2024 Q2 Form 10-Q Financial Statement

#000151029524000047 Filed on April 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $37.91B $33.19B $34.86B
YoY Change 4.32% -4.8% -8.39%
Cost Of Revenue $33.95B $29.59B $29.29B
YoY Change 6.87% 1.02% -16.47%
Gross Profit $3.969B $3.598B $5.570B
YoY Change -13.36% -35.4% 86.29%
Gross Profit Margin 10.47% 10.84% 15.98%
Selling, General & Admin $823.0M $1.007B $691.0M
YoY Change 16.9% 45.73% 14.59%
% of Gross Profit 20.74% 27.99% 12.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $838.0M $827.0M $800.0M
YoY Change 0.48% 3.38% -0.62%
% of Gross Profit 21.11% 22.98% 14.36%
Operating Expenses $823.0M $1.834B $691.0M
YoY Change 16.9% 165.41% 14.59%
Operating Profit $2.522B $1.764B $4.061B
YoY Change -23.69% -56.56% 136.66%
Interest Expense -$192.0M -$189.0M -$162.0M
YoY Change 15.66% 16.67% -42.55%
% of Operating Profit -7.61% -10.71% -3.99%
Other Income/Expense, Net -$2.000M $10.00M $17.00M
YoY Change -108.33% -41.18% -15.0%
Pretax Income $2.328B $1.605B $3.907B
YoY Change -26.4% -58.92% 168.71%
Income Tax $373.0M $293.0M $823.0M
% Of Pretax Income 16.02% 18.26% 21.06%
Net Earnings $1.515B $936.0M $2.724B
YoY Change -31.94% -65.64% 222.37%
Net Earnings / Revenue 4.0% 2.82% 7.81%
Basic Earnings Per Share $4.34 $2.59 $6.13
Diluted Earnings Per Share $4.33 $2.59 $6.09
COMMON SHARES
Basic Shares Outstanding 352.3M shares 361.4M shares 445.5M shares
Diluted Shares Outstanding 350.0M shares 362.0M shares 447.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.499B $7.574B $11.45B
YoY Change -25.8% -33.86% 8.07%
Cash & Equivalents $4.441B $434.0M $7.960B
Short-Term Investments $4.058B $4.399B $3.492B
Other Short-Term Assets $741.0M $734.0M $623.0M
YoY Change -21.92% 17.82% -3.86%
Inventory $9.800B $9.781B $10.27B
Prepaid Expenses
Receivables $12.31B $13.17B $10.14B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $31.35B $31.26B $32.49B
YoY Change -2.69% -3.77% -10.72%
LONG-TERM ASSETS
Property, Plant & Equipment $35.87B $36.22B $36.66B
YoY Change -1.3% -1.21% -4.72%
Goodwill $8.244B $8.244B $8.244B
YoY Change 0.0% 0.0% -0.15%
Intangibles
YoY Change
Long-Term Investments $6.821B $6.831B $6.626B
YoY Change 2.34% 3.09% 20.17%
Other Assets $2.944B $2.975B $3.021B
YoY Change -0.98% -1.52% 30.33%
Total Long-Term Assets $53.88B $54.27B $54.55B
YoY Change -0.64% -0.52% -0.02%
TOTAL ASSETS
Total Short-Term Assets $31.35B $31.26B $32.49B
Total Long-Term Assets $53.88B $54.27B $54.55B
Total Assets $85.23B $85.53B $87.04B
YoY Change -1.4% -1.73% -4.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.87B $15.47B $13.03B
YoY Change 13.89% 18.72% -34.16%
Accrued Expenses $1.555B $1.910B $1.040B
YoY Change 37.0% 83.65% -25.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.903B $2.457B $75.00M
YoY Change 6709.72% 3176.0% -93.02%
Total Short-Term Liabilities $24.00B $21.79B $17.06B
YoY Change 37.41% 27.73% -32.1%
LONG-TERM LIABILITIES
Long-Term Debt $24.03B $24.83B $27.21B
YoY Change -11.68% -8.72% 6.13%
Other Long-Term Liabilities $3.297B $3.307B $3.219B
YoY Change 0.4% 2.73% -3.28%
Total Long-Term Liabilities $27.33B $28.14B $30.42B
YoY Change -10.38% -7.51% 5.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.00B $21.79B $17.06B
Total Long-Term Liabilities $27.33B $28.14B $30.42B
Total Liabilities $57.14B $62.61B $53.37B
YoY Change 6.06% 17.3% -10.53%
SHAREHOLDERS EQUITY
Retained Earnings $36.42B $35.20B $28.53B
YoY Change 19.65% 23.38% 112.58%
Common Stock $33.65B $33.54B $33.42B
YoY Change 0.67% 0.37% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $48.59B $45.67B $35.08B
YoY Change 27.47% 30.2% 54.46%
Treasury Stock Shares
Shareholders Equity $21.32B $22.92B $26.86B
YoY Change
Total Liabilities & Shareholders Equity $85.23B $85.53B $87.04B
YoY Change -1.4% -1.73% -4.3%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $1.515B $936.0M $2.724B
YoY Change -31.94% -65.64% 222.37%
Depreciation, Depletion And Amortization $838.0M $827.0M $800.0M
YoY Change 0.48% 3.38% -0.62%
Cash From Operating Activities $3.242B $1.532B $4.057B
YoY Change -18.62% -62.24% 61.44%
INVESTING ACTIVITIES
Capital Expenditures $487.0M $585.0M $457.0M
YoY Change 1.25% 28.01% -7.68%
Acquisitions $622.0M $0.00
YoY Change
Other Investing Activities $504.0M -$239.0M -$164.0M
YoY Change -226.32% 45.73% -23.72%
Cash From Investing Activities $17.00M -$824.0M -$816.0M
YoY Change -101.93% 0.98% -147.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.993B -2.977B -$3.907B
YoY Change -46.42% -23.8% 65.27%
NET CHANGE
Cash From Operating Activities 3.242B 1.532B $4.057B
Cash From Investing Activities 17.00M -824.0M -$816.0M
Cash From Financing Activities -1.993B -2.977B -$3.907B
Net Change In Cash 1.266B -2.269B -$666.0M
YoY Change -305.52% 240.69% -135.86%
FREE CASH FLOW
Cash From Operating Activities $3.242B $1.532B $4.057B
Capital Expenditures $487.0M $585.0M $457.0M
Free Cash Flow $2.755B $947.0M $3.600B
YoY Change -21.35% -73.69% 78.39%

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<div style="margin-bottom:9pt;margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. Certain information and disclosures derived from our audited annual financial statements, prepared in accordance with GAAP, have been condensed or omitted from these interim financial statements.</span></div>
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CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations
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CY2024Q1 mpc Matching Buy Sell Receivables
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CY2024Q1 us-gaap Other Sundry Liabilities Current
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CY2023Q4 us-gaap Other Sundry Liabilities Current
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CY2024Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Interest Paid Net
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CY2024Q1 mpc Increase Decrease In Accrual For Capital Expenditures
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CY2023Q1 mpc Increase Decrease In Accrual For Capital Expenditures
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CY2024Q1 mpc Capital Expenditure
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CY2023Q1 mpc Capital Expenditure
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CY2024Q1 us-gaap Regulatory Liability Current
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CY2023Q4 us-gaap Regulatory Liability Current
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CY2024Q1 us-gaap Interest Payable Current
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q1 us-gaap Other Liabilities Current
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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