2022 Q4 Form 10-K Financial Statement

#000080432822000021 Filed on November 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022
Revenue $9.463B $44.20B $44.20B
YoY Change -11.6% 373.44% 31.68%
Cost Of Revenue $4.044B $18.64B $18.64B
YoY Change -6.02% 373.33% 30.66%
Gross Profit $5.419B $25.57B $25.57B
YoY Change -15.35% 373.51% 32.43%
Gross Profit Margin 57.27% 57.84% 57.84%
Selling, General & Admin $623.0M $2.570B $2.570B
YoY Change 2.47% 315.86% 9.88%
% of Gross Profit 11.5% 10.05% 10.05%
Research & Development $2.251B $8.194B $8.194B
YoY Change 16.63% 336.08% 14.19%
% of Gross Profit 41.54% 32.05% 32.05%
Depreciation & Amortization $398.0M $490.0M $1.762B
YoY Change -1.97% 15.29% 11.38%
% of Gross Profit 7.34% 1.92% 6.89%
Operating Expenses $2.874B $10.76B $10.76B
YoY Change 13.24% 331.08% 13.13%
Operating Profit $2.465B $14.80B $15.86B
YoY Change -36.21% 410.03% 62.02%
Interest Expense $170.0M -$815.0M $490.0M
YoY Change 22.3% -307.91% -12.34%
% of Operating Profit 6.9% -5.51% 3.09%
Other Income/Expense, Net $76.00M -$372.0M
YoY Change -135.63%
Pretax Income $2.371B $15.00B $15.00B
YoY Change -38.65% 356.56% 45.98%
Income Tax $98.00M $2.012B $2.012B
% Of Pretax Income 4.13% 13.42% 13.42%
Net Earnings $2.235B $12.94B $12.94B
YoY Change -34.25% 362.33% 43.05%
Net Earnings / Revenue 23.62% 29.27% 29.27%
Basic Earnings Per Share $1.99 $11.52
Diluted Earnings Per Share $1.98 $11.38M $11.37
COMMON SHARES
Basic Shares Outstanding 1.121B shares 1.123B shares 1.123B shares
Diluted Shares Outstanding 1.131B shares 1.137B shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.099B $6.218B $6.382B
YoY Change -23.67% -47.0% -48.59%
Cash & Equivalents $4.808B $2.773B $2.773B
Short-Term Investments $3.291B $3.445B $3.609B
Other Short-Term Assets $1.247B $1.625B $2.358B
YoY Change 22.37% 90.28% 176.11%
Inventory $6.932B $6.341B $6.341B
Prepaid Expenses
Receivables $3.960B $4.175B $4.175B
Other Receivables $0.00 $33.00M $1.468B
Total Short-Term Assets $21.10B $20.72B $20.72B
YoY Change 4.33% 3.23% 3.23%
LONG-TERM ASSETS
Property, Plant & Equipment $5.215B $5.168B $5.799B
YoY Change 10.42% 13.36% 14.33%
Goodwill $10.57B $10.51B
YoY Change 45.46% 45.02%
Intangibles $1.796B $1.882B
YoY Change 30.81% 29.08%
Long-Term Investments $189.0M $1.294B
YoY Change -11.68% 2.29%
Other Assets $8.048B $7.729B $8.807B
YoY Change 3.39% 22.47% 43.81%
Total Long-Term Assets $28.92B $28.29B $28.29B
YoY Change 27.96% 33.66% 33.66%
TOTAL ASSETS
Total Short-Term Assets $21.10B $20.72B $20.72B
Total Long-Term Assets $28.92B $28.29B $28.29B
Total Assets $50.01B $49.01B $49.01B
YoY Change 16.8% 18.85% 18.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.562B $3.796B $3.796B
YoY Change -27.34% 38.04% 38.04%
Accrued Expenses $1.460B $1.486B $1.835B
YoY Change 1.39% -2.94% -42.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $499.0M $499.0M
YoY Change -100.0% -0.2% -0.2%
Long-Term Debt Due $1.446B $1.446B $1.446B
YoY Change -6.35% -6.35%
Total Short-Term Liabilities $10.08B $11.87B $11.87B
YoY Change -17.86% -0.71% -0.71%
LONG-TERM LIABILITIES
Long-Term Debt $15.43B $13.54B $13.54B
YoY Change 12.57% -1.2% -1.2%
Other Long-Term Liabilities $5.692B $5.598B $5.431B
YoY Change 3.38% -0.71% -2.57%
Total Long-Term Liabilities $15.43B $13.54B $18.97B
YoY Change -19.69% -1.2% -1.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.08B $11.87B $11.87B
Total Long-Term Liabilities $15.43B $13.54B $18.97B
Total Liabilities $31.20B $31.00B $31.00B
YoY Change -0.9% -0.92% -0.92%
SHAREHOLDERS EQUITY
Retained Earnings $18.52B $17.84B
YoY Change 64.23% 81.63%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.81B $18.01B $18.01B
YoY Change
Total Liabilities & Shareholders Equity $50.01B $49.01B $49.01B
YoY Change 16.8% 18.85% 18.85%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022
OPERATING ACTIVITIES
Net Income $2.235B $12.94B $12.94B
YoY Change -34.25% 362.33% 43.05%
Depreciation, Depletion And Amortization $398.0M $490.0M $1.762B
YoY Change -1.97% 15.29% 11.38%
Cash From Operating Activities $3.095B $1.446B $9.096B
YoY Change 50.46% 34.26% -13.67%
INVESTING ACTIVITIES
Capital Expenditures -$398.0M -$634.0M -$2.262B
YoY Change -31.73% 47.44% 19.81%
Acquisitions
YoY Change
Other Investing Activities $18.00M $344.0M -$30.00M
YoY Change -28.33% -150.85%
Cash From Investing Activities -$133.0M -$290.0M -$5.804B
YoY Change 18.75% -680.0% 72.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.773B
YoY Change -8.15%
Debt Paid & Issued, Net $1.540B
YoY Change
Cash From Financing Activities -$1.015B -1.192B -$7.196B
YoY Change -58.5% -14.98% 5.85%
NET CHANGE
Cash From Operating Activities $3.095B 1.446B $9.096B
Cash From Investing Activities -$133.0M -290.0M -$5.804B
Cash From Financing Activities -$1.015B -1.192B -$7.196B
Net Change In Cash $1.974B -36.00M -$4.017B
YoY Change -487.82% -86.91% -1082.15%
FREE CASH FLOW
Cash From Operating Activities $3.095B $1.446B $9.096B
Capital Expenditures -$398.0M -$634.0M -$2.262B
Free Cash Flow $3.493B $2.080B $11.36B
YoY Change 32.31% 38.02% -8.58%

Facts In Submission

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CY2022 us-gaap Use Of Estimates
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:105%">Financial Statement Preparation.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Examples of our significant accounting estimates and policies that may involve a higher degree of judgment and complexity than others include: the estimation of sales-based royalty revenues; the impairment of non-marketable equity investments; the valuation of inventories; the impairment of goodwill, other indefinite-lived assets and long-lived assets; the recognition, measurement and disclosure of loss contingencies related to legal and regulatory proceedings; and the calculation of our income tax provision, including the recognition and measurement of uncertain tax positions. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.</span>
CY2022 us-gaap Fiscal Period
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Fiscal Year. We operate and report using a 52-53 week fiscal year ending on the last Sunday in September. The fiscal years presented each included 52 weeks.
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CY2022 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:105%">Other Hedging Activities.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%"> At September 25, 2022 and September 26, 2021, we designated $235 million and $1.5 billion, respectively, of foreign currency-denominated liabilities, excluding accrued interest, related to the fine(s) imposed by the European Commission as hedges of our net investment in certain foreign subsidiary(ies). Gains and losses arising from the portion of these balances that are designated as net investment hedges are recorded as a component of accumulated other comprehensive income (loss) as foreign currency translation adjustments. During fiscal 2022, we discontinued the net investment hedge related to one of the fines previously recorded related to the European Commission (EC) Investigation (Note 7). The associated foreign currency gains related to this fine previously recorded will remain in accumulated other comprehensive income (loss) until the foreign subsidiaries are sold or substantially liquidated, at which point it will be reclassified into earnings.</span>
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