$DFS
Discover Financial Services

2023 Q4 Form 10-Q Financial Statement

#000139361223000052 Filed on October 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $4.610B
YoY Change 37.32%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $149.0M
YoY Change 20.16%
% of Gross Profit
Depreciation & Amortization $104.0M $106.0M
YoY Change -24.09% -26.9%
% of Gross Profit
Operating Expenses $149.0M
YoY Change 20.16%
Operating Profit
YoY Change
Interest Expense $1.288B
YoY Change 150.58%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $512.0M $888.0M
YoY Change -62.19% -32.63%
Income Tax $124.0M $205.0M
% Of Pretax Income 24.22% 23.09%
Net Earnings $386.0M $683.0M
YoY Change -62.41% -32.11%
Net Earnings / Revenue 14.82%
Basic Earnings Per Share $2.59
Diluted Earnings Per Share $1.54 $2.59
COMMON SHARES
Basic Shares Outstanding 250.1M shares 249.9M shares
Diluted Shares Outstanding 250.0M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.34B $22.53B
YoY Change 20.3% 33.31%
Cash & Equivalents $11.69B $9.194B
Short-Term Investments $13.66B $13.34B
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.091B $1.084B
YoY Change 8.77% 6.8%
Goodwill $255.0M $255.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $514.0M $426.0M
YoY Change 23.56% 11.52%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $151.5B $143.4B
YoY Change 15.11% 17.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $6.432B $5.710B
YoY Change 21.5% 26.16%
Deferred Revenue
YoY Change
Short-Term Debt $750.0M
YoY Change
Long-Term Debt Due $4.251B $532.0M
YoY Change 11.43% -77.18%
Total Short-Term Liabilities $11.43B $6.242B
YoY Change 115.96% -8.97%
LONG-TERM LIABILITIES
Long-Term Debt $16.33B $18.94B
YoY Change -18.79% -6.16%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $16.33B $18.94B
YoY Change -18.79% -6.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.43B $6.242B
Total Long-Term Liabilities $16.33B $18.94B
Total Liabilities $136.7B $129.2B
YoY Change 16.79% 20.07%
SHAREHOLDERS EQUITY
Retained Earnings $30.45B $30.24B
YoY Change 7.01% 9.61%
Common Stock $6.000M $6.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $21.01B $21.01B
YoY Change 10.27% 13.86%
Treasury Stock Shares
Shareholders Equity $14.83B $14.24B
YoY Change
Total Liabilities & Shareholders Equity $151.5B $143.4B
YoY Change 15.11% 17.68%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $386.0M $683.0M
YoY Change -62.41% -32.11%
Depreciation, Depletion And Amortization $104.0M $106.0M
YoY Change -24.09% -26.9%
Cash From Operating Activities $2.876B $2.389B
YoY Change 32.23% 47.56%
INVESTING ACTIVITIES
Capital Expenditures $68.00M $77.00M
YoY Change 17.24% -197.47%
Acquisitions
YoY Change
Other Investing Activities -$6.754B -$5.759B
YoY Change -47.87% -22.29%
Cash From Investing Activities -$6.822B -$5.836B
YoY Change -47.58% -22.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.441B 4.036B
YoY Change -18.12% -35.63%
NET CHANGE
Cash From Operating Activities 2.876B 2.389B
Cash From Investing Activities -6.822B -5.836B
Cash From Financing Activities 6.441B 4.036B
Net Change In Cash 2.495B 589.0M
YoY Change -183.92% 47.62%
FREE CASH FLOW
Cash From Operating Activities $2.876B $2.389B
Capital Expenditures $68.00M $77.00M
Free Cash Flow $2.808B $2.312B
YoY Change 32.64% 36.16%

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The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and related disclosures. These estimates are based on information available as of the date of the condensed consolidated financial statements. The Company believes that the estimates used in the preparation of the condensed consolidated financial statements are reasonable. Actual results could differ from these estimates.
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StockholdersEquity
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
13180000000 usd
us-gaap Net Income Loss
NetIncomeLoss
3349000000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
14048000000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
325000000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4965000000 usd

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