2024 Q3 Form 10-Q Financial Statement

#000128369924000111 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $20.16B $19.77B
YoY Change 4.73% 3.0%
Cost Of Revenue $7.029B $6.679B
YoY Change 0.16% -2.15%
Gross Profit $13.13B $13.09B
YoY Change 7.35% 5.84%
Gross Profit Margin 65.14% 66.22%
Selling, General & Admin $5.186B $5.142B
YoY Change -2.77% -2.47%
% of Gross Profit 39.49% 39.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.151B $3.248B
YoY Change -1.13% 4.44%
% of Gross Profit 23.99% 24.81%
Operating Expenses $5.186B $5.142B
YoY Change -2.77% -2.47%
Operating Profit $4.796B $4.630B
YoY Change 33.37% 22.07%
Interest Expense -$836.0M -$854.0M
YoY Change 5.82% -0.81%
% of Operating Profit -17.43% -18.44%
Other Income/Expense, Net -$829.0M -$862.0M
YoY Change 10.68% 0.82%
Pretax Income $3.967B $3.768B
YoY Change 39.34% 28.25%
Income Tax $908.0M $843.0M
% Of Pretax Income 22.89% 22.37%
Net Earnings $3.059B $2.925B
YoY Change 42.81% 31.7%
Net Earnings / Revenue 15.17% 14.79%
Basic Earnings Per Share $2.62 $2.50
Diluted Earnings Per Share $2.61 $2.49
COMMON SHARES
Basic Shares Outstanding 1.167B shares 1.172B shares
Diluted Shares Outstanding 1.171B shares 1.172B shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.754B $6.417B
YoY Change 93.92% -3.46%
Cash & Equivalents $9.754B $6.417B
Short-Term Investments
Other Short-Term Assets $2.154B $2.163B
YoY Change -5.19% 6.45%
Inventory $1.789B $1.319B
Prepaid Expenses $953.0M $1.059B
Receivables $4.286B $4.563B
Other Receivables $3.595B $3.776B
Total Short-Term Assets $22.53B $19.30B
YoY Change 20.69% -4.64%
LONG-TERM ASSETS
Property, Plant & Equipment $37.60B $38.22B
YoY Change -8.46% -8.57%
Goodwill $13.02B $13.02B
YoY Change 6.38% 6.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.158B $5.093B
YoY Change 21.48% 21.73%
Total Long-Term Assets $188.2B $189.3B
YoY Change -0.89% -0.58%
TOTAL ASSETS
Total Short-Term Assets $22.53B $19.30B
Total Long-Term Assets $188.2B $189.3B
Total Assets $210.7B $208.6B
YoY Change 1.04% -0.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.050B $3.290B
YoY Change -33.74% -39.8%
Accrued Expenses $7.774B $7.503B
YoY Change -9.68% -2.51%
Deferred Revenue $1.125B $1.098B
YoY Change 35.54% 35.56%
Short-Term Debt $5.851B $5.867B
YoY Change 70.24% -24.11%
Long-Term Debt Due $1.252B $1.252B
YoY Change -2.64% 2.62%
Total Short-Term Liabilities $20.96B $23.04B
YoY Change -3.48% -6.23%
LONG-TERM LIABILITIES
Long-Term Debt $78.90B $76.56B
YoY Change 2.53% 1.73%
Other Long-Term Liabilities $3.968B $4.032B
YoY Change 9.01% 7.55%
Total Long-Term Liabilities $125.5B $122.9B
YoY Change 2.76% 2.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.96B $23.04B
Total Long-Term Liabilities $125.5B $122.9B
Total Liabilities $146.5B $145.9B
YoY Change 1.81% 0.74%
SHAREHOLDERS EQUITY
Retained Earnings $12.40B $10.36B
YoY Change 132.45% 163.08%
Common Stock $68.66B $68.46B
YoY Change -7.72% -7.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.25B $62.64B
YoY Change
Total Liabilities & Shareholders Equity $210.7B $208.6B
YoY Change 1.04% -0.97%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $3.059B $2.925B
YoY Change 42.81% 31.7%
Depreciation, Depletion And Amortization $3.151B $3.248B
YoY Change -1.13% 4.44%
Cash From Operating Activities $6.139B $5.521B
YoY Change 15.96% 26.77%
INVESTING ACTIVITIES
Capital Expenditures $1.961B $2.040B
YoY Change -19.1% -26.86%
Acquisitions $0.00 $390.0M
YoY Change
Other Investing Activities -$89.00M $50.00M
YoY Change 423.53% -308.33%
Cash From Investing Activities -$3.307B -$1.678B
YoY Change 137.4% 12.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $223.0M $2.723B
YoY Change -95.02% 1121.08%
Cash From Financing Activities $507.0M -$4.134B
YoY Change -109.2% 427.3%
NET CHANGE
Cash From Operating Activities $6.139B $5.521B
Cash From Investing Activities -$3.307B -$1.678B
Cash From Financing Activities $507.0M -$4.134B
Net Change In Cash $3.339B -$291.0M
YoY Change -307.52% -113.96%
FREE CASH FLOW
Cash From Operating Activities $6.139B $5.521B
Capital Expenditures $1.961B $2.040B
Free Cash Flow $4.178B $3.481B
YoY Change 45.57% 122.29%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivative and Hedging Instruments</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company manages its exposure to foreign exchange rates and interest rates through a risk management program that includes the use of derivative financial instruments, including cross-currency swaps. We designate certain derivatives as accounting hedge relationships. We do not hold derivatives for trading or speculative purposes.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We record derivatives on our Condensed Consolidated Balance Sheets and recognize them as either assets or liabilities at fair value. Fair value is derived primarily from observable market data, and our derivatives are classified as Level 2 in the fair value hierarchy.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flows associated with qualifying hedge derivative instruments are presented in the same category on our Condensed Consolidated Statements of Cash Flows</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">as the item being hedged. For fair value hedges, other than foreign currency hedges, the change in the fair value of the derivative instruments is recognized in earnings through the same income statement line item as the change in the fair value of the hedged item. For cash flow hedges, as well as fair value foreign currency hedges, the change in the fair value of the derivative instruments is reported in Accumulated other comprehensive loss and recognized in earnings when the hedged item is recognized in earnings, again, through the same income statement line item.</span></div>
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