2024 Q3 Form 10-K Financial Statement

#000070754924000106 Filed on August 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $4.168B $3.872B $14.91B
YoY Change 19.7% 20.71% -14.48%
Cost Of Revenue $2.165B $2.026B $7.853B
YoY Change 18.49% 15.82% -17.84%
Gross Profit $2.003B $1.845B $7.053B
YoY Change 21.03% 26.58% -10.39%
Gross Profit Margin 48.05% 47.67% 47.32%
Selling, General & Admin $243.1M $216.5M $868.2M
YoY Change 17.44% 9.87% 5.81%
% of Gross Profit 12.14% 11.73% 12.31%
Research & Development $495.4M $497.8M $1.902B
YoY Change 17.21% 23.85% 10.15%
% of Gross Profit 24.73% 26.98% 26.97%
Depreciation & Amortization $94.30M $88.36M $299.0M
YoY Change 4.19% -1.39% -12.68%
% of Gross Profit 4.71% 4.79% 4.24%
Operating Expenses $738.5M $714.3M $2.789B
YoY Change 16.91% 18.98% 9.24%
Operating Profit $1.264B $1.131B $4.264B
YoY Change 23.57% 31.91% -19.82%
Interest Expense $13.82M $18.39M $61.87M
YoY Change -69.52% 66.75% -66.82%
% of Operating Profit 1.09% 1.63% 1.45%
Other Income/Expense, Net $30.08M $9.402M $96.31M
YoY Change 1056.52% 4.35% -246.7%
Pretax Income $1.294B $1.154B $4.360B
YoY Change 26.19% 33.67% -14.66%
Income Tax $177.8M $134.1M $532.5M
% Of Pretax Income 13.74% 11.61% 12.21%
Net Earnings $1.116B $1.020B $3.828B
YoY Change 25.81% 27.13% -15.14%
Net Earnings / Revenue 26.79% 26.35% 25.68%
Basic Earnings Per Share $0.86 $29.13
Diluted Earnings Per Share $0.86 $7.78 $29.00
COMMON SHARES
Basic Shares Outstanding 129.9M shares 130.7M shares 131.4M shares
Diluted Shares Outstanding 1.304B shares 132.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.067B $5.848B $5.848B
YoY Change 17.66% 8.8% 8.8%
Cash & Equivalents $6.067B $5.848B $5.848B
Short-Term Investments
Other Short-Term Assets $277.8M $298.2M $298.2M
YoY Change -0.07% 39.24% 39.24%
Inventory $4.210B $4.218B $4.218B
Prepaid Expenses
Receivables $2.937B $2.519B $2.519B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.49B $12.88B $12.88B
YoY Change 3.84% -2.61% -2.61%
LONG-TERM ASSETS
Property, Plant & Equipment $2.214B $2.130B $2.463B
YoY Change 4.89% 14.72% 32.65%
Goodwill $1.600B $1.600B
YoY Change 0.0% 0.0%
Intangibles $138.5M
YoY Change -17.75%
Long-Term Investments
YoY Change
Other Assets $2.068B $1.942B $1.634B
YoY Change 25.27% 1.9% -14.28%
Total Long-Term Assets $6.040B $5.862B $5.862B
YoY Change 8.93% 5.55% 5.55%
TOTAL ASSETS
Total Short-Term Assets $13.49B $12.88B $12.88B
Total Long-Term Assets $6.040B $5.862B $5.862B
Total Assets $19.53B $18.74B $18.74B
YoY Change 5.36% -0.2% -0.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $704.2M $614.0M $614.0M
YoY Change 33.34% 30.44% 30.44%
Accrued Expenses $2.196B $1.802B $809.2M
YoY Change 3.6% -10.38% 0.8%
Deferred Revenue $1.937B $1.418B
YoY Change -16.37%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $504.7M $501.3M $504.8M
YoY Change 12517.05% 5898.04% 5939.89%
Total Short-Term Liabilities $5.343B $4.338B $4.338B
YoY Change 25.79% 3.67% 3.67%
LONG-TERM LIABILITIES
Long-Term Debt $4.479B $4.466B $4.479B
YoY Change -10.06% -10.74% -10.49%
Other Long-Term Liabilities $1.239B $575.0M $1.388B
YoY Change 156.5% -58.43% 0.36%
Total Long-Term Liabilities $5.718B $5.041B $5.867B
YoY Change 1083.89% -21.07% -8.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.343B $4.338B $4.338B
Total Long-Term Liabilities $5.718B $5.041B $5.867B
Total Liabilities $11.06B $10.21B $10.21B
YoY Change 5.43% -3.46% -3.46%
SHAREHOLDERS EQUITY
Retained Earnings $25.63B $24.81B
YoY Change 13.13% 12.61%
Common Stock $1.292M $130.0K
YoY Change 878.79% -2.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.472B $8.539B $8.539B
YoY Change
Total Liabilities & Shareholders Equity $19.53B $18.74B $18.74B
YoY Change 5.36% -0.2% -0.2%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income $1.116B $1.020B $3.828B
YoY Change 25.81% 27.13% -15.14%
Depreciation, Depletion And Amortization $94.30M $88.36M $299.0M
YoY Change 4.19% -1.39% -12.68%
Cash From Operating Activities $1.569B $862.4M $4.652B
YoY Change 65.0% -23.18% -10.17%
INVESTING ACTIVITIES
Capital Expenditures $110.6M $100.7M $396.7M
YoY Change 43.62% 28.06% -20.91%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $37.00K -$865.0K $11.71M
YoY Change -99.25% -103.68% -135.49%
Cash From Investing Activities -$110.6M -$101.6M -$370.6M
YoY Change 48.03% 84.15% -30.67%
FINANCING ACTIVITIES
Cash Dividend Paid $261.0M $1.019B
YoY Change 13.31% 12.23%
Common Stock Issuance & Retirement, Net $2.827B
YoY Change -249.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.259B -574.2M -$3.996B
YoY Change -5.04% -44.69% 41.16%
NET CHANGE
Cash From Operating Activities 1.569B 862.4M $4.652B
Cash From Investing Activities -110.6M -101.6M -$370.6M
Cash From Financing Activities -1.259B -574.2M -$3.996B
Net Change In Cash 199.6M 186.7M $263.4M
YoY Change -143.34% 531.5% -85.48%
FREE CASH FLOW
Cash From Operating Activities $1.569B $862.4M $4.652B
Capital Expenditures $110.6M $100.7M $396.7M
Free Cash Flow $1.459B $761.7M $4.256B
YoY Change 66.88% -27.05% -9.02%

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Company and Industry Information<div style="margin-top:4pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. Semiconductor manufacturing, our customers’ business, involves the complete fabrication of multiple dies or integrated circuits on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps. Fabricating these devices requires highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale. Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company sells its products and services primarily to companies involved in the production of semiconductors in the United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The semiconductor industry is cyclical in nature and has historically experienced periodic downturns and upturns. Today’s leading indicators of changes in customer investment patterns, such as electronics demand, memory pricing, and foundry utilization rates, may not be any more reliable than in prior years. Demand for the Company’s equipment can vary significantly from period to period as a result of various factors including, but not limited to, economic conditions; supply, demand, and prices for semiconductors; customer capacity requirements; and the Company’s ability to develop and market competitive products. For these and other reasons, the Company’s results of operations for fiscal years 2024, 2023, and 2022 may not necessarily be indicative of future operating results.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Reclassification: Certain amounts for the fiscal years 2023 and 2022 Consolidated Balance Sheets and notes to the financial statements have been reclassified to conform to the fiscal year 2024 presentation.</span></div>
CY2024 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Reclassification: Certain amounts for the fiscal years 2023 and 2022 Consolidated Balance Sheets and notes to the financial statements have been reclassified to conform to the fiscal year 2024 presentation.</span></div>
CY2024 us-gaap Contract With Customer Timing Of Satisfaction Of Performance Obligation And Payment
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Customer invoices are generally due within 30 to 90 days after issuance. The Company’s contracts with customers typically do not include significant financing components as the period between the transfer of performance obligations and timing of payment are generally within one year.
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<div style="margin-top:10pt"><span style="color:#7b7e87;font-family:'Georgia',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Fiscal Year:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Company follows a 52/53-week fiscal reporting calendar, and its fiscal year ends on the last Sunday of June each year. The Company’s most recent fiscal year ended on June 30, 2024 and included 53 weeks, and the fiscal years ended June 25, 2023 and June 26, 2022 each included 52 weeks.</span></div>
CY2024 us-gaap Guarantees Indemnifications And Warranties Policies
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<div style="margin-top:10pt"><span style="color:#7b7e87;font-family:'Georgia',serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Guarantees:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Company’s guarantees generally include certain indemnifications to its lessors for environmental matters, potential overdraft protection obligations to financial institutions related to one of the Company’s subsidiaries, indemnifications to the Company’s customers for certain infringement of third-party intellectual property rights by its products and services, indemnifications for its officers and directors, and the Company’s warranty obligations under sales of its products.</span></div>
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Ernst & Young LLP
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