2023 Q2 Form 10-Q Financial Statement

#000162828023014387 Filed on May 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $2.094B $1.960B $2.104B
YoY Change 7.68% 20.75%
Cost Of Revenue $1.101B $1.042B $1.083B
YoY Change 11.92% 6.05%
Gross Profit $993.4M $917.5M $1.021B
YoY Change 3.34% 41.58%
Gross Profit Margin 47.43% 46.82% 48.51%
Selling, General & Admin $158.8M $147.7M $171.4M
YoY Change 6.58% 18.95%
% of Gross Profit 15.99% 16.1% 16.8%
Research & Development $145.3M $138.4M $136.4M
YoY Change -7.33% -11.72%
% of Gross Profit 14.63% 15.08% 13.37%
Depreciation & Amortization $148.8M $145.0M $133.2M
YoY Change 5.83% -11.14%
% of Gross Profit 14.98% 15.8% 13.05%
Operating Expenses $316.1M $352.6M $323.9M
YoY Change 0.64% 0.72%
Operating Profit $677.3M $564.9M $696.6M
YoY Change 4.65% 74.5%
Interest Expense $7.600M $26.40M -$18.40M
YoY Change -64.81% -157.68%
% of Operating Profit 1.12% 4.67% -2.64%
Other Income/Expense, Net -$1.300M -$19.00M $12.30M
YoY Change -93.19% -145.56%
Pretax Income $681.5M $545.9M $763.3M
YoY Change 8.5% 105.08%
Income Tax $104.4M $83.70M $159.0M
% Of Pretax Income 15.32% 15.33% 20.83%
Net Earnings $576.6M $461.7M $604.3M
YoY Change 8.75% 95.12%
Net Earnings / Revenue 27.53% 23.56% 28.73%
Basic Earnings Per Share $1.34 $1.07
Diluted Earnings Per Share $1.29 $1.03 $1.35
COMMON SHARES
Basic Shares Outstanding 431.9M shares 432.0M shares 432.4M shares
Diluted Shares Outstanding 448.7M shares 448.5M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.622B $2.702B $2.919B
YoY Change 59.39% 110.12%
Cash & Equivalents $2.622B $2.702B $2.919B
Short-Term Investments
Other Short-Term Assets $399.2M $318.1M $351.3M
YoY Change 26.49% 46.31%
Inventory $1.964B $1.815B $1.617B
Prepaid Expenses
Receivables $944.4M $880.9M $842.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.930B $5.716B $5.729B
YoY Change 35.78% 51.51%
LONG-TERM ASSETS
Property, Plant & Equipment $4.283B $3.693B $3.451B
YoY Change 67.35% 36.7%
Goodwill $1.578B $1.578B $1.578B
YoY Change -18.54% -18.58%
Intangibles $326.3M $339.8M $359.7M
YoY Change -31.23% -27.44%
Long-Term Investments
YoY Change
Other Assets $645.4M $429.4M $438.6M
YoY Change 22.91% -15.75%
Total Long-Term Assets $6.833B $6.558B $6.249B
YoY Change 16.89% 6.92%
TOTAL ASSETS
Total Short-Term Assets $5.930B $5.716B $5.729B
Total Long-Term Assets $6.833B $6.558B $6.249B
Total Assets $12.76B $12.27B $11.98B
YoY Change 24.97% 24.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $907.5M $976.2M $852.1M
YoY Change 25.12% 34.17%
Accrued Expenses $654.1M $666.0M $1.047B
YoY Change -2.43% 40.09%
Deferred Revenue $88.80M $69.00M $60.50M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $919.1M $926.2M $147.8M
YoY Change 439.38% -8.03%
Total Short-Term Liabilities $2.481B $2.580B $2.061B
YoY Change 58.4% 33.56%
LONG-TERM LIABILITIES
Long-Term Debt $2.564B $2.538B $3.046B
YoY Change -15.54% 4.52%
Other Long-Term Liabilities $677.0M $628.7M $607.3M
YoY Change 22.64% 16.54%
Total Long-Term Liabilities $3.241B $3.167B $3.653B
YoY Change -9.66% 6.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.481B $2.580B $2.061B
Total Long-Term Liabilities $3.241B $3.167B $3.653B
Total Liabilities $5.779B $5.807B $5.772B
YoY Change 11.25% 14.93%
SHAREHOLDERS EQUITY
Retained Earnings $5.403B $4.826B $4.364B
YoY Change 80.55% 79.23%
Common Stock $6.100M $6.100M $6.100M
YoY Change 0.0% 1.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.984B $6.448B $6.189B
YoY Change
Total Liabilities & Shareholders Equity $12.76B $12.27B $11.98B
YoY Change 24.97% 24.44%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $576.6M $461.7M $604.3M
YoY Change 8.75% 95.12%
Depreciation, Depletion And Amortization $148.8M $145.0M $133.2M
YoY Change 5.83% -11.14%
Cash From Operating Activities $390.8M $408.9M $731.3M
YoY Change -18.35% 62.91%
INVESTING ACTIVITIES
Capital Expenditures $430.6M $321.5M $342.0M
YoY Change 147.76% -466.95%
Acquisitions
YoY Change
Other Investing Activities $47.10M -$240.5M $200.2M
YoY Change 6.08% -455.6%
Cash From Investing Activities -$383.5M -$562.0M -$141.8M
YoY Change 196.37% -5.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.214B
YoY Change
Cash From Financing Activities -89.60M -$63.40M -129.7M
YoY Change 56.37% 11690.91%
NET CHANGE
Cash From Operating Activities 390.8M $408.9M 731.3M
Cash From Investing Activities -383.5M -$562.0M -141.8M
Cash From Financing Activities -89.60M -$63.40M -129.7M
Net Change In Cash -82.30M -$216.4M 459.8M
YoY Change -128.26% 54.14%
FREE CASH FLOW
Cash From Operating Activities $390.8M $408.9M $731.3M
Capital Expenditures $430.6M $321.5M $342.0M
Free Cash Flow -$39.80M $87.40M $389.3M
YoY Change -113.06% -28.19%

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CY2023Q1 on Adjustments To Additional Paid In Capital Warrant And Bond Hedges Tax
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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27700000 usd
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2023Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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455800000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Profit Loss
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CY2022Q2 us-gaap Profit Loss
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CY2023Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2023Q1 us-gaap Amortization Of Debt Discount Premium
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CY2023Q1 us-gaap Share Based Compensation
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CY2022Q2 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Tangible Asset Impairment Charges
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CY2022Q2 us-gaap Tangible Asset Impairment Charges
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CY2023Q1 on Reversalof Income Tax Valuation Allowance
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CY2023Q1 us-gaap Other Noncash Income Expense
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable
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CY2023Q1 us-gaap Proceeds From Issuance Of Debt
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CY2023Q1 us-gaap Payments For Hedge Financing Activities
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CY2023Q1 us-gaap Proceeds From Issuance Of Warrants
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CY2023Q1 us-gaap Payments Of Dividends Minority Interest
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CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1668900000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Use Of Estimates
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations, and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) future payouts for customer incentives and amounts subject to allowances and returns; (ii) valuation and obsolescence relating to inventories; (iii) measurement of valuation allowances against deferred tax assets and evaluations of uncertain tax positions and (iv) testing for impairment of long-lived assets and goodwill. Additionally, during periods where it becomes applicable, significant estimates will be used by management in determining the future cash flows used in connection with business combinations. Actual results may differ from the estimates and assumptions used in the consolidated financial statements.</span></div>
CY2023Q1 us-gaap Number Of Operating Segments
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CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Gross Profit
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CY2022Q4 us-gaap Inventory Net
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CY2023Q1 us-gaap Lease Cost
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CY2022Q2 us-gaap Lease Cost
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CY2023Q1 us-gaap Operating Lease Liability Noncurrent
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CY2023Q1 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Finance Lease Liability
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.048
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.060
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2023Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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CY2023Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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