2023 Q1 Form 10-K Financial Statement

#000009747623000007 Filed on February 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $4.379B $4.670B $20.03B
YoY Change -10.72% -3.35% 9.18%
Cost Of Revenue $1.516B $1.583B $6.257B
YoY Change 3.62% 6.82% 4.84%
Gross Profit $2.863B $3.087B $13.77B
YoY Change -16.82% -7.85% 11.27%
Gross Profit Margin 65.38% 66.1% 68.76%
Selling, General & Admin $474.0M $429.0M $1.704B
YoY Change 12.32% 6.19% 2.28%
% of Gross Profit 16.56% 13.9% 12.37%
Research & Development $455.0M $434.0M $1.670B
YoY Change 16.37% 11.57% 7.46%
% of Gross Profit 15.89% 14.06% 12.13%
Depreciation & Amortization $265.0M $263.0M $979.0M
YoY Change 32.5% 23.47% 29.67%
% of Gross Profit 9.26% 8.52% 7.11%
Operating Expenses $929.0M $863.0M $3.374B
YoY Change 14.27% 8.83% 4.78%
Operating Profit $1.934B $2.224B $10.40B
YoY Change -24.54% -13.02% 16.04%
Interest Expense -$68.00M -$60.00M -$214.0M
YoY Change 30.77% 22.45% 16.3%
% of Operating Profit -3.52% -2.7% -2.06%
Other Income/Expense, Net $80.00M $51.00M $106.0M
YoY Change 433.33% 466.67% -25.87%
Pretax Income $1.946B $2.167B $10.03B
YoY Change -22.96% -12.02% 12.48%
Income Tax $238.0M $205.0M $1.283B
% Of Pretax Income 12.23% 9.46% 12.79%
Net Earnings $1.708B $1.953B $8.710B
YoY Change -22.4% -8.65% 12.11%
Net Earnings / Revenue 39.0% 41.82% 43.49%
Basic Earnings Per Share $1.87 $9.51
Diluted Earnings Per Share $1.85 $2.132M $9.406M
COMMON SHARES
Basic Shares Outstanding 906.2M shares 907.6M shares 916.0M shares
Diluted Shares Outstanding 916.0M shares 926.0M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.545B $9.067B $9.067B
YoY Change -2.85% -6.9% -6.9%
Cash & Equivalents $4.477B $3.050B $3.050B
Short-Term Investments $5.068B $6.017B $6.017B
Other Short-Term Assets $313.0M $302.0M $302.0M
YoY Change -5.15% -9.85% -9.85%
Inventory $3.288B $2.757B $2.757B
Prepaid Expenses
Receivables $1.877B $1.895B $1.895B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.02B $14.02B $14.02B
YoY Change 7.23% 2.46% 2.46%
LONG-TERM ASSETS
Property, Plant & Equipment $7.665B $6.876B $6.876B
YoY Change 40.93% 33.75% 22.65%
Goodwill $4.362B $4.362B
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $13.00M $18.00M $18.00M
YoY Change -60.61% -57.14% -57.14%
Other Assets $1.355B $1.796B $1.796B
YoY Change 88.72% 140.11% 100.45%
Total Long-Term Assets $14.20B $13.19B $13.19B
YoY Change 26.02% 19.97% 19.97%
TOTAL ASSETS
Total Short-Term Assets $15.02B $14.02B $14.02B
Total Long-Term Assets $14.20B $13.19B $13.19B
Total Assets $29.22B $27.21B $27.21B
YoY Change 15.6% 10.26% 10.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $952.0M $851.0M $851.0M
YoY Change 48.52% 49.04% 30.32%
Accrued Expenses $1.080B $1.445B $1.445B
YoY Change 9.98% 11.58% 11.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0M $500.0M $500.0M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $2.904B $2.985B $2.985B
YoY Change 14.87% 16.19% 16.19%
LONG-TERM LIABILITIES
Long-Term Debt $9.626B $8.235B $8.235B
YoY Change 32.92% 13.73% 13.73%
Other Long-Term Liabilities $1.251B $1.344B $1.344B
YoY Change -4.79% -1.68% -7.05%
Total Long-Term Liabilities $10.88B $9.579B $9.579B
YoY Change 27.13% 11.28% 10.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.904B $2.985B $2.985B
Total Long-Term Liabilities $10.88B $9.579B $9.579B
Total Liabilities $13.98B $12.63B $12.63B
YoY Change 24.14% 11.35% 11.35%
SHAREHOLDERS EQUITY
Retained Earnings $50.93B $50.35B
YoY Change 8.24% 9.66%
Common Stock $4.757B $4.692B
YoY Change 7.92% 7.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.19B $40.21B
YoY Change 7.78% 9.28%
Treasury Stock Shares 833.0M shares 835.0M shares
Shareholders Equity $15.24B $14.58B $14.58B
YoY Change
Total Liabilities & Shareholders Equity $29.22B $27.21B $27.21B
YoY Change 15.6% 10.26% 10.26%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $1.708B $1.953B $8.710B
YoY Change -22.4% -8.65% 12.11%
Depreciation, Depletion And Amortization $265.0M $263.0M $979.0M
YoY Change 32.5% 23.47% 29.67%
Cash From Operating Activities $1.160B $2.042B $8.720B
YoY Change -45.9% -13.36% -0.41%
INVESTING ACTIVITIES
Capital Expenditures $982.0M -$967.0M -$2.797B
YoY Change 121.67% -24.57% -213.61%
Acquisitions
YoY Change
Other Investing Activities $4.000M -$60.00M -$786.0M
YoY Change -69.23% -93.66% -1367.74%
Cash From Investing Activities $28.00M -$1.027B -$3.583B
YoY Change -101.68% -53.93% -12.5%
FINANCING ACTIVITIES
Cash Dividend Paid $1.125B $4.297B
YoY Change 5.83% 10.58%
Common Stock Issuance & Retirement, Net -$3.374B
YoY Change -740.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $239.0M -1.134B -6.718B
YoY Change -114.92% -2.24% 114.15%
NET CHANGE
Cash From Operating Activities $1.160B 2.042B 8.720B
Cash From Investing Activities $28.00M -1.027B -3.583B
Cash From Financing Activities $239.0M -1.134B -6.718B
Net Change In Cash $1.427B -119.0M -1.581B
YoY Change -226.73% -88.47% -203.74%
FREE CASH FLOW
Cash From Operating Activities $1.160B $2.042B $8.720B
Capital Expenditures $982.0M -$967.0M -$2.797B
Free Cash Flow $178.0M $3.009B $11.52B
YoY Change -89.54% -17.31% 82.98%

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<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Indemnification guarantees</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We routinely sell products with an intellectual property indemnification included in the terms of sale. Historically, we have had only minimal, infrequent losses associated with these indemnities. Consequently, we cannot reasonably estimate any future liabilities that may result.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Warranty costs/product liabilities</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our stated warranties for semiconductor products obligate us to repair, replace or credit the purchase price of a covered product back to the buyer. Product claim consideration may exceed the price of our products. Historically, we have experienced a low rate of payments on product claims. Although we cannot predict the likelihood or amount of any future claims, we do not believe they will have a material adverse effect on our consolidated financial statements. We accrue for known product-related claims if a loss is probable and can be reasonably estimated. During the periods presented, there have been no material accruals or payments regarding product warranty or product liability.</span></div>
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Ernst & Young LLP
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Dallas, Texas

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