$LHX
L3HARRIS TECHNOLOGIES, INC. /DE/

2023 Q2 Form 10-Q Financial Statement

#000020205823000028 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q2
Revenue $4.693B $4.471B $4.103B
YoY Change 14.38% -10.16%
Cost Of Revenue $3.476B $3.305B $2.892B
YoY Change 20.19% -9.99%
Gross Profit $1.217B $1.166B $1.211B
YoY Change 0.5% -10.56%
Gross Profit Margin 25.93% 26.08% 29.51%
Selling, General & Admin $821.0M $773.0M $713.0M
YoY Change 15.15% -10.99%
% of Gross Profit 67.46% 66.3% 58.88%
Research & Development $117.0M $114.0M
YoY Change
% of Gross Profit 9.61% 9.78%
Depreciation & Amortization $256.0M $85.00M $232.0M
YoY Change 10.34% -7.57%
% of Gross Profit 21.04% 7.29% 19.16%
Operating Expenses $821.0M $773.0M $713.0M
YoY Change 15.15% -10.99%
Operating Profit $396.0M $393.0M $498.0M
YoY Change -20.48% -9.95%
Interest Expense -$111.0M -$102.0M -$68.00M
YoY Change 63.24% -198.55%
% of Operating Profit -28.03% -25.95% -13.65%
Other Income/Expense, Net $83.00M $82.00M $106.0M
YoY Change -21.7% -9.4%
Pretax Income $372.0M $373.0M $536.0M
YoY Change -30.6% 1.71%
Income Tax $21.00M $34.00M $61.00M
% Of Pretax Income 5.65% 9.12% 11.38%
Net Earnings $349.0M $337.0M $475.0M
YoY Change -26.53% 1.5%
Net Earnings / Revenue 7.44% 7.54% 11.58%
Basic Earnings Per Share $1.84 $1.77 $2.46
Diluted Earnings Per Share $1.84 $1.76 $2.44
COMMON SHARES
Basic Shares Outstanding 189.5M shares 190.1M shares 193.2M shares
Diluted Shares Outstanding 190.1M shares 191.2M shares 195.1M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $366.0M $545.0M $402.0M
YoY Change -8.96% -58.81%
Cash & Equivalents $366.0M $545.0M $402.0M
Short-Term Investments
Other Short-Term Assets $334.0M $307.0M $249.0M
YoY Change 34.14% -86.06%
Inventory $1.555B $1.541B $1.090B
Prepaid Expenses
Receivables $4.547B $1.231B $1.283B
Other Receivables $48.00M $41.00M $54.00M
Total Short-Term Assets $6.850B $7.000B $6.249B
YoY Change 9.62% -17.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.911B $2.889B $2.853B
YoY Change 2.03% 33.57%
Goodwill $18.42B $18.29B $18.19B
YoY Change 1.23% -0.32%
Intangibles $6.401B $6.688B $6.486B
YoY Change -1.31% -10.72%
Long-Term Investments
YoY Change
Other Assets $783.0M $565.0M $571.0M
YoY Change 37.13% 14.43%
Total Long-Term Assets $28.51B $28.51B $28.20B
YoY Change 1.12% -2.95%
TOTAL ASSETS
Total Short-Term Assets $6.850B $7.000B $6.249B
Total Long-Term Assets $28.51B $28.51B $28.20B
Total Assets $35.36B $35.51B $34.44B
YoY Change 2.67% -5.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.029B $2.054B $1.723B
YoY Change 17.76% 25.49%
Accrued Expenses $1.324B $1.231B $1.287B
YoY Change 2.87% -10.06%
Deferred Revenue $1.648B $1.525B $1.275B
YoY Change 29.25% 7.23%
Short-Term Debt $582.0M $2.000M $3.000M
YoY Change 19300.0% 50.0%
Long-Term Debt Due $361.0M $811.0M $262.0M
YoY Change 37.79% 2083.33%
Total Short-Term Liabilities $6.309B $6.151B $4.737B
YoY Change 33.19% 11.96%
LONG-TERM LIABILITIES
Long-Term Debt $7.867B $8.220B $6.795B
YoY Change 15.78% -3.84%
Other Long-Term Liabilities $2.203B $1.215B $1.056B
YoY Change 108.62% 1.05%
Total Long-Term Liabilities $10.07B $9.435B $10.34B
YoY Change -2.62% -12.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.309B $6.151B $4.737B
Total Long-Term Liabilities $10.07B $9.435B $10.34B
Total Liabilities $16.93B $17.10B $15.08B
YoY Change 12.31% -6.39%
SHAREHOLDERS EQUITY
Retained Earnings $3.111B $2.998B $3.128B
YoY Change -0.54% 23.69%
Common Stock $15.58B $15.60B $16.28B
YoY Change -4.31% -12.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.43B $18.31B $19.26B
YoY Change
Total Liabilities & Shareholders Equity $35.36B $35.51B $34.44B
YoY Change 2.67% -5.86%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q2
OPERATING ACTIVITIES
Net Income $349.0M $337.0M $475.0M
YoY Change -26.53% 1.5%
Depreciation, Depletion And Amortization $256.0M $85.00M $232.0M
YoY Change 10.34% -7.57%
Cash From Operating Activities $414.0M $350.0M $39.00M
YoY Change 961.54% -94.1%
INVESTING ACTIVITIES
Capital Expenditures $93.00M $71.00M $55.00M
YoY Change 69.09% -17.91%
Acquisitions $1.973B $0.00
YoY Change
Other Investing Activities $67.00M -$1.000M $9.000M
YoY Change 644.44% -400.0%
Cash From Investing Activities -$26.00M -$2.048B -$64.00M
YoY Change -59.38% 4.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $308.0M
YoY Change -56.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -567.0M $1.361B -$513.0M
YoY Change 10.53% -43.0%
NET CHANGE
Cash From Operating Activities 414.0M $350.0M $39.00M
Cash From Investing Activities -26.00M -$2.048B -$64.00M
Cash From Financing Activities -567.0M $1.361B -$513.0M
Net Change In Cash -179.0M -$335.0M -$539.0M
YoY Change -66.79% 79.67%
FREE CASH FLOW
Cash From Operating Activities $414.0M $350.0M $39.00M
Capital Expenditures $93.00M $71.00M $55.00M
Free Cash Flow $321.0M $279.0M -$16.00M
YoY Change -2106.25% -102.69%

Facts In Submission

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CY2023Q1 hrs Enterprise Transformation Program
EnterpriseTransformationProgram
13000000 usd
CY2022Q2 hrs Enterprise Transformation Program
EnterpriseTransformationProgram
0 usd
CY2023Q1 hrs Disposition Of Business Divestiture Related Costs Other
DispositionOfBusinessDivestitureRelatedCostsOther
10000000 usd
CY2022Q2 hrs Disposition Of Business Divestiture Related Costs Other
DispositionOfBusinessDivestitureRelatedCostsOther
1000000 usd
CY2023Q1 hrs Defined Benefit Plan Net Periodic Benefit Cost Credit Pension Operating Adjustment
DefinedBenefitPlanNetPeriodicBenefitCostCreditPensionOperatingAdjustment
22000000 usd
CY2022Q2 hrs Defined Benefit Plan Net Periodic Benefit Cost Credit Pension Operating Adjustment
DefinedBenefitPlanNetPeriodicBenefitCostCreditPensionOperatingAdjustment
22000000 usd
CY2023Q1 hrs Operating Income Loss Unallocated Expenses
OperatingIncomeLossUnallocatedExpenses
-245000000 usd
CY2022Q2 hrs Operating Income Loss Unallocated Expenses
OperatingIncomeLossUnallocatedExpenses
-159000000 usd
CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
82000000 usd
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
106000000 usd
CY2023Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-102000000 usd
CY2022Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-68000000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
373000000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
536000000 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q1 us-gaap Assets
Assets
35507000000 usd
CY2022Q4 us-gaap Assets
Assets
33524000000 usd

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exhibit101q1cy23.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
hrs-20230331.htm Edgar Link pending
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