2024 Q1 Form 10-K Financial Statement

#000143774924003735 Filed on February 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.975B $2.994B $12.59B
YoY Change -6.39% -12.1% -11.28%
Cost Of Revenue $1.982B $2.083B $8.657B
YoY Change -8.87% -16.38% -10.6%
Gross Profit $993.0M $911.0M $3.931B
YoY Change -1.0% -0.44% -12.76%
Gross Profit Margin 33.38% 30.43% 31.23%
Selling, General & Admin $451.0M $514.0M $1.843B
YoY Change 7.13% -0.58% -2.9%
% of Gross Profit 45.42% 56.42% 46.88%
Research & Development $258.0M $289.0M $1.076B
YoY Change 1.57% 2.85% 2.77%
% of Gross Profit 25.98% 31.72% 27.37%
Depreciation & Amortization $337.0M $345.0M $1.369B
YoY Change 8.71% -0.29% -5.72%
% of Gross Profit 33.94% 37.87% 34.83%
Operating Expenses $739.0M $833.0M $3.041B
YoY Change 75.53% 0.48% -0.88%
Operating Profit $254.0M $78.00M $890.0M
YoY Change -14.48% -9.3% -38.11%
Interest Expense -$32.00M -$44.00M -$130.0M
YoY Change -58.44% -283.33% -275.68%
% of Operating Profit -12.6% -56.41% -14.61%
Other Income/Expense, Net $74.00M -$72.00M $56.00M
YoY Change 825.0% -32.08% -80.35%
Pretax Income $296.0M -$38.00M $816.0M
YoY Change 29.82% -1050.0% -54.59%
Income Tax $71.00M -$10.00M $168.0M
% Of Pretax Income 23.99% 20.59%
Net Earnings $209.0M -$40.00M $581.0M
YoY Change 18.75% 11.11% -55.85%
Net Earnings / Revenue 7.03% -1.34% 4.62%
Basic Earnings Per Share $0.25 $0.69
Diluted Earnings Per Share $0.24 -$0.05 $0.68
COMMON SHARES
Basic Shares Outstanding 853.5M 853.2M 848.0M
Diluted Shares Outstanding 862.0M 859.0M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.365B $1.779B $1.779B
YoY Change 19.11% 6.46% 6.46%
Cash & Equivalents $1.365B $1.779B $1.779B
Short-Term Investments
Other Short-Term Assets $1.272B $1.195B $1.195B
YoY Change 7.8% 3.28% 3.28%
Inventory $2.713B $2.666B $2.666B
Prepaid Expenses
Receivables $1.621B $1.572B $1.572B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.971B $7.212B $7.212B
YoY Change 1.37% -2.49% -2.49%
LONG-TERM ASSETS
Property, Plant & Equipment $14.20B $14.63B $14.63B
YoY Change -6.2% -4.82% -4.82%
Goodwill $2.370B $2.380B
YoY Change -1.0% -0.58%
Intangibles $871.0M $905.0M
YoY Change -13.07% -12.05%
Long-Term Investments $296.0M
YoY Change 13.41%
Other Assets $3.207B $3.373B $3.373B
YoY Change 39.07% 3.72% 3.72%
Total Long-Term Assets $20.65B $21.29B $21.29B
YoY Change -5.91% -3.44% -3.44%
TOTAL ASSETS
Total Short-Term Assets $6.971B $7.212B $7.212B
Total Long-Term Assets $20.65B $21.29B $21.29B
Total Assets $27.62B $28.50B $28.50B
YoY Change -4.18% -3.2% -3.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.476B $1.466B $1.466B
YoY Change -11.19% -18.74% -18.74%
Accrued Expenses $2.381B $2.533B $2.533B
YoY Change -18.29% -18.03% -18.03%
Deferred Revenue $164.0M $148.0M
YoY Change -0.61% 12.12%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $318.0M $320.0M $320.0M
YoY Change 61.42% 42.86% 42.86%
Total Short-Term Liabilities $4.175B $4.319B $4.319B
YoY Change -12.53% -15.61% -15.61%
LONG-TERM LIABILITIES
Long-Term Debt $7.050B $7.206B $7.206B
YoY Change 5.95% 7.76% 7.76%
Other Long-Term Liabilities $4.834B $5.107B $5.107B
YoY Change 1.07% -4.76% -4.76%
Total Long-Term Liabilities $11.88B $12.31B $12.31B
YoY Change 148.46% 2.19% 2.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.175B $4.319B $4.319B
Total Long-Term Liabilities $11.88B $12.31B $12.31B
Total Liabilities $16.39B $16.95B $16.95B
YoY Change -1.34% -2.78% -2.78%
SHAREHOLDERS EQUITY
Retained Earnings $16.36B $16.39B
YoY Change -2.12% -2.31%
Common Stock $17.92B $17.85B
YoY Change 1.46% 1.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.67B $20.64B
YoY Change 0.51%
Treasury Stock Shares
Shareholders Equity $11.23B $11.55B $11.55B
YoY Change
Total Liabilities & Shareholders Equity $27.62B $28.50B $28.50B
YoY Change -4.18% -3.2% -3.2%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $209.0M -$40.00M $581.0M
YoY Change 18.75% 11.11% -55.85%
Depreciation, Depletion And Amortization $337.0M $345.0M $1.369B
YoY Change 8.71% -0.29% -5.72%
Cash From Operating Activities $96.00M $713.0M $2.005B
YoY Change -295.92% 15.56% -23.33%
INVESTING ACTIVITIES
Capital Expenditures $252.0M $279.0M $1.390B
YoY Change -34.03% -169.23% -186.66%
Acquisitions
YoY Change
Other Investing Activities $68.00M $49.00M $390.0M
YoY Change -1233.33% 188.24% 56.63%
Cash From Investing Activities -$184.0M -$230.0M -$1.000B
YoY Change -19.3% -40.41% -26.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$465.0M
YoY Change -32.41%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -308.0M -363.0M -883.0M
YoY Change 24.19% 65.75% -46.45%
NET CHANGE
Cash From Operating Activities 96.00M 713.0M 2.005B
Cash From Investing Activities -184.0M -230.0M -1.000B
Cash From Financing Activities -308.0M -363.0M -883.0M
Net Change In Cash -396.0M 120.0M 122.0M
YoY Change -24.57% 900.0% -131.36%
FREE CASH FLOW
Cash From Operating Activities $96.00M $713.0M $2.005B
Capital Expenditures $252.0M $279.0M $1.390B
Free Cash Flow -$156.0M $434.0M $615.0M
YoY Change -63.81% -57.45% -85.42%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Use of Estimates</i></b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions affecting reported amounts of assets, liabilities, revenue, expenses and the disclosure of contingent assets and liabilities in the consolidated financial statements and related notes. Significant estimates and assumptions in these consolidated financial statements include estimates associated with revenue recognition, restructuring charges, goodwill and long-lived asset impairment tests, estimates of fair value of acquired assets and liabilities, estimates of fair value of investments, equity interests, environmental and legal liabilities, income taxes and deferred tax valuation allowances, assumptions used in calculating pension and other postretirement employee benefit expenses and the fair value of share-based compensation. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods <em style="font: inherit;"> may </em>be different from these estimates.</p>
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