2023 Q1 Form 10-K Financial Statement

#000154315123000010 Filed on February 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $8.823B $8.607B $31.88B
YoY Change 28.73% 48.96% 82.62%
Cost Of Revenue $5.899B $5.912B $22.07B
YoY Change 28.24% 61.93% 96.58%
Gross Profit $2.924B $2.695B $9.805B
YoY Change 29.72% 26.7% 57.46%
Gross Profit Margin 33.14% 31.31% 30.76%
Selling, General & Admin $2.204B $1.867B $7.892B
YoY Change 16.31% -0.32% 11.08%
% of Gross Profit 75.38% 69.28% 80.49%
Research & Development $775.0M $747.0M $2.798B
YoY Change 32.03% 33.87% 36.22%
% of Gross Profit 26.5% 27.72% 28.54%
Depreciation & Amortization $207.0M $223.0M $947.0M
YoY Change -18.5% -9.35% 4.99%
% of Gross Profit 7.08% 8.27% 9.66%
Operating Expenses $2.979B $2.837B $10.69B
YoY Change 20.02% 5.98% 16.72%
Operating Profit -$262.0M -$142.0M -$1.832B
YoY Change -45.64% -74.18% -52.22%
Interest Expense $168.0M $603.0M $565.0M
YoY Change 30.23% -58.73% 16.98%
% of Operating Profit
Other Income/Expense, Net $292.0M $13.00M -$7.029B
YoY Change -105.25% -110.83% -313.52%
Pretax Income -$138.0M $474.0M -$8.523B
YoY Change -97.76% -40.08% 2406.76%
Income Tax $55.00M -$84.00M -$181.0M
% Of Pretax Income -17.72%
Net Earnings -$157.0M $595.0M -$9.141B
YoY Change -97.35% -33.3% 1742.94%
Net Earnings / Revenue -1.78% 6.91% -28.68%
Basic Earnings Per Share -$0.08 -$4.64
Diluted Earnings Per Share -$0.08 $0.30 -$4.65
COMMON SHARES
Basic Shares Outstanding 2.010B shares 1.994B shares 1.972B shares
Diluted Shares Outstanding 2.010B shares 1.975B shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.166B $4.311B $4.311B
YoY Change -0.43% 0.37% 0.37%
Cash & Equivalents $4.045B $4.208B $4.208B
Short-Term Investments $121.0M $103.0M $103.0M
Other Short-Term Assets $492.0M $459.0M $1.449B
YoY Change 0.0% 3.85% -5.42%
Inventory
Prepaid Expenses $360.0M $310.0M
Receivables $2.571B $2.779B $2.779B
Other Receivables $710.0M $710.0M $710.0M
Total Short-Term Assets $9.196B $9.249B $9.249B
YoY Change 6.13% 4.88% 4.88%
LONG-TERM ASSETS
Property, Plant & Equipment $2.142B $2.082B $3.531B
YoY Change 15.6% 12.36% 8.95%
Goodwill $8.185B $8.263B
YoY Change -2.96% -1.86%
Intangibles $1.766B $1.874B
YoY Change -22.17% -22.31%
Long-Term Investments $740.0M $870.0M $6.885B
YoY Change 18.59% 8.75% -45.38%
Other Assets $554.0M $518.0M $2.307B
YoY Change 33.49% 30.48% -29.58%
Total Long-Term Assets $23.26B $22.86B $22.86B
YoY Change -3.69% -23.69% -23.69%
TOTAL ASSETS
Total Short-Term Assets $9.196B $9.249B $9.249B
Total Long-Term Assets $23.26B $22.86B $22.86B
Total Assets $32.45B $32.11B $32.11B
YoY Change -1.1% -17.19% -17.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $712.0M $728.0M $728.0M
YoY Change -17.4% -15.35% -15.35%
Accrued Expenses $6.120B $6.232B $2.381B
YoY Change -0.75% -4.67% 73.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.00M $27.00M $115.0M
YoY Change -7.41% 0.0% -39.79%
Total Short-Term Liabilities $8.683B $8.853B $8.853B
YoY Change 0.36% -1.89% -1.89%
LONG-TERM LIABILITIES
Long-Term Debt $9.257B $9.265B $9.549B
YoY Change -0.17% -0.12% 2.47%
Other Long-Term Liabilities $798.0M $786.0M $5.176B
YoY Change 17.53% -15.94% 9.73%
Total Long-Term Liabilities $10.06B $10.05B $14.73B
YoY Change 1.03% -1.57% 4.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.683B $8.853B $8.853B
Total Long-Term Liabilities $10.06B $10.05B $14.73B
Total Liabilities $23.78B $23.61B $24.77B
YoY Change 3.41% 0.77% 1.86%
SHAREHOLDERS EQUITY
Retained Earnings -$32.92B -$32.80B
YoY Change 11.4% 38.83%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.508B $7.340B $7.340B
YoY Change
Total Liabilities & Shareholders Equity $32.45B $32.11B $32.11B
YoY Change -1.1% -17.19% -17.19%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$157.0M $595.0M -$9.141B
YoY Change -97.35% -33.3% 1742.94%
Depreciation, Depletion And Amortization $207.0M $223.0M $947.0M
YoY Change -18.5% -9.35% 4.99%
Cash From Operating Activities $606.0M -$244.0M $642.0M
YoY Change 3940.0% 128.04% -244.27%
INVESTING ACTIVITIES
Capital Expenditures $57.00M $59.00M $252.0M
YoY Change -8.06% -173.75% -15.44%
Acquisitions $0.00 $59.00M
YoY Change -100.0% -97.45%
Other Investing Activities -$4.000M -$1.710B $6.000M
YoY Change -500.0% -21.85% -150.0%
Cash From Investing Activities -$399.0M -$1.769B -$1.637B
YoY Change 195.56% -22.0% 36.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.137B $0.00
YoY Change -100.0%
Cash From Financing Activities -$107.0M -89.00M $15.00M
YoY Change -5.31% -121.5% -99.16%
NET CHANGE
Cash From Operating Activities $606.0M -244.0M $642.0M
Cash From Investing Activities -$399.0M -1.769B -$1.637B
Cash From Financing Activities -$107.0M -89.00M $15.00M
Net Change In Cash $116.0M -2.102B -$1.128B
YoY Change -154.46% 7.19% -1835.38%
FREE CASH FLOW
Cash From Operating Activities $606.0M -$244.0M $642.0M
Capital Expenditures $57.00M $59.00M $252.0M
Free Cash Flow $549.0M -$303.0M $390.0M
YoY Change -1268.09% 1022.22% -152.49%

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<div style="margin-bottom:3pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, management evaluates estimates, including, but not limited to: fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock-based compensation; income taxes and non-income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates. We considered the impacts of the COVID-19 pandemic on the assumptions and inputs (including market data) supporting certain of these estimates, assumptions and judgments. The level of uncertainties and volatility related to the impacts of the COVID-19 pandemic means that these estimates may change in future periods, as new events occur and additional information is obtained.</span></div>
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