2023 Q4 Form 10-Q Financial Statement

#000178318023000065 Filed on October 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $5.102B $5.731B
YoY Change -0.06% 5.14%
Cost Of Revenue $3.662B $3.912B
YoY Change -5.06% -1.54%
Gross Profit $1.440B $1.819B
YoY Change 15.38% 23.07%
Gross Profit Margin 28.22% 31.74%
Selling, General & Admin $792.0M $831.0M
YoY Change 17.86% 33.17%
% of Gross Profit 55.0% 45.68%
Research & Development $170.0M $157.0M
YoY Change 14.09% 9.79%
% of Gross Profit 11.81% 8.63%
Depreciation & Amortization $135.0M $134.0M
YoY Change 9.76% 31.37%
% of Gross Profit 9.38% 7.37%
Operating Expenses $970.0M $988.0M
YoY Change 13.72% 28.81%
Operating Profit $470.0M $645.0M
YoY Change 18.99% -57.73%
Interest Expense $265.0M -$51.00M
YoY Change -1992.86% -8.93%
% of Operating Profit 56.38% -7.91%
Other Income/Expense, Net -$1.000M $0.00
YoY Change -50.0%
Pretax Income $559.0M $594.0M
YoY Change 48.28% -59.59%
Income Tax $120.0M $213.0M
% Of Pretax Income 21.47% 35.86%
Net Earnings $420.0M $381.0M
YoY Change 55.56% -71.4%
Net Earnings / Revenue 8.23% 6.65%
Basic Earnings Per Share $0.43
Diluted Earnings Per Share $0.49 $0.42
COMMON SHARES
Basic Shares Outstanding 839.0M shares 837.6M shares
Diluted Shares Outstanding 854.7M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.02B $3.902B
YoY Change 184.52% 30.72%
Cash & Equivalents $10.02B $3.902B
Short-Term Investments
Other Short-Term Assets $447.0M $412.0M
YoY Change 28.08% -2.37%
Inventory $2.217B $2.562B
Prepaid Expenses
Receivables $2.787B $3.635B
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.78B $10.51B
YoY Change 90.1% 7.92%
LONG-TERM ASSETS
Property, Plant & Equipment $2.293B $2.210B
YoY Change 2.32% 7.54%
Goodwill $7.989B $9.825B
YoY Change -19.93% 2.12%
Intangibles $1.028B $1.100B
YoY Change -23.4% -15.97%
Long-Term Investments $1.140B $1.166B
YoY Change -0.7% 1.3%
Other Assets $330.0M $414.0M
YoY Change 50.68% 100.0%
Total Long-Term Assets $14.04B $16.03B
YoY Change -13.36% 2.71%
TOTAL ASSETS
Total Short-Term Assets $18.78B $10.51B
Total Long-Term Assets $14.04B $16.03B
Total Assets $32.82B $26.54B
YoY Change 25.82% 4.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.742B $2.887B
YoY Change -3.21% 2.48%
Accrued Expenses $2.811B $2.832B
YoY Change 7.7% 11.63%
Deferred Revenue $425.0M $496.0M
YoY Change -5.35% 12.73%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $51.00M $134.0M
YoY Change -63.57% -38.81%
Total Short-Term Liabilities $6.891B $6.349B
YoY Change 14.24% 5.59%
LONG-TERM LIABILITIES
Long-Term Debt $14.24B $8.651B
YoY Change 63.66% -0.22%
Other Long-Term Liabilities $1.603B $1.687B
YoY Change -12.4% -2.88%
Total Long-Term Liabilities $1.603B $10.34B
YoY Change -12.4% -0.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.891B $6.349B
Total Long-Term Liabilities $1.603B $10.34B
Total Liabilities $23.82B $18.04B
YoY Change 32.24% 0.87%
SHAREHOLDERS EQUITY
Retained Earnings $6.591B $6.486B
YoY Change 12.36% 10.38%
Common Stock $9.000M $9.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.677B $8.184B
YoY Change
Total Liabilities & Shareholders Equity $32.82B $26.54B
YoY Change 25.82% 4.71%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $420.0M $381.0M
YoY Change 55.56% -71.4%
Depreciation, Depletion And Amortization $135.0M $134.0M
YoY Change 9.76% 31.37%
Cash From Operating Activities $905.0M $1.041B
YoY Change -19.41% 31.77%
INVESTING ACTIVITIES
Capital Expenditures $233.0M $92.00M
YoY Change 66.43% -201.1%
Acquisitions
YoY Change
Other Investing Activities $4.000M -$43.00M
YoY Change -102.5% -91.55%
Cash From Investing Activities -$229.0M -$135.0M
YoY Change -23.67% -77.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.300B -182.0M
YoY Change -1627.38% 21.33%
NET CHANGE
Cash From Operating Activities 905.0M 1.041B
Cash From Investing Activities -229.0M -135.0M
Cash From Financing Activities 5.300B -182.0M
Net Change In Cash 5.976B 724.0M
YoY Change 1155.46% 1710.0%
FREE CASH FLOW
Cash From Operating Activities $905.0M $1.041B
Capital Expenditures $233.0M $92.00M
Free Cash Flow $672.0M $949.0M
YoY Change -31.64% 7.72%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the ordinary course of business, the Company provides standard warranty coverage on its products. Provisions for these amounts are established at the time of sale and estimated primarily based on product warranty terms and historical claims experience. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Provisions for these amounts are established when they are known and estimable. The Company assesses the adequacy of its initial provisions and will make adjustments as necessary based on known or anticipated claims or as new information becomes available that suggests it is probable that future costs will be different than estimated amounts. Amounts associated with these provisions are classified on the accompanying Unaudited Condensed Consolidated Balance Sheet as </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accrued liabilities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other long-term liabilities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> based on their anticipated settlement date.</span>
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