2024 Q1 Form 10-K Financial Statement

#000137094624000046 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.300B $2.304B $9.677B
YoY Change -1.33% 0.83% -0.86%
Cost Of Revenue $1.613B $1.648B $6.994B
YoY Change -7.41% -3.0% -2.11%
Gross Profit $687.0M $656.0M $2.683B
YoY Change 16.64% 11.95% 2.56%
Gross Profit Margin 29.87% 28.47% 27.73%
Selling, General & Admin $212.0M $218.0M $829.0M
YoY Change 3.92% 1.4% 4.15%
% of Gross Profit 30.86% 33.23% 30.9%
Research & Development $31.00M $38.00M $123.0M
YoY Change 10.71% 15.15% 16.04%
% of Gross Profit 4.51% 5.79% 4.58%
Depreciation & Amortization $131.0M $163.0M $609.0M
YoY Change 3.15% 24.43% 14.69%
% of Gross Profit 19.07% 24.85% 22.7%
Operating Expenses $252.0M $264.0M $871.0M
YoY Change 358.18% -31.43% -3.44%
Operating Profit $435.0M $392.0M $1.812B
YoY Change -18.54% 95.02% 5.72%
Interest Expense -$17.00M -$14.00M $76.00M
YoY Change -177.27% -48.15% -30.28%
% of Operating Profit -3.91% -3.57% 4.19%
Other Income/Expense, Net $0.00 -$146.0M -$145.0M
YoY Change -4966.67% -1711.11%
Pretax Income $386.0M $169.0M $1.591B
YoY Change -24.61% 9.03% -1.43%
Income Tax $88.00M $40.00M $401.0M
% Of Pretax Income 22.8% 23.67% 25.2%
Net Earnings $299.0M $131.0M $1.196B
YoY Change -21.93% 5.65% -3.63%
Net Earnings / Revenue 13.0% 5.69% 12.36%
Basic Earnings Per Share $3.42 $13.27
Diluted Earnings Per Share $3.40 $1.46 $13.14
COMMON SHARES
Basic Shares Outstanding 87.01M shares 88.87M shares 90.10M shares
Diluted Shares Outstanding 87.90M shares 91.00M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.254B $1.615B $1.615B
YoY Change 65.65% 46.95% 46.95%
Cash & Equivalents $1.254B $1.615B $1.615B
Short-Term Investments
Other Short-Term Assets $112.0M $117.0M $117.0M
YoY Change 3.7% 0.0% -27.78%
Inventory $1.205B $1.198B $1.198B
Prepaid Expenses
Receivables $1.410B $987.0M $987.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.981B $3.917B $3.917B
YoY Change 10.8% 10.15% 10.15%
LONG-TERM ASSETS
Property, Plant & Equipment $4.017B $3.841B $4.212B
YoY Change 7.26% 3.0% 3.74%
Goodwill $1.385B $1.392B
YoY Change -0.14% 0.65%
Intangibles $1.510B $1.528B
YoY Change -6.21% -4.62%
Long-Term Investments $29.00M
YoY Change 7.41%
Other Assets $376.0M $313.0M $159.0M
YoY Change 36.73% 19.47% 28.23%
Total Long-Term Assets $7.288B $7.320B $7.320B
YoY Change 0.57% 1.72% 1.72%
TOTAL ASSETS
Total Short-Term Assets $3.981B $3.917B $3.917B
Total Long-Term Assets $7.288B $7.320B $7.320B
Total Assets $11.27B $11.24B $11.24B
YoY Change 3.96% 4.51% 4.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.177B $1.216B $1.216B
YoY Change -5.31% -9.59% -9.59%
Accrued Expenses $59.00M $62.00M $286.0M
YoY Change 7.27% 19.23% 0.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.000M $0.00
YoY Change -100.0% 0.0%
Long-Term Debt Due $433.0M $32.00M $431.0M
YoY Change 1393.1% 14.29% 1439.29%
Total Short-Term Liabilities $2.268B $2.324B $2.324B
YoY Change 17.33% 10.46% 10.46%
LONG-TERM LIABILITIES
Long-Term Debt $2.645B $2.615B $2.615B
YoY Change -11.8% -12.6% -12.6%
Other Long-Term Liabilities $661.0M $315.0M $661.0M
YoY Change 114.61% 5.35% 2.16%
Total Long-Term Liabilities $3.306B $2.930B $3.276B
YoY Change -0.03% -10.97% -9.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.268B $2.324B $2.324B
Total Long-Term Liabilities $3.306B $2.930B $3.276B
Total Liabilities $6.040B $6.027B $6.071B
YoY Change 0.62% -1.7% -1.72%
SHAREHOLDERS EQUITY
Retained Earnings $5.041B $4.794B
YoY Change 22.09% 26.36%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.433B $3.292B
YoY Change 21.91% 22.93%
Treasury Stock Shares
Shareholders Equity $5.229B $5.166B $5.166B
YoY Change
Total Liabilities & Shareholders Equity $11.27B $11.24B $11.24B
YoY Change 3.96% 4.51% 4.51%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $299.0M $131.0M $1.196B
YoY Change -21.93% 5.65% -3.63%
Depreciation, Depletion And Amortization $131.0M $163.0M $609.0M
YoY Change 3.15% 24.43% 14.69%
Cash From Operating Activities $24.00M $698.0M $1.719B
YoY Change -114.63% 3.41% -2.33%
INVESTING ACTIVITIES
Capital Expenditures $152.0M $136.0M $526.0M
YoY Change -3.8% -2.86% 17.94%
Acquisitions $6.000M
YoY Change -98.56%
Other Investing Activities $6.000M -$1.000M $18.00M
YoY Change -14.29% -101.11% 12.5%
Cash From Investing Activities -$146.0M -$137.0M -$356.0M
YoY Change -708.33% 174.0% -42.86%
FINANCING ACTIVITIES
Cash Dividend Paid $52.00M $188.0M
YoY Change 8.33% 38.24%
Common Stock Issuance & Retirement, Net $657.0M
YoY Change -17.36%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -234.0M -292.0M -$877.0M
YoY Change 8.33% -2.34% -9.96%
NET CHANGE
Cash From Operating Activities 24.00M 698.0M $1.719B
Cash From Investing Activities -146.0M -137.0M -$356.0M
Cash From Financing Activities -234.0M -292.0M -$877.0M
Net Change In Cash -356.0M 269.0M $516.0M
YoY Change 4.09% -17.48% 265.96%
FREE CASH FLOW
Cash From Operating Activities $24.00M $698.0M $1.719B
Capital Expenditures $152.0M $136.0M $526.0M
Free Cash Flow -$128.0M $562.0M $1.193B
YoY Change -60.25% 5.05% -9.21%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Reclassifications</span>Certain reclassifications have been made to the 2022 and 2021 Consolidated Financial Statements and Notes to the Consolidated Financial Statements to conform to the classifications used in 2023.
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Earnings Per Share Diluted
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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