2024 Q1 Form 10-K Financial Statement

#000113342124000006 Filed on January 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $10.13B $10.64B $39.29B
YoY Change 8.95% 6.03% 7.34%
Cost Of Revenue $8.000B $10.15B $32.74B
YoY Change 9.35% 23.68% 12.4%
Gross Profit $2.133B $485.0M $6.551B
YoY Change 7.46% -73.41% -12.35%
Gross Profit Margin 21.05% 4.56% 16.67%
Selling, General & Admin $1.062B $878.0M $2.814B
YoY Change 2.31% -4.36% 5.27%
% of Gross Profit 49.79% 181.03% 42.96%
Research & Development $1.200B
YoY Change 0.0%
% of Gross Profit 18.32%
Depreciation & Amortization $299.0M $400.0M $1.338B
YoY Change 0.34% 4.71% -0.3%
% of Gross Profit 14.02% 82.47% 20.42%
Operating Expenses $9.062B $878.0M $36.75B
YoY Change 8.47% -4.36% 11.37%
Operating Profit $1.071B -$393.0M $2.537B
YoY Change 13.09% -143.38% -29.55%
Interest Expense -$146.0M -$128.0M -$545.0M
YoY Change 13.18% 6.67% 7.71%
% of Operating Profit -13.63% -21.48%
Other Income/Expense, Net $38.00M -$236.0M $246.0M
YoY Change -20.83% -114.17% 6050.0%
Pretax Income $1.131B -$757.0M $2.346B
YoY Change 13.33% -130.87% -59.8%
Income Tax $187.0M -$222.0M $290.0M
% Of Pretax Income 16.53% 12.36%
Net Earnings $944.0M -$535.0M $2.056B
YoY Change 12.11% -125.72% -58.01%
Net Earnings / Revenue 9.32% -5.03% 5.23%
Basic Earnings Per Share $6.34 $13.57
Diluted Earnings Per Share $6.32 -$3.55 $13.53
COMMON SHARES
Basic Shares Outstanding 150.0M shares 150.8M shares 151.5M shares
Diluted Shares Outstanding 149.3M shares 152.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.404B $3.448B $3.109B
YoY Change 20.33% 18.53% 20.64%
Cash & Equivalents $3.061B $3.109B $3.109B
Short-Term Investments $343.0M $339.0M
Other Short-Term Assets $2.083B $2.341B $2.341B
YoY Change 125.43% 62.68% 62.68%
Inventory $1.370B $1.109B $1.109B
Prepaid Expenses
Receivables $1.832B $1.454B $7.147B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.80B $13.71B $13.71B
YoY Change 15.5% 9.75% 9.75%
LONG-TERM ASSETS
Property, Plant & Equipment $9.690B $9.653B $11.47B
YoY Change 9.64% 9.69% 8.1%
Goodwill $17.52B $17.52B
YoY Change -0.01% 0.01%
Intangibles $290.0M $305.0M
YoY Change -20.33% -20.57%
Long-Term Investments $343.0M $339.0M $339.0M
YoY Change 2.69% 2.11% 2.11%
Other Assets $2.641B $2.525B $3.206B
YoY Change -2.29% -2.66% 32.26%
Total Long-Term Assets $33.02B $32.84B $32.84B
YoY Change 5.05% 5.02% 5.02%
TOTAL ASSETS
Total Short-Term Assets $14.80B $13.71B $13.71B
Total Long-Term Assets $33.02B $32.84B $32.84B
Total Assets $47.82B $46.54B $46.54B
YoY Change 8.08% 6.37% 6.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.580B $2.110B $2.110B
YoY Change 20.79% -18.44% -18.44%
Accrued Expenses $1.927B $2.474B $2.774B
YoY Change 4.39% 9.71% 8.61%
Deferred Revenue $3.530B $4.193B
YoY Change 9.93% 16.18%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.582B $70.00M $70.00M
YoY Change 46.21% -93.47% -93.47%
Total Short-Term Liabilities $13.13B $11.94B $11.94B
YoY Change 25.27% 3.06% 3.06%
LONG-TERM LIABILITIES
Long-Term Debt $14.74B $13.79B $13.79B
YoY Change 7.06% 16.78% 16.78%
Other Long-Term Liabilities $2.641B $2.839B $6.021B
YoY Change 39.51% 48.87% 22.4%
Total Long-Term Liabilities $17.38B $16.63B $19.81B
YoY Change 10.98% 21.24% 18.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.13B $11.94B $11.94B
Total Long-Term Liabilities $17.38B $16.63B $19.81B
Total Liabilities $33.60B $31.75B $31.75B
YoY Change 15.42% 11.62% 11.62%
SHAREHOLDERS EQUITY
Retained Earnings $14.22B $14.77B
YoY Change -6.06% -3.52%
Common Stock $148.0M $150.0M
YoY Change -2.63% -1.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.22B $14.80B $14.80B
YoY Change
Total Liabilities & Shareholders Equity $47.82B $46.54B $46.54B
YoY Change 8.08% 6.37% 6.37%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $944.0M -$535.0M $2.056B
YoY Change 12.11% -125.72% -58.01%
Depreciation, Depletion And Amortization $299.0M $400.0M $1.338B
YoY Change 0.34% 4.71% -0.3%
Cash From Operating Activities -$706.0M $2.430B $3.875B
YoY Change 0.57% 7.95% 33.57%
INVESTING ACTIVITIES
Capital Expenditures $270.0M $803.0M $1.775B
YoY Change -12.62% -227.06% 23.69%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $33.00M $4.000M
YoY Change -38.89% -110.26%
Cash From Investing Activities -$269.0M -$770.0M -$1.582B
YoY Change -12.94% 33.22% 27.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.500B
YoY Change -0.27%
Debt Paid & Issued, Net $1.050B
YoY Change
Cash From Financing Activities $927.0M -633.0M -$1.761B
YoY Change -0.22% -16.93% -32.61%
NET CHANGE
Cash From Operating Activities -$706.0M 2.430B $3.875B
Cash From Investing Activities -$269.0M -770.0M -$1.582B
Cash From Financing Activities $927.0M -633.0M -$1.761B
Net Change In Cash -$48.00M 1.027B $532.0M
YoY Change -41.46% 12.73% -155.82%
FREE CASH FLOW
Cash From Operating Activities -$706.0M $2.430B $3.875B
Capital Expenditures $270.0M $803.0M $1.775B
Free Cash Flow -$976.0M $1.627B $2.100B
YoY Change -3.46% -43.57% 43.25%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accounting Estimates</span></div><div style="margin-bottom:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The company’s consolidated financial statements are prepared in conformity with U.S. GAAP. The preparation thereof requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of sales and expenses during the reporting period. Estimates have been prepared using the most current and best available information; however, actual results could differ materially from those estimates.</span></div>
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Of our December 31, 2023 backlog, we expect to recognize approximately 40 percent as revenue over the next 12 months and 65 percent as revenue over the next 24 months, with the remainder to be recognized thereafter.
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CY2022 us-gaap Noncash Investing And Financing Activities Related Text
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During the year ended December 31, 2022, the company acquired $46 million of internal use software through long-term financing directly with the supplier. The software was recorded in PP&E as a non-cash investing activity and the related liability was recorded in long-term debt as a non-cash financing activity. During the years ended December 31, 2023 and 2022, the company received lease incentives for landlord funded leasehold improvements of $55 million and $96 million, respectively, related to Space Systems real estate leases, which were recorded in PP&E and included in non-cash investing activities. On December 28, 2022 the company acquired certain leased land in exchange for company-owned land, which had been used previously for production-related activities at Space Systems. The exchange was accounted for as a nonmonetary transaction, and the acquired land, valued at approximately $155 million, was recorded in PP&E as a non-cash investing activity. The transaction resulted in a $96 million gain, which was reflected in operating costs and expenses in the consolidated statements of earnings and comprehensive income.Non-cash investing activities also include capital expenditures incurred but not yet paid of $75 million, $113 million and $91 million as of December 31, 2023, 2022 and 2021, respectively.
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the company was in compliance with all covenants under its credit agreement.
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