2024 Q1 Form 10-K Financial Statement

#000088488724000075 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.728B $3.331B $13.90B
YoY Change 29.21% 27.92% 57.23%
Cost Of Revenue $1.981B $1.890B $7.775B
YoY Change 10.49% 9.42% 17.55%
Gross Profit $1.747B $1.441B $6.125B
YoY Change 59.95% 64.35% 175.13%
Gross Profit Margin 46.86% 43.26% 44.06%
Selling, General & Admin $610.0M $503.0M $1.792B
YoY Change 32.36% 0.69% 13.21%
% of Gross Profit 34.92% 34.91% 29.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $387.0M $368.1M $1.455B
YoY Change 7.57% 2.07% 3.43%
% of Gross Profit 22.15% 25.54% 23.76%
Operating Expenses $997.0M $871.0M $3.247B
YoY Change 116.34% 1.26% 105.13%
Operating Profit $750.0M $570.0M $2.878B
YoY Change 176.13% 3334.36% -476.71%
Interest Expense -$378.0M -$291.0M -$1.166B
YoY Change -205.18% -7.09% -185.47%
% of Operating Profit -50.4% -51.05% -40.51%
Other Income/Expense, Net -$8.000M $1.000M -$8.000M
YoY Change -97.5% -100.8% -99.43%
Pretax Income $364.0M $280.0M $1.704B
YoY Change -859.76% -155.98% -179.04%
Income Tax $6.000M
% Of Pretax Income 0.35%
Net Earnings $360.0M $278.0M $1.697B
YoY Change -851.41% -155.58% -178.71%
Net Earnings / Revenue 9.66% 8.35% 12.21%
Basic Earnings Per Share $1.40 $6.63
Diluted Earnings Per Share $1.28 $0.99 $6.00
COMMON SHARES
Basic Shares Outstanding 256.7M shares 256.2M shares 256.0M shares
Diluted Shares Outstanding 281.0M shares 283.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $437.0M $497.0M $497.0M
YoY Change -64.38% -74.32% -74.32%
Cash & Equivalents $437.0M $497.0M $497.0M
Short-Term Investments
Other Short-Term Assets $742.0M $642.0M $642.0M
YoY Change 26.57% 24.68% 24.68%
Inventory $236.0M $248.0M $248.0M
Prepaid Expenses
Receivables $455.0M $405.0M $405.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.870B $1.792B $1.792B
YoY Change -22.52% -44.09% -44.09%
LONG-TERM ASSETS
Property, Plant & Equipment $30.62B $30.73B $30.73B
YoY Change 9.42% 11.54% 9.4%
Goodwill $809.0M $809.0M
YoY Change -0.03% -0.03%
Intangibles $418.0M
YoY Change -1.96%
Long-Term Investments $678.0M $657.0M $657.0M
YoY Change 40.11% 40.99% 40.99%
Other Assets $1.209B $1.805B $1.805B
YoY Change -27.17% 7.56% 192.17%
Total Long-Term Assets $33.32B $33.34B $33.34B
YoY Change 9.4% 9.05% 9.05%
TOTAL ASSETS
Total Short-Term Assets $1.870B $1.792B $1.792B
Total Long-Term Assets $33.32B $33.34B $33.34B
Total Assets $35.19B $35.13B $35.13B
YoY Change 7.06% 4.01% 4.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $876.0M $792.0M $792.0M
YoY Change 22.55% 22.46% 22.46%
Accrued Expenses $1.299B $1.543B $1.543B
YoY Change 8.2% 44.05% 0.21%
Deferred Revenue $6.040B $5.311B
YoY Change 14.6% 27.42%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.643B $1.720B $1.720B
YoY Change -20.06% -17.61% -17.61%
Total Short-Term Liabilities $9.905B $9.401B $9.401B
YoY Change 4.91% 9.65% 9.65%
LONG-TERM LIABILITIES
Long-Term Debt $18.88B $19.73B $19.73B
YoY Change -2.73% -7.38% -7.38%
Other Long-Term Liabilities $1.084B $1.099B $1.099B
YoY Change 121.59% 116.51% 6.64%
Total Long-Term Liabilities $19.96B $20.83B $20.83B
YoY Change 3980.23% 4003.83% -6.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.905B $9.401B $9.401B
Total Long-Term Liabilities $19.96B $20.83B $20.83B
Total Liabilities $30.04B $30.41B $30.41B
YoY Change 0.65% -1.62% -1.62%
SHAREHOLDERS EQUITY
Retained Earnings $350.0M -$10.00M
YoY Change -119.94% -99.41%
Common Stock $7.499B $7.477B
YoY Change 1.97% 2.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.151B $4.724B $4.724B
YoY Change
Total Liabilities & Shareholders Equity $35.19B $35.13B $35.13B
YoY Change 7.06% 4.01% 4.01%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $360.0M $278.0M $1.697B
YoY Change -851.41% -155.58% -178.71%
Depreciation, Depletion And Amortization $387.0M $368.1M $1.455B
YoY Change 7.57% 2.07% 3.43%
Cash From Operating Activities $1.328B $1.118B $4.479B
YoY Change 1.38% 93.9% 829.53%
INVESTING ACTIVITIES
Capital Expenditures $242.0M $2.568B $3.897B
YoY Change -3.94% 1439.81% 43.8%
Acquisitions
YoY Change
Other Investing Activities -$54.00M -$5.431M -$26.00M
YoY Change 325.4% -110.87% 294.84%
Cash From Investing Activities -$296.0M -$2.574B -$3.923B
YoY Change 26.44% 2103.3% 31.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.107B $9.566B
YoY Change 16.64% 23.77%
Cash From Financing Activities -1.091B 1.352B -1.993B
YoY Change -38.85% -1571.2% -214.48%
NET CHANGE
Cash From Operating Activities 1.328B 1.118B 4.479B
Cash From Investing Activities -296.0M -2.574B -3.923B
Cash From Financing Activities -1.091B 1.352B -1.993B
Net Change In Cash -59.00M -103.4M -1.437B
YoY Change -91.67% -128.1% 87.41%
FREE CASH FLOW
Cash From Operating Activities $1.328B $1.118B $4.479B
Capital Expenditures $242.0M $2.568B $3.897B
Free Cash Flow $1.086B -$1.450B $582.0M
YoY Change 2.65% -453.92% -126.12%

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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:400;line-height:115%">Reclassifications</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2023, we no longer separately present </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Impairments and Credit losses</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in our consolidated statements of comprehensive income (loss). As a result, amounts presented in prior periods were reclassified to </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other Operating</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> to conform to the current year presentation.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2023, we no longer separately present </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accrued interest</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in our consolidated balance sheets. As a result, amounts presented in prior periods were reclassified to </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accrued expenses and other liabilities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> to conform to the current year presentation.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2023, we no longer separately present </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Amortization of debt discounts and premiums;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Increase (decrease) in accrued interest; and Impairments and Credit losses </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in our cash flows from </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Operating Activities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> within our consolidated statements of cash flows. As a result, amounts presented in prior periods were reclassified to </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Amortization of debt issuance costs, discounts and premiums;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Increase in accrued expenses and other liabilities; </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Other, net, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">respectively,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">within </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Operating Activities </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to conform to the current year presentation.</span></div>
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CY2023Q4 rcl Lessee Operating Lease Liability Percentage Increase Of Annual Lease Payment
LesseeOperatingLeaseLiabilityPercentageIncreaseOfAnnualLeasePayment
0.03
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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CY2023Q4 rcl Lease Liability
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CY2022Q4 rcl Lease Liability
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CY2023 us-gaap Variable Lease Cost
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CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Finance Lease Liability
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CY2021Q1 us-gaap Sale Of Stock Price Per Share
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CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
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1500000000 usd
CY2023Q4 rcl Number Of Share Based Compensation Plans
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CY2023Q4 rcl Share Based Compensation Arrangementby Share Based Payment Award Maximum Numberof Sharesthatcanbe Grantedtosomeoneotherthananonemployeeboardmemberin Any Fiscal Year
ShareBasedCompensationArrangementbyShareBasedPaymentAwardMaximumNumberofSharesthatcanbeGrantedtosomeoneotherthananonemployeeboardmemberinAnyFiscalYear
500000 shares
CY2023Q4 rcl Share Based Compensation Arrangement By Employee Stock Purchase Program Number Of Shares Available For Purchase
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2800000 shares
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151989 shares
CY2022 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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CY2021 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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136480 shares
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71.23
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
44.01
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
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