2024 Q1 Form 10-K Financial Statement

#000031361624000052 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $5.796B $6.405B $23.89B
YoY Change -19.13% -23.47% -24.09%
Cost Of Revenue $2.309B $2.626B $9.856B
YoY Change -17.45% -23.44% -21.29%
Gross Profit $3.487B $3.779B $14.03B
YoY Change -20.21% -23.49% -25.94%
Gross Profit Margin 60.16% 59.0% 58.74%
Selling, General & Admin $1.807B $2.035B $7.329B
YoY Change -15.84% -7.08% -13.94%
% of Gross Profit 51.82% 53.85% 52.22%
Research & Development $368.0M $407.0M $1.503B
YoY Change -14.22% -10.15% -13.87%
% of Gross Profit 10.55% 10.77% 10.71%
Depreciation & Amortization $586.0M $493.0M $2.166B
YoY Change 238.73% -12.74% -2.52%
% of Gross Profit 16.81% 13.05% 15.43%
Operating Expenses $2.175B $2.442B $8.832B
YoY Change -15.57% -7.6% -13.93%
Operating Profit $1.312B $1.337B $5.202B
YoY Change -26.87% -41.77% -40.12%
Interest Expense -$42.00M $32.00M $17.00M
YoY Change -161.76% -191.43% -110.0%
% of Operating Profit -3.2% 2.39% 0.33%
Other Income/Expense, Net $1.000M -$137.0M -$175.0M
YoY Change -95.83% 101.47% -22.57%
Pretax Income $1.271B $1.232B $5.044B
YoY Change -29.31% -43.82% -39.17%
Income Tax $183.0M $111.0M $823.0M
% Of Pretax Income 14.4% 9.01% 16.32%
Net Earnings $1.088B $1.079B $4.743B
YoY Change -24.97% -51.18% -33.23%
Net Earnings / Revenue 18.77% 16.85% 19.85%
Basic Earnings Per Share $1.47 $1.46 $6.44
Diluted Earnings Per Share $1.45 $1.44 $6.38
COMMON SHARES
Basic Shares Outstanding 739.7M shares 738.9M shares 736.5M shares
Diluted Shares Outstanding 748.6M shares 743.1M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.031B $5.864B $5.864B
YoY Change -4.72% -2.19% -2.19%
Cash & Equivalents $7.031B $5.864B $5.864B
Short-Term Investments
Other Short-Term Assets $1.317B $1.557B $1.557B
YoY Change -4.08% -16.29% -16.29%
Inventory $2.645B $2.594B $2.594B
Prepaid Expenses $771.0M
Receivables $3.379B $3.922B $3.922B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.37B $13.94B $13.94B
YoY Change -13.07% -12.25% -12.25%
LONG-TERM ASSETS
Property, Plant & Equipment $5.662B $4.553B $4.553B
YoY Change 39.29% 15.09% 15.09%
Goodwill $40.85B $41.61B
YoY Change 2.48% 4.67%
Intangibles $19.89B $20.75B
YoY Change -0.44% 2.2%
Long-Term Investments
YoY Change
Other Assets $2.634B $3.644B $3.644B
YoY Change -42.88% -18.28% -18.28%
Total Long-Term Assets $69.03B $70.55B $70.55B
YoY Change 0.76% 3.04% 3.04%
TOTAL ASSETS
Total Short-Term Assets $14.37B $13.94B $13.94B
Total Long-Term Assets $69.03B $70.55B $70.55B
Total Assets $83.40B $84.49B $84.49B
YoY Change -1.93% 0.16% 0.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.679B $1.766B $1.766B
YoY Change -19.32% -23.08% -23.08%
Accrued Expenses $2.553B $4.813B $4.813B
YoY Change -49.72% -12.52% -12.52%
Deferred Revenue $1.465B
YoY Change 0.62%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.746B $1.695B $1.695B
YoY Change 11.14% 186.8% 186.8%
Total Short-Term Liabilities $7.778B $8.274B $8.274B
YoY Change -10.9% -1.37% -1.37%
LONG-TERM LIABILITIES
Long-Term Debt $16.42B $16.71B $16.71B
YoY Change -10.1% -12.46% -12.46%
Other Long-Term Liabilities $5.760B $6.017B $6.017B
YoY Change -12.24% -11.32% -11.32%
Total Long-Term Liabilities $22.18B $22.72B $22.72B
YoY Change -10.66% -12.16% -12.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.778B $8.274B $8.274B
Total Long-Term Liabilities $22.18B $22.72B $22.72B
Total Liabilities $29.96B $31.00B $31.00B
YoY Change -10.71% -9.53% -9.53%
SHAREHOLDERS EQUITY
Retained Earnings $41.96B $41.07B
YoY Change 3.77% 4.77%
Common Stock $14.22B $14.16B
YoY Change 17.18% 17.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.44B $53.49B $53.49B
YoY Change
Total Liabilities & Shareholders Equity $83.40B $84.49B $84.49B
YoY Change -1.93% 0.16% 0.16%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.088B $1.079B $4.743B
YoY Change -24.97% -51.18% -33.23%
Depreciation, Depletion And Amortization $586.0M $493.0M $2.166B
YoY Change 238.73% -12.74% -2.52%
Cash From Operating Activities $1.739B $1.619B $7.164B
YoY Change -10.68% -36.28% -15.91%
INVESTING ACTIVITIES
Capital Expenditures $291.0M $402.0M $1.383B
YoY Change 5.82% -222.19% -220.05%
Acquisitions $5.610B
YoY Change 780.69%
Other Investing Activities -$30.00M -$5.615B -$5.698B
YoY Change 130.77% 1052.98% 426.62%
Cash From Investing Activities -$321.0M -$6.017B -$7.081B
YoY Change 5.59% 637.38% 216.97%
FINANCING ACTIVITIES
Cash Dividend Paid $177.0M $821.0M
YoY Change -13.24% 0.37%
Common Stock Issuance & Retirement, Net $68.00M
YoY Change 119.35%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -133.0M -2.246B -273.0M
YoY Change -49.24% 147.9% -89.38%
NET CHANGE
Cash From Operating Activities 1.739B 1.619B 7.164B
Cash From Investing Activities -321.0M -6.017B -7.081B
Cash From Financing Activities -133.0M -2.246B -273.0M
Net Change In Cash 1.285B -6.644B -190.0M
YoY Change -7.15% -911.23% -105.11%
FREE CASH FLOW
Cash From Operating Activities $1.739B $1.619B $7.164B
Capital Expenditures $291.0M $402.0M $1.383B
Free Cash Flow $1.448B $1.217B $5.781B
YoY Change -13.4% -57.6% -40.22%

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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">—The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The Company bases these estimates on historical experience, the current economic environment and on various other assumptions that are believed to be reasonable under the circumstances. However, uncertainties associated with these estimates exist and actual results may differ materially from these estimates.</span></div>
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NetIncomeLossAvailableToCommonStockholdersBasic
1551000000 usd
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2210000000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.09
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.95
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.81
CY2022Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.73
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.05
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.92
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.79
CY2022Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.70
CY2022Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.26
CY2022Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.33
CY2022Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.31
CY2022Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.30
CY2022Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.26
CY2022Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.33
CY2022Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.31
CY2022Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.30
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.35
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.28
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.13
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.03
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.31
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.25
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.10
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.99
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023 dei Auditor Firm
AuditorFirmId
42

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