET CHANGE
Cash From Operating Activities 285.0M $647.0M 230.0M
Cash From Investing Activities -14.00M $49.00M -55.00M
Cash From Financing Activities -406.0M -$618.0M -229.0M
Net Change In Cash -135.0M $72.00M -54.00M
YoY Change 150.0% -114.69% -166.67%
FREE CASH FLOW
Cash From Operating Activities $285.0M $647.0M $230.0M
Capital Expenditures $80.00M $228.0M $67.00M
Free Cash Flow $205.0M $419.0M $163.0M
YoY Change 25.77% -8.32% -48.74%

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<div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Estimates. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To prepare financial statements that conform with GAAP, our management must make informed estimates that affect how we report revenues, expenses, assets, and liabilities, including contingent assets and liabilities. Actual results could differ from these estimates.</span></div>
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