2024 Q1 Form 10-K Financial Statement

#000113689324000015 Filed on February 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.467B $2.510B $9.821B
YoY Change -29.72% -32.42% -32.4%
Cost Of Revenue $1.552B $1.535B $6.145B
YoY Change -28.45% -30.1% -30.33%
Gross Profit $915.0M $975.0M $3.676B
YoY Change -31.77% -35.77% -35.6%
Gross Profit Margin 37.09% 38.84% 37.43%
Selling, General & Admin $573.0M $539.0M $2.096B
YoY Change -42.93% -47.41% -49.1%
% of Gross Profit 62.62% 55.28% 57.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $428.0M $430.0M $2.675B
YoY Change -52.18% -53.56% -30.45%
% of Gross Profit 46.78% 44.1% 72.77%
Operating Expenses $573.0M $539.0M $2.096B
YoY Change -42.93% -47.41% -49.1%
Operating Profit $361.0M $331.0M $1.467B
YoY Change 7.12% -32.86% -109.1%
Interest Expense -$77.00M -$161.0M $713.0M
YoY Change -45.77% -13.44% 137.67%
% of Operating Profit -21.33% -48.64% 48.6%
Other Income/Expense, Net -$154.0M -$88.00M -$183.0M
YoY Change 1300.0% -198.88% -390.48%
Pretax Income $130.0M $82.00M $331.0M
YoY Change -31.22% -100.48% -102.03%
Income Tax $26.00M $18.00M $157.0M
% Of Pretax Income 20.0% 21.95% 47.43%
Net Earnings $724.0M $251.0M -$6.654B
YoY Change 417.14% -101.45% -60.2%
Net Earnings / Revenue 29.35% 10.0% -67.75%
Basic Earnings Per Share $1.26 $0.42 -$11.26
Diluted Earnings Per Share $1.25 $0.42 -$11.26
COMMON SHARES
Basic Shares Outstanding 576.5M shares 592.5M shares 591.0M shares
Diluted Shares Outstanding 578.0M shares 591.0M shares 591.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.329B $440.0M $440.0M
YoY Change 77.93% -79.89% -79.89%
Cash & Equivalents $3.329B $440.0M $440.0M
Short-Term Investments
Other Short-Term Assets $1.565B $10.71B $10.49B
YoY Change 121.05% 1737.74% 4028.74%
Inventory
Prepaid Expenses
Receivables $1.838B $1.730B $1.957B
Other Receivables $906.0M $904.0M $904.0M
Total Short-Term Assets $7.638B $13.79B $13.79B
YoY Change -30.35% 7.57% 7.57%
LONG-TERM ASSETS
Property, Plant & Equipment $668.0M $695.0M $909.0M
YoY Change -20.29% -19.37% -22.64%
Goodwill $16.97B $16.97B
YoY Change -50.69% -50.49%
Intangibles $1.682B $1.823B
YoY Change -80.28% -79.64%
Long-Term Investments $4.131B $0.00 $195.0M
YoY Change -50.38%
Other Assets $1.521B $1.528B $19.06B
YoY Change -23.49% -25.39% 687.12%
Total Long-Term Assets $28.23B $41.32B $41.32B
YoY Change -43.66% -18.12% -18.12%
TOTAL ASSETS
Total Short-Term Assets $7.638B $13.79B $13.79B
Total Long-Term Assets $28.23B $41.32B $41.32B
Total Assets $35.87B $55.11B $55.11B
YoY Change -41.27% -12.92% -12.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.0M $1.859B $733.0M
YoY Change -94.73% -32.5% -54.75%
Accrued Expenses $1.554B $1.126B
YoY Change -0.71%
Deferred Revenue $906.0M $832.0M
YoY Change 9.82% 5.58%
Short-Term Debt $0.00 $4.760B $4.760B
YoY Change -100.0% 25.36% 25.36%
Long-Term Debt Due $587.0M $1.348B $1.348B
YoY Change -72.56% -36.8% -36.8%
Total Short-Term Liabilities $5.030B $18.32B $18.32B
YoY Change -65.85% 12.91% 12.91%
LONG-TERM LIABILITIES
Long-Term Debt $10.61B $12.97B $12.97B
YoY Change -23.72% -8.71% -8.71%
Other Long-Term Liabilities $1.332B $1.446B $2.539B
YoY Change -27.88% -23.53% 34.27%
Total Long-Term Liabilities $11.94B $14.42B $15.51B
YoY Change -24.21% -10.45% -3.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.030B $18.32B $18.32B
Total Long-Term Liabilities $11.94B $14.42B $15.51B
Total Liabilities $17.85B $36.01B $36.01B
YoY Change -47.47% 0.37% -0.13%
SHAREHOLDERS EQUITY
Retained Earnings -$22.35B -$22.86B
YoY Change 47.59% 52.72%
Common Stock $6.000M $6.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.02B $19.09B $19.09B
YoY Change
Total Liabilities & Shareholders Equity $35.87B $55.11B $55.11B
YoY Change -41.27% -12.92% -12.92%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $724.0M $251.0M -$6.654B
YoY Change 417.14% -101.45% -60.2%
Depreciation, Depletion And Amortization $428.0M $430.0M $2.675B
YoY Change -52.18% -53.56% -30.45%
Cash From Operating Activities -$35.00M $1.525B $4.335B
YoY Change -105.54% 33.65% 10.05%
INVESTING ACTIVITIES
Capital Expenditures $27.00M $278.0M $142.0M
YoY Change -43.75% -9.45% -47.01%
Acquisitions $56.00M $202.0M
YoY Change
Other Investing Activities $24.00M -$218.0M $53.00M
YoY Change 500.0% -313.73% 89.29%
Cash From Investing Activities $9.342B -$496.0M -$1.352B
YoY Change -3288.4% 141.95% 262.47%
FINANCING ACTIVITIES
Cash Dividend Paid $209.0M $1.231B
YoY Change -32.36% 8.17%
Common Stock Issuance & Retirement, Net $522.0M
YoY Change -73.07%
Debt Paid & Issued, Net $21.38B $94.51B
YoY Change 3.87% 27.02%
Cash From Financing Activities -9.511B -835.0M -$3.493B
YoY Change 961.5% 22.25% 35.76%
NET CHANGE
Cash From Operating Activities -35.00M 1.525B $4.335B
Cash From Investing Activities 9.342B -496.0M -$1.352B
Cash From Financing Activities -9.511B -835.0M -$3.493B
Net Change In Cash -$246.0M 194.0M -$399.0M
YoY Change -47.77% -23.32% -175.28%
FREE CASH FLOW
Cash From Operating Activities -$35.00M $1.525B $4.335B
Capital Expenditures $27.00M $278.0M $142.0M
Free Cash Flow -$62.00M $1.247B $4.193B
YoY Change -110.62% 49.52% 14.22%

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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made in the 2022 and 2021 consolidated financial statements to conform to the classifications used in 2023. As a result of our ongoing portfolio assessments, the Company reclassified certain businesses from Capital Markets to Banking and to Corporate and Other during the quarter ended March 31, 2023, and reclassified certain non-strategic operations from Banking to Corporate and Other during the quarter ended December 31, 2023. The Company recast all prior-period segment information presented to reflect these reclassifications. See Note 22 for more information regarding our segments. December 31, 2023, was the final deadline for states to complete all benefit issuance under federally funded pandemic relief programs. Accordingly, revenue associated with services the Company provided related to these programs has been classified within the Banking segment as Other non-recurring commencing during the quarter ended December 31, 2023, and related prior-period amounts have been reclassified from Transaction processing and services to Other non-recurring for comparability. See Note 5 for further information.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During January 2024, the Company agreed to include in the Worldpay Sale an equity security investment with a book value of $30 million. As of September 30, 2023, the value of this investment had been properly recorded as Other noncurrent assets within continuing operations on the consolidated balance sheets at September 30, 2023, and December 31, 2022. As a result of the subsequent decision to convey this asset in the Worldpay Sale, the amount of this asset has been reclassified and is now presented within these financial statements as Noncurrent assets held for sale at December 31, 2023 and 2022, and is reported within Other noncurrent assets within discontinued operations (see Note 3).</span></div>
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