2023 Q2 Form 10-Q Financial Statement

#000111316923000014 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.610B $1.538B
YoY Change 6.42% -17.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $980.0M $990.7M
YoY Change 25.83% 8.95%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.10M $58.80M
YoY Change -45.02% 7.89%
% of Gross Profit
Operating Expenses $1.063B $1.053B
YoY Change 25.9% 6.88%
Operating Profit $533.5M $484.2M
YoY Change -20.21% -44.81%
Interest Expense $113.5M $139.3M
YoY Change -140.58% -172.21%
% of Operating Profit 21.27% 28.77%
Other Income/Expense, Net -$7.300M $135.4M
YoY Change -97.39% -168.21%
Pretax Income $639.7M $619.6M
YoY Change 64.57% -8.73%
Income Tax $158.5M $177.9M
% Of Pretax Income 24.78% 28.71%
Net Earnings $464.8M $421.5M
YoY Change 36.87% -25.78%
Net Earnings / Revenue 28.87% 27.41%
Basic Earnings Per Share $2.07 $1.83
Diluted Earnings Per Share $2.06 $1.83
COMMON SHARES
Basic Shares Outstanding 224.6M shares 224.4M shares
Diluted Shares Outstanding 225.2M shares 225.2M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.250B $2.094B
YoY Change 6.32% 4.84%
Cash & Equivalents $2.250B $2.094B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $761.4M $730.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.011B $2.825B
YoY Change 4.22% -3.17%
LONG-TERM ASSETS
Property, Plant & Equipment $1.033B $762.2M
YoY Change 38.2% 3.52%
Goodwill $2.643B $2.643B
YoY Change -0.36% -0.04%
Intangibles $577.4M $603.8M
YoY Change -32.79% -31.87%
Long-Term Investments $4.665B $4.427B
YoY Change 20.5% -2.43%
Other Assets
YoY Change
Total Long-Term Assets $9.610B $9.332B
YoY Change 8.23% -1.05%
TOTAL ASSETS
Total Short-Term Assets $3.011B $2.825B
Total Long-Term Assets $9.610B $9.332B
Total Assets $12.62B $12.16B
YoY Change 7.25% -1.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $281.3M $359.9M
YoY Change -22.08% -13.76%
Accrued Expenses $834.6M $630.0M
YoY Change 19.33% 24.65%
Deferred Revenue
YoY Change
Short-Term Debt $100.0M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.258B $1.140B
YoY Change 14.94% 0.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $912.0M $943.2M
YoY Change -2.61% -13.76%
Total Long-Term Liabilities $912.0M $943.2M
YoY Change -2.61% -13.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.258B $1.140B
Total Long-Term Liabilities $912.0M $943.2M
Total Liabilities $3.358B $2.083B
YoY Change 65.31% -6.65%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $565.4M $546.7M
YoY Change -19.19% -23.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.264B $9.045B
YoY Change
Total Liabilities & Shareholders Equity $12.62B $12.16B
YoY Change 7.25% -1.55%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $464.8M $421.5M
YoY Change 36.87% -25.78%
Depreciation, Depletion And Amortization $59.10M $58.80M
YoY Change -45.02% 7.89%
Cash From Operating Activities $394.8M $511.7M
YoY Change -36.69% -53.63%
INVESTING ACTIVITIES
Capital Expenditures $71.70M $60.70M
YoY Change -205.6% 10.56%
Acquisitions
YoY Change
Other Investing Activities -$6.700M $600.0K
YoY Change -117.45% -110.53%
Cash From Investing Activities -$78.40M -$57.50M
YoY Change 165.76% -1613.16%
FINANCING ACTIVITIES
Cash Dividend Paid $282.2M
YoY Change 1.07%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -175.8M -$144.2M
YoY Change -63.89% -77.61%
NET CHANGE
Cash From Operating Activities 394.8M $511.7M
Cash From Investing Activities -78.40M -$57.50M
Cash From Financing Activities -175.8M -$144.2M
Net Change In Cash 140.6M $311.5M
YoY Change 31.16% -32.34%
FREE CASH FLOW
Cash From Operating Activities $394.8M $511.7M
Capital Expenditures $71.70M $60.70M
Free Cash Flow $323.1M $451.0M
YoY Change -53.28% -56.99%

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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 trow Proceeds From Stock Options Exercised Net Of Payments For Repurchase Of Common Stock For Employee Tax Withholding Obligations And Strike Price
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 trow Net Income Loss Including Non Controlling Interest Compensation Expense Attributable To Parent
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CY2023Q1 us-gaap Stock Repurchased During Period Value
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CY2022Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q1 us-gaap Dividends Cash
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CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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63500000 usd
CY2022Q1 us-gaap Dividends Sharebased Compensation Paid In Kind
DividendsSharebasedCompensationPaidInKind
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CY2022Q1 us-gaap Stock Repurchased During Period Value
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CY2022Q1 us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
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CY2022Q1 trow Subscription From Redemption Distribution To Noncontrolling Interest
SubscriptionFromRedemptionDistributionToNoncontrollingInterest
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CY2022Q1 trow Temporary Equity Increase Due To Consolidation
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
790400000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates.
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1537600000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q1 us-gaap Investments
Investments
2606200000 usd
CY2022Q4 us-gaap Investments
Investments
2539200000 usd
CY2023Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
46700000 usd
CY2022Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
70.28
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q1 us-gaap Goodwill
Goodwill
2642800000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
2642800000 usd
CY2023Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
3246600000 usd
CY2022Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
3272600000 usd
CY2023Q1 us-gaap Amortization Of Acquisition Costs
AmortizationOfAcquisitionCosts
26000000 usd
CY2022Q1 us-gaap Amortization Of Acquisition Costs
AmortizationOfAcquisitionCosts
27100000 usd
CY2023Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2218506 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
74.31
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
252013 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
74.83
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1966493 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
74.83
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
142.37
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
114.04
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
110.37
CY2023Q1 trow Sharebased Compensation Arrangement By Sharebased Payment Award Nonvested Dividend Equivalents Granted To Non Employee Directors Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardNonvestedDividendEquivalentsGrantedToNonEmployeeDirectorsWeightedAverageGrantDateFairValue
101.60
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
141.24
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
142.75
CY2023Q1 trow Employee Service Share Based Compensation Nonvested Awards Compensation Cost To Be Recognized Quarter Two Of Current Fiscal Year
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostToBeRecognizedQuarterTwoOfCurrentFiscalYear
59000000.0 usd
CY2023Q1 trow Employee Service Share Based Compensation Nonvested Awards Compensation Cost To Be Recognized Quarter Three Of Current Fiscal Year
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostToBeRecognizedQuarterThreeOfCurrentFiscalYear
57800000 usd
CY2023Q1 trow Employee Service Sharebased Compensation Nonvested Awards Compensation Cost To Be Recognized Quarter Four Of Fiscal Year
EmployeeServiceSharebasedCompensationNonvestedAwardsCompensationCostToBeRecognizedQuarterFourOfFiscalYear
50600000 usd
CY2023Q1 trow Employee Service Sharebased Compensation Nonvested Awards Compensation Cost To Be Recognized Next Fiscal Year
EmployeeServiceSharebasedCompensationNonvestedAwardsCompensationCostToBeRecognizedNextFiscalYear
121500000 usd
CY2023Q1 trow Employee Service Share Based Compensation Nonvested Awards Compensation Cost To Be Recognized From Second Fiscal Year To Vesting
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostToBeRecognizedFromSecondFiscalYearToVesting
96100000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
385000000.0 usd
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
421500000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
567900000 usd
CY2023Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
10500000 usd
CY2023Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
10500000 usd
CY2022Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
13000000.0 usd
CY2022Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
13000000.0 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
411000000.0 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
411000000.0 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
554900000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
554900000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
224400000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228200000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
225200000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
229800000 shares
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
6100000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-9900000 usd

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