2022 Q2 Form 10-Q Financial Statement

#000074573222000040 Filed on June 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $4.333B $5.021B $4.575B
YoY Change -4.05% 18.14% 21.84%
Cost Of Revenue $3.196B $3.774B $3.326B
YoY Change -0.06% 19.53% 22.67%
Gross Profit $1.137B $1.247B $1.249B
YoY Change -13.74% 14.13% 19.7%
Gross Profit Margin 26.23% 24.84% 27.29%
Selling, General & Admin $669.5M $755.9M $725.8M
YoY Change -0.82% 9.45% -17.33%
% of Gross Profit 58.9% 60.61% 58.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $92.11M $98.52M $88.05M
YoY Change 5.25% 2.63% -0.63%
% of Gross Profit 8.1% 7.9% 7.05%
Operating Expenses $669.5M $755.9M $725.8M
YoY Change -0.82% 9.45% -17.33%
Operating Profit $467.2M $491.1M $522.8M
YoY Change -27.31% 22.17% 216.39%
Interest Expense -$17.70M -$17.83M -$18.74M
YoY Change -7.1% -7.15% -34.69%
% of Operating Profit -3.79% -3.63% -3.59%
Other Income/Expense, Net
YoY Change
Pretax Income $449.5M $473.3M $504.0M
YoY Change -27.92% 23.63% 269.27%
Income Tax $111.0M $106.5M $119.0M
% Of Pretax Income 24.7% 22.5% 23.61%
Net Earnings $338.4M $366.8M $385.0M
YoY Change -28.97% 54.14% 193.47%
Net Earnings / Revenue 7.81% 7.31% 8.42%
Basic Earnings Per Share $0.98 $1.10
Diluted Earnings Per Share $0.97 $1.044M $1.09
COMMON SHARES
Basic Shares Outstanding 347.1M shares 350.9M shares 351.1M shares
Diluted Shares Outstanding 348.8M shares 353.1M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.016B $4.922B $5.260B
YoY Change -25.18% 2.14% 19.1%
Cash & Equivalents $4.016B $4.922B $5.260B
Short-Term Investments
Other Short-Term Assets $194.8M $169.3M $195.3M
YoY Change -2.3% -32.05% -43.78%
Inventory $2.674B $2.262B $2.231B
Prepaid Expenses
Receivables $164.1M $119.2M $158.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.048B $7.473B $7.845B
YoY Change -5.16% 11.67% 20.38%
LONG-TERM ASSETS
Property, Plant & Equipment $2.888B $2.899B $2.784B
YoY Change 6.41% 6.94% 2.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $240.1M $241.3M $254.4M
YoY Change -2.27% 4.88% 18.22%
Total Long-Term Assets $6.186B $6.167B $6.071B
YoY Change 3.71% 2.35% 0.28%
TOTAL ASSETS
Total Short-Term Assets $7.048B $7.473B $7.845B
Total Long-Term Assets $6.186B $6.167B $6.071B
Total Assets $13.23B $13.64B $13.92B
YoY Change -1.21% 7.25% 10.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.175B $2.372B $2.653B
YoY Change -15.51% 5.11% 9.33%
Accrued Expenses $582.8M $613.1M $625.4M
YoY Change -0.1% 3.54% -4.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $64.99M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $3.756B $4.215B $4.476B
YoY Change -13.02% 6.25% 13.56%
LONG-TERM LIABILITIES
Long-Term Debt $2.453B $2.452B $2.451B
YoY Change 0.17% 0.17% -2.42%
Other Long-Term Liabilities $236.2M $236.0M $296.8M
YoY Change -17.34% -12.12% 2.07%
Total Long-Term Liabilities $2.690B $2.688B $2.748B
YoY Change -1.66% -1.05% -1.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.756B $4.215B $4.476B
Total Long-Term Liabilities $2.690B $2.688B $2.748B
Total Liabilities $6.446B $6.903B $7.224B
YoY Change -8.62% 3.28% 7.12%
SHAREHOLDERS EQUITY
Retained Earnings $2.875B $2.875B $2.834B
YoY Change 12.28% 31.53% 45.47%
Common Stock $1.753B $1.721B $1.685B
YoY Change 8.32% 8.69% 8.76%
Preferred Stock
YoY Change
Treasury Stock (at cost) $574.0M $535.9M $535.6M
YoY Change 9.14% 11.98% 11.96%
Treasury Stock Shares
Shareholders Equity $4.054B $4.060B $3.983B
YoY Change
Total Liabilities & Shareholders Equity $13.23B $13.64B $13.92B
YoY Change -1.21% 7.25% 10.7%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $338.4M $366.8M $385.0M
YoY Change -28.97% 54.14% 193.47%
Depreciation, Depletion And Amortization $92.11M $98.52M $88.05M
YoY Change 5.25% 2.63% -0.63%
Cash From Operating Activities -$416.3M $235.2M $158.3M
YoY Change -155.29% -49.18% -90.17%
INVESTING ACTIVITIES
Capital Expenditures $109.8M -$179.9M -$123.5M
YoY Change -19.78% 173.03% 37.97%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$109.8M -$179.9M -$123.5M
YoY Change -19.78% 173.03% 37.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $239.6M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$380.7M -392.4M -344.3M
YoY Change 166.51% -7948.62% -58.17%
NET CHANGE
Cash From Operating Activities -$416.3M 235.2M 158.3M
Cash From Investing Activities -$109.8M -179.9M -123.5M
Cash From Financing Activities -$380.7M -392.4M -344.3M
Net Change In Cash -$906.8M -337.2M -309.5M
YoY Change -291.69% -183.89% -144.35%
FREE CASH FLOW
Cash From Operating Activities -$416.3M $235.2M $158.3M
Capital Expenditures $109.8M -$179.9M -$123.5M
Free Cash Flow -$526.1M $415.1M $281.7M
YoY Change -185.42% -21.48% -83.43%

Facts In Submission

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CY2021Q2 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2021Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2021Q2 us-gaap Payments For Repurchase Of Other Equity
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CY2021Q2 us-gaap Payments For Repurchase Of Common Stock
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0 USD
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CY2021Q2 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4075598000 USD
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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of accounting estimates. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates include valuation reserves for inventory, packaway and other inventory carrying costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, employee retention credits under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), and legal claims. The uncertainties and impacts from inflation, the Russia-Ukraine conflict, and the ongoing COVID-19 pandemic increase the challenge of making these estimates; actual results could differ materially from the Company’s estimates.</span>
CY2022Q2 rost Revenuefrom Contractwith Customer Excluding Assessed Tax Rate
RevenuefromContractwithCustomerExcludingAssessedTaxRate
1
CY2021Q2 rost Revenuefrom Contractwith Customer Excluding Assessed Tax Rate
RevenuefromContractwithCustomerExcludingAssessedTaxRate
1
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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48625000 USD
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4075598000 USD
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5426818000 USD
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CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q1 us-gaap Stock Repurchase Program Period In Force1
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P2Y
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
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1900000000 USD
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1500000000 USD
CY2022 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
650000000 USD
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1500000000 USD
CY2022Q2 us-gaap Stock Repurchased During Period Shares
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2500000 shares
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
239600000 USD
CY2021Q2 us-gaap Stock Repurchased During Period Shares
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0 shares
CY2022Q2 us-gaap Share Based Compensation
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36071000 USD
CY2021Q2 us-gaap Share Based Compensation
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28674000 USD
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
36071000 USD
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
28674000 USD
CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
7400000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
5300000 USD
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.10
CY2022Q2 rost Plan Participants Annual Dollar Amount Ceiling For Espp
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25000 USD
CY2022Q2 rost Purchase Price For Shares Under Espp
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPricePurchaseDate
0.15
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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677000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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17400 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1767000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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348820000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
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0.98
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CY2022Q2 us-gaap Earnings Per Share Diluted
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0.97
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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352988000 shares
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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2379000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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355367000 shares
CY2021Q2 us-gaap Earnings Per Share Basic
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1.35
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CY2021Q2 us-gaap Earnings Per Share Diluted
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1.34
CY2022Q2 us-gaap Long Term Debt
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CY2022Q1 us-gaap Long Term Debt
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CY2021Q2 us-gaap Long Term Debt
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2514145000 USD
CY2022Q2 us-gaap Long Term Debt Current
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CY2022Q1 us-gaap Long Term Debt Current
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0 USD
CY2021Q2 us-gaap Long Term Debt Current
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CY2022Q2 us-gaap Long Term Debt Noncurrent
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2453367000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
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2452325000 USD
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2449208000 USD
CY2022Q2 us-gaap Interest Expense Long Term Debt
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21154000 USD
CY2021Q2 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
22194000 USD
CY2022Q2 us-gaap Interest Expense Other
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388000 USD
CY2021Q2 us-gaap Interest Expense Other
InterestExpenseOther
330000 USD
CY2022Q2 us-gaap Interest Costs Capitalized Adjustment
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2651000 USD
CY2021Q2 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
3239000 USD
CY2022Q2 us-gaap Interest Income Other
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1195000 USD
CY2021Q2 us-gaap Interest Income Other
InterestIncomeOther
236000 USD
CY2022Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-17696000 USD
CY2021Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-19049000 USD
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.25
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24
CY2022Q2 rost Effective Income Tax Rate Change From Prior Year Percent
EffectiveIncomeTaxRateChangeFromPriorYearPercent
0.01
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
70700000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
68100000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
71700000 USD
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
8200000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
7600000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
8700000 USD
CY2022Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
56600000 USD
CY2022Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
15800000 USD

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