2023 Q4 Form 10-Q Financial Statement

#000010337923000018 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.960B $2.086B
YoY Change -3.91% -7.75%
Cost Of Revenue $1.328B $985.3M
YoY Change -11.37% -5.53%
Gross Profit $1.632B $1.101B
YoY Change 3.16% -9.65%
Gross Profit Margin 55.14% 52.78%
Selling, General & Admin $1.408B $1.109B
YoY Change 12.49% -3.97%
% of Gross Profit 86.23% 100.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $88.79M $67.08M
YoY Change 39.02% 0.48%
% of Gross Profit 5.44% 6.09%
Operating Expenses $1.408B $1.109B
YoY Change 12.49% -3.97%
Operating Profit -$32.23M -$8.292M
YoY Change -109.73% -113.09%
Interest Expense $67.55M -$49.72M
YoY Change -299.24% -252.77%
% of Operating Profit
Other Income/Expense, Net $30.03M $90.83M
YoY Change -423.59% -195.9%
Pretax Income -$65.54M -$62.28M
YoY Change -51.09% -0.54%
Income Tax -$23.09M -$4.853M
% Of Pretax Income
Net Earnings -$42.45M -$57.43M
YoY Change -64.15% 2.62%
Net Earnings / Revenue -1.43% -2.75%
Basic Earnings Per Share -$0.11 -$0.15
Diluted Earnings Per Share -$0.11 -$0.15
COMMON SHARES
Basic Shares Outstanding 388.9M shares 388.2M shares
Diluted Shares Outstanding 388.4M shares 388.2M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $988.0M $806.5M
YoY Change 78.72% 52.74%
Cash & Equivalents $988.0M $806.5M
Short-Term Investments
Other Short-Term Assets $485.6M $403.1M
YoY Change -11.87% -18.16%
Inventory $2.148B $2.787B
Prepaid Expenses
Receivables $1.314B $1.217B
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.936B $5.214B
YoY Change -13.23% 13.05%
LONG-TERM ASSETS
Property, Plant & Equipment $2.228B $2.293B
YoY Change 1.2% 2.58%
Goodwill $1.724B $1.974B
YoY Change -18.03% -16.36%
Intangibles $5.195B $5.196B
YoY Change -4.85% -11.48%
Long-Term Investments
YoY Change
Other Assets $1.092B $1.923B
YoY Change 7.54% 88.34%
Total Long-Term Assets $7.681B $8.830B
YoY Change -5.13% 2.68%
TOTAL ASSETS
Total Short-Term Assets $4.936B $5.214B
Total Long-Term Assets $7.681B $8.830B
Total Assets $12.62B $14.04B
YoY Change -8.47% 6.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $974.8M $1.282B
YoY Change -4.65% 25.38%
Accrued Expenses $1.570B $1.484B
YoY Change -12.74% -7.99%
Deferred Revenue
YoY Change
Short-Term Debt $452.3M $58.52M
YoY Change -73.28% -92.93%
Long-Term Debt Due $1.001B $928.7M
YoY Change 20.24% 87682.23%
Total Short-Term Liabilities $3.997B $3.816B
YoY Change -25.23% 10.17%
LONG-TERM LIABILITIES
Long-Term Debt $4.755B $5.722B
YoY Change 34.86% 28.06%
Other Long-Term Liabilities $621.0M $1.788B
YoY Change -66.0% 94.25%
Total Long-Term Liabilities $621.0M $7.511B
YoY Change -88.4% 715.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.997B $3.816B
Total Long-Term Liabilities $621.0M $7.511B
Total Liabilities $10.51B $11.33B
YoY Change -1.79% 14.89%
SHAREHOLDERS EQUITY
Retained Earnings -$556.3M -$60.69M
YoY Change 363.09% -132.15%
Common Stock $3.717B $3.831B
YoY Change -8.22% -5.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.109B $2.717B
YoY Change
Total Liabilities & Shareholders Equity $12.62B $14.04B
YoY Change -8.47% 6.3%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$42.45M -$57.43M
YoY Change -64.15% 2.62%
Depreciation, Depletion And Amortization $88.79M $67.08M
YoY Change 39.02% 0.48%
Cash From Operating Activities $1.125B $163.6M
YoY Change -302.47% -145.65%
INVESTING ACTIVITIES
Capital Expenditures $33.58M $84.59M
YoY Change -157.64% -206.32%
Acquisitions
YoY Change
Other Investing Activities -$8.686M -$5.972M
YoY Change 120.85% -40.55%
Cash From Investing Activities -$42.26M -$90.56M
YoY Change -32.04% 30.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$1.725M
YoY Change
Debt Paid & Issued, Net $268.0K
YoY Change -99.95%
Cash From Financing Activities -609.9M -71.89M
YoY Change -191.03% -72.48%
NET CHANGE
Cash From Operating Activities 1.125B 163.6M
Cash From Investing Activities -42.26M -90.56M
Cash From Financing Activities -609.9M -71.89M
Net Change In Cash 472.9M 1.128M
YoY Change 806.54% -100.15%
FREE CASH FLOW
Cash From Operating Activities $1.125B $163.6M
Capital Expenditures $33.58M $84.59M
Free Cash Flow $1.091B $78.99M
YoY Change -319.43% -128.33%

Facts In Submission

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Fiscal YearVF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from April 2, 2023 through March 30, 2024 ("Fiscal 2024"). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2024. For presentation purposes herein, all references to periods ended September 2023 and September 2022 relate to the fiscal periods ended on September 30, 2023 and October 1, 2022, respectively. References to March 2023 relate to information as of April 1, 2023.
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<div style="margin-top:14pt;text-align:justify"><span style="color:#6d6e71;font-family:'DIN-Regular',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-align:justify"><span style="color:#6d6e71;font-family:'DIN-Regular',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In preparing the interim consolidated financial statements, management makes estimates and assumptions that affect amounts reported in the interim consolidated financial statements and accompanying notes. Actual results may differ from those estimates.</span></div>
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