2023 Q4 Form 10-K Financial Statement

#000080432823000055 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023
Revenue $9.935B $8.631B $35.82B
YoY Change 4.99% -80.47% -18.96%
Cost Of Revenue $4.312B $3.880B $15.87B
YoY Change 6.63% -79.18% -14.84%
Gross Profit $5.623B $4.751B $19.95B
YoY Change 3.76% -81.42% -21.96%
Gross Profit Margin 56.6% 55.05% 55.7%
Selling, General & Admin $627.0M $629.0M $2.483B
YoY Change 0.64% -75.53% -3.39%
% of Gross Profit 11.15% 13.24% 12.45%
Research & Development $2.096B $2.135B $8.818B
YoY Change -6.89% -73.94% 7.62%
% of Gross Profit 37.28% 44.94% 44.2%
Depreciation & Amortization $437.0M $462.0M $1.809B
YoY Change 9.8% -5.71% 2.67%
% of Gross Profit 7.77% 9.72% 9.07%
Operating Expenses $2.723B $2.764B $11.30B
YoY Change -5.25% -74.32% 4.99%
Operating Profit $2.928B $1.987B $7.788B
YoY Change 18.78% -86.58% -50.9%
Interest Expense $178.0M $20.00M $694.0M
YoY Change 4.71% -102.45% 41.63%
% of Operating Profit 6.08% 1.01% 8.91%
Other Income/Expense, Net $212.0M $2.000M $349.0M
YoY Change 178.95% -193.82%
Pretax Income $2.962B $1.420B $7.443B
YoY Change 24.93% -90.53% -50.37%
Income Tax $151.0M -$209.0M $104.0M
% Of Pretax Income 5.1% -14.72% 1.4%
Net Earnings $2.767B $1.490B $7.232B
YoY Change 23.8% -88.48% -44.09%
Net Earnings / Revenue 27.85% 17.26% 20.19%
Basic Earnings Per Share $2.48 $6.47
Diluted Earnings Per Share $2.46 $1.32 $6.42
COMMON SHARES
Basic Shares Outstanding 1.113B shares 1.116B shares 1.117B shares
Diluted Shares Outstanding 1.127B shares 1.126B shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.05B $11.32B $11.32B
YoY Change 48.83% 82.12% 77.44%
Cash & Equivalents $8.133B $8.450B $8.450B
Short-Term Investments $3.921B $2.874B $2.874B
Other Short-Term Assets $1.288B $1.194B $1.535B
YoY Change 3.29% -26.52% -34.9%
Inventory $6.247B $6.422B $6.422B
Prepaid Expenses
Receivables $3.513B $1.923B $1.923B
Other Receivables $0.00 $37.00M $1.260B
Total Short-Term Assets $23.44B $22.46B $22.46B
YoY Change 11.1% 8.4% 8.4%
LONG-TERM ASSETS
Property, Plant & Equipment $4.907B $5.042B $5.654B
YoY Change -5.91% -2.44% -2.5%
Goodwill $10.72B $10.64B
YoY Change 1.48% 1.28%
Intangibles $1.387B $1.408B
YoY Change -22.77% -25.19%
Long-Term Investments $164.0M $1.236B
YoY Change -13.23% -4.48%
Other Assets $8.032B $8.086B $9.636B
YoY Change -0.2% 4.62% 9.41%
Total Long-Term Assets $28.70B $28.58B $28.58B
YoY Change -0.76% 1.01% 1.01%
TOTAL ASSETS
Total Short-Term Assets $23.44B $22.46B $22.46B
Total Long-Term Assets $28.70B $28.58B $28.58B
Total Assets $52.14B $51.04B $51.04B
YoY Change 4.24% 4.13% 4.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.147B $1.912B $1.912B
YoY Change -16.2% -49.63% -49.63%
Accrued Expenses $1.757B $1.685B $1.783B
YoY Change 20.34% 13.39% -2.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $914.0M $914.0M $914.0M
YoY Change -36.79% -36.79% -36.79%
Total Short-Term Liabilities $9.169B $9.628B $9.628B
YoY Change -9.05% -18.86% -18.86%
LONG-TERM LIABILITIES
Long-Term Debt $14.57B $14.48B $14.48B
YoY Change -5.61% 7.0% 7.0%
Other Long-Term Liabilities $5.342B $5.347B $5.236B
YoY Change -6.15% -4.48% -3.59%
Total Long-Term Liabilities $19.91B $14.48B $19.72B
YoY Change 29.01% 7.0% 3.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.169B $9.628B $9.628B
Total Long-Term Liabilities $19.91B $14.48B $19.72B
Total Liabilities $29.08B $29.46B $29.46B
YoY Change -6.82% -4.97% -4.97%
SHAREHOLDERS EQUITY
Retained Earnings $22.57B $20.73B
YoY Change 21.86% 16.22%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.06B $21.58B $21.58B
YoY Change
Total Liabilities & Shareholders Equity $52.14B $51.04B $51.04B
YoY Change 4.24% 4.13% 4.13%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023
OPERATING ACTIVITIES
Net Income $2.767B $1.490B $7.232B
YoY Change 23.8% -88.48% -44.09%
Depreciation, Depletion And Amortization $437.0M $462.0M $1.809B
YoY Change 9.8% -5.71% 2.67%
Cash From Operating Activities $2.949B $4.090B $11.30B
YoY Change -4.72% 182.85% 24.22%
INVESTING ACTIVITIES
Capital Expenditures $214.0M $293.0M $1.450B
YoY Change -153.77% -146.21% -164.1%
Acquisitions
YoY Change
Other Investing Activities -$2.000M -$325.0M -$19.00M
YoY Change -111.11% -194.48% -36.67%
Cash From Investing Activities -$1.256B -$618.0M $762.0M
YoY Change 844.36% 113.1% -113.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.539B
YoY Change -8.44%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.041B -1.117B -$6.663B
YoY Change 101.08% -6.29% -7.41%
NET CHANGE
Cash From Operating Activities $2.949B 4.090B $11.30B
Cash From Investing Activities -$1.256B -618.0M $762.0M
Cash From Financing Activities -$2.041B -1.117B -$6.663B
Net Change In Cash -$333.0M 2.355B $5.428B
YoY Change -116.87% -6641.67% -235.13%
FREE CASH FLOW
Cash From Operating Activities $2.949B $4.090B $11.30B
Capital Expenditures $214.0M $293.0M $1.450B
Free Cash Flow $2.735B $3.797B $9.849B
YoY Change -21.7% 82.55% -13.29%

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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>
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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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