2023 Q4 Form 10-K Financial Statement

#000132442424000007 Filed on February 09, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $2.887B $12.84B
YoY Change 10.28% 10.05%
Cost Of Revenue $340.0M $1.573B
YoY Change -17.48% -5.07%
Gross Profit $2.547B $11.27B
YoY Change 15.46% 12.55%
Gross Profit Margin 88.22% 87.75%
Selling, General & Admin $1.757B $6.878B
YoY Change 12.48% 0.44%
% of Gross Profit 68.98% 61.05%
Research & Development $357.0M $1.358B
YoY Change 12.62% 14.99%
% of Gross Profit 14.02% 12.05%
Depreciation & Amortization $208.0M $807.0M
YoY Change 4.52% 1.89%
% of Gross Profit 8.17% 7.16%
Operating Expenses $2.327B $6.878B
YoY Change 11.98% 0.44%
Operating Profit $220.0M $1.033B
YoY Change 71.88% -4.79%
Interest Expense $67.00M $245.0M
YoY Change 28.85% -11.55%
% of Operating Profit 30.45% 23.72%
Other Income/Expense, Net -$1.000M -$15.00M
YoY Change -66.67% -97.26%
Pretax Income $171.0M $1.018B
YoY Change -6.56% 89.22%
Income Tax $35.00M $330.0M
% Of Pretax Income 20.47% 32.42%
Net Earnings $132.0M $797.0M
YoY Change -25.42% 126.42%
Net Earnings / Revenue 4.57% 6.21%
Basic Earnings Per Share $5.50
Diluted Earnings Per Share $0.91 $5.31
COMMON SHARES
Basic Shares Outstanding 145.0M shares
Diluted Shares Outstanding 150.2M shares

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.253B $4.253B
YoY Change 2.63% 2.63%
Cash & Equivalents $4.225B $4.225B
Short-Term Investments $28.00M $28.00M
Other Short-Term Assets $2.144B $2.144B
YoY Change -15.22% -15.22%
Inventory
Prepaid Expenses
Receivables $2.786B $2.786B
Other Receivables $47.00M $47.00M
Total Short-Term Assets $9.230B $9.230B
YoY Change 4.99% 4.99%
LONG-TERM ASSETS
Property, Plant & Equipment $2.359B $2.716B
YoY Change 6.74% 5.56%
Goodwill $6.849B
YoY Change -4.12%
Intangibles $1.023B
YoY Change -15.38%
Long-Term Investments $1.238B $1.238B
YoY Change 4.56% 4.56%
Other Assets $586.0M $586.0M
YoY Change -11.35% -11.35%
Total Long-Term Assets $12.41B $12.41B
YoY Change -2.8% -2.8%
TOTAL ASSETS
Total Short-Term Assets $9.230B $9.230B
Total Long-Term Assets $12.41B $12.41B
Total Assets $21.64B $21.64B
YoY Change 0.38% 0.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.118B $3.118B
YoY Change 17.39% 17.39%
Accrued Expenses $752.0M $752.0M
YoY Change -4.45% -4.45%
Deferred Revenue $164.0M
YoY Change 0.61%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $11.78B $11.78B
YoY Change 9.32% 9.32%
LONG-TERM LIABILITIES
Long-Term Debt $6.253B $6.253B
YoY Change 0.21% 0.21%
Other Long-Term Liabilities $473.0M $787.0M
YoY Change 4.88% 3.15%
Total Long-Term Liabilities $6.726B $7.040B
YoY Change 0.52% 0.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.78B $11.78B
Total Long-Term Liabilities $6.726B $7.040B
Total Liabilities $18.51B $20.11B
YoY Change 5.95% 4.31%
SHAREHOLDERS EQUITY
Retained Earnings -$632.0M
YoY Change -55.15%
Common Stock $15.40B
YoY Change 4.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.534B $1.534B
YoY Change
Total Liabilities & Shareholders Equity $21.64B $21.64B
YoY Change 0.38% 0.38%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $132.0M $797.0M
YoY Change -25.42% 126.42%
Depreciation, Depletion And Amortization $208.0M $807.0M
YoY Change 4.52% 1.89%
Cash From Operating Activities -$238.0M $2.690B
YoY Change 30.77% -21.8%
INVESTING ACTIVITIES
Capital Expenditures $177.0M $846.0M
YoY Change 0.0% 27.79%
Acquisitions
YoY Change
Other Investing Activities $12.00M $0.00
YoY Change -89.19% -100.0%
Cash From Investing Activities -$165.0M -$800.0M
YoY Change 150.0% 37.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.137B
YoY Change 252.06%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -497.0M -$2.096B
YoY Change 31.13% -20.12%
NET CHANGE
Cash From Operating Activities -238.0M $2.690B
Cash From Investing Activities -165.0M -$800.0M
Cash From Financing Activities -497.0M -$2.096B
Net Change In Cash -900.0M -$190.0M
YoY Change 43.54% -513.04%
FREE CASH FLOW
Cash From Operating Activities -$238.0M $2.690B
Capital Expenditures $177.0M $846.0M
Free Cash Flow -$415.0M $1.844B
YoY Change 15.6% -33.62%

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<div style="margin-top:14pt;text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Accounting Estimates</span></div><div style="margin-top:6pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We use estimates and assumptions in the preparation of our consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our consolidated financial statements include revenue recognition; recoverability of current and long-lived assets, intangible assets and goodwill; income and transactional taxes, such as potential settlements related to occupancy and excise taxes; loss contingencies; deferred </span></div>loyalty rewards; stock-based compensation; accounting for derivative instruments and provisions for credit losses, customer refunds and chargebacks.
CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:14pt;text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div>We have reclassified prior period financial statements to conform to the current period presentation.
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<div style="margin-top:14pt;text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Certain Risks and Concentrations</span></div><div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our business is subject to certain risks and concentrations including dependence on relationships with travel suppliers, primarily airlines and hotels, dependence on third-party technology providers, exposure to risks associated with online commerce security and payment related fraud. We also rely on global distribution system partners and third-party service providers for certain fulfillment services</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">.</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject us to concentration of credit risk, consist primarily of cash and cash equivalents. We maintain some cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. Our cash and cash equivalents are primarily composed of term deposits as well as bank (both interest and non-interest bearing) account balances denominated in U.S. dollars, Euros, British pound, Canadian dollar, Australian dollar, Brazilian real, Indian Rupee, South Korean Won and Japanese Yen.</span></div>
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RevenueFromContractWithCustomerExcludingAssessedTax
11667000000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8598000000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12839000000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11667000000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8598000000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12839000000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11667000000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8598000000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2359000000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2210000000 usd

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