2024 Q2 Form 10-Q Financial Statement

#000162828024022452 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $9.654B $6.533B $6.427B
YoY Change -40.17% 1.65%
Cost Of Revenue $5.979B $4.726B $4.808B
YoY Change -44.92% -1.71%
Gross Profit $3.675B $1.807B $1.619B
YoY Change -30.41% 11.61%
Gross Profit Margin 38.07% 27.66% 25.19%
Selling, General & Admin $1.948B $1.787B $1.622B
YoY Change -4.28% 10.17%
% of Gross Profit 53.01% 98.89% 100.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $424.0M $397.0M $384.0M
YoY Change -52.52% 3.39%
% of Gross Profit 11.54% 21.97% 23.72%
Operating Expenses $1.948B $1.787B $1.622B
YoY Change -46.69% 10.17%
Operating Profit $1.829B $28.00M $2.000M
YoY Change 12.42% 1300.0%
Interest Expense $155.0M $133.0M $81.00M
YoY Change -229.17% 64.2%
% of Operating Profit 8.47% 475.0% 4050.0%
Other Income/Expense, Net $23.00M $161.0M $0.00
YoY Change -215.0%
Pretax Income $1.733B $99.00M -$39.00M
YoY Change 14.77% -353.85%
Income Tax $430.0M -$19.00M -$14.00M
% Of Pretax Income 24.81% -19.19%
Net Earnings $1.297B $116.0M -$28.00M
YoY Change 11.04% -514.29%
Net Earnings / Revenue 13.43% 1.78% -0.44%
Basic Earnings Per Share $1.89 $0.16 -$0.05
Diluted Earnings Per Share $1.88 $0.16 -$0.05
COMMON SHARES
Basic Shares Outstanding 686.7M shares 690.4M shares 742.9M shares
Diluted Shares Outstanding 688.8M shares 693.4M shares 742.9M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.066B $3.308B
YoY Change -28.28%
Cash & Equivalents $3.066B $3.308B $4.650B
Short-Term Investments
Other Short-Term Assets $704.0M $748.0M $416.0M
YoY Change 8700.0% 79.81%
Inventory $4.514B $4.619B $4.458B
Prepaid Expenses $343.0M $358.0M $249.0M
Receivables $5.893B $4.798B
Other Receivables $360.0M $395.0M $419.0M
Total Short-Term Assets $15.11B $13.71B $14.23B
YoY Change 0.69% -3.66%
LONG-TERM ASSETS
Property, Plant & Equipment $19.24B $18.88B $18.00B
YoY Change -0.45% 4.9%
Goodwill $10.25B $10.13B $9.308B
YoY Change 9.78% 8.78%
Intangibles $1.086B $1.093B $1.094B
YoY Change 2.36% -0.09%
Long-Term Investments $484.0M $609.0M $655.0M
YoY Change -32.21% -7.02%
Other Assets $657.0M $634.0M $631.0M
YoY Change 78.53% 0.48%
Total Long-Term Assets $32.99B $32.62B $30.88B
YoY Change 6.52% 5.66%
TOTAL ASSETS
Total Short-Term Assets $15.11B $13.71B $14.23B
Total Long-Term Assets $32.99B $32.62B $30.88B
Total Assets $48.11B $46.33B $45.11B
YoY Change 4.61% 2.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.363B $2.730B $2.627B
YoY Change -54.85% 3.92%
Accrued Expenses $2.272B $2.241B $2.079B
YoY Change -2.7% 7.79%
Deferred Revenue
YoY Change
Short-Term Debt $159.0M $118.0M $156.0M
YoY Change -24.36%
Long-Term Debt Due $3.059B $2.874B $2.095B
YoY Change 24.81% 37.18%
Total Short-Term Liabilities $10.55B $9.997B $9.255B
YoY Change -6.05% 8.02%
LONG-TERM LIABILITIES
Long-Term Debt $9.900B $9.680B $7.583B
YoY Change 14.53% 27.65%
Other Long-Term Liabilities $2.178B $2.110B $2.132B
YoY Change 19.02% -1.03%
Total Long-Term Liabilities $12.08B $11.79B $9.715B
YoY Change 15.31% 21.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.55B $9.997B $9.255B
Total Long-Term Liabilities $12.08B $11.79B $9.715B
Total Liabilities $26.65B $25.59B $22.96B
YoY Change 5.4% 11.44%
SHAREHOLDERS EQUITY
Retained Earnings $23.03B $22.35B $21.69B
YoY Change 0.6% 3.01%
Common Stock $292.0M $294.0M $302.0M
YoY Change -3.31% -2.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.143B $2.166B $487.0M
YoY Change 87.98% 344.76%
Treasury Stock Shares
Shareholders Equity $20.73B $20.02B $21.26B
YoY Change
Total Liabilities & Shareholders Equity $48.11B $46.33B $45.11B
YoY Change 4.61% 2.72%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $1.297B $116.0M -$28.00M
YoY Change 11.04% -514.29%
Depreciation, Depletion And Amortization $424.0M $397.0M $384.0M
YoY Change -52.52% 3.39%
Cash From Operating Activities $1.485B -$712.0M -$671.0M
YoY Change 48.8% 6.11%
INVESTING ACTIVITIES
Capital Expenditures $624.0M $506.0M $332.0M
YoY Change -19.07% 52.41%
Acquisitions $2.206B $155.0M
YoY Change 1323.23%
Other Investing Activities $103.0M $116.0M $17.00M
YoY Change -176.3% 582.35%
Cash From Investing Activities -$521.0M -$2.096B -$492.0M
YoY Change -42.49% 326.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $246.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -339.0M -$176.0M -$191.0M
YoY Change -81.63% -7.85%
NET CHANGE
Cash From Operating Activities 1.485B -$712.0M -$671.0M
Cash From Investing Activities -521.0M -$2.096B -$492.0M
Cash From Financing Activities -339.0M -$176.0M -$191.0M
Net Change In Cash 625.0M -$3.081B -$1.286B
YoY Change -135.65% 139.58%
FREE CASH FLOW
Cash From Operating Activities $1.485B -$712.0M -$671.0M
Capital Expenditures $624.0M $506.0M $332.0M
Free Cash Flow $861.0M -$1.218B -$1.003B
YoY Change 279.3% 21.44%

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<div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#5a5a5c;font-family:'Helvetica Neue LT W 1 G 45 Lt',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information.</span></div><div style="margin-bottom:3pt;margin-top:3pt"><span style="color:#5a5a5c;font-family:'Helvetica Neue LT W 1 G 45 Lt',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Changes in estimates, including those resulting from changes in the economic environment, are reflected in the period in which the change in estimate occurs.</span></div>
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