Table of Contents
3M Company and Subsidiaries
Consolidated Statement of Cash Flow s
Years ended December 31

(Millions)

2018

2017

2016

Cash Flows from Operating Activities

Net income including noncontrolling interest

$
5,363
$
4,869
$
5,058
Adjustments to reconcile net income including noncontrolling interest to net cash
provided by operating activities

Depreciation and amortization

1,488

1,544

1,474
Company pension and postretirement contributions

(370)

(967)

(383)
Company pension and postretirement expense

410

334

250
Stock-based compensation expense

302

324

298
Gain on sale of businesses

(545)

(586)

(111)
Deferred income taxes

(57)

107

 7
Changes in assets and liabilities

Accounts receivable

(305)

(245)

(313)
Inventories

(509)

(387)

57
Accounts payable

408

24

148
Accrued income taxes (current and long-term)

134

967

101
Other — net

120

256

76
Net cash provided by (used in) operating activities

6,439

6,240

6,662

Cash Flows from Investing Activities

Purchases of property, plant and equipment (PP&E)

(1,577)

(1,373)

(1,420)
Proceeds from sale of PP&E and other assets

262

49

58
Acquisitions, net of cash acquired

13

(2,023)

(16)
Purchases of marketable securities and investments

(1,828)

(2,152)

(1,410)
Proceeds from maturities and sale of marketable securities and investments

2,497

1,354

1,247
Proceeds from sale of businesses, net of cash sold

846

1,065

142
Other — net

 9

(6)

(4)
Net cash provided by (used in) investing activities

222

(3,086)

(1,403)

Cash Flows from Financing Activities

Change in short-term debt — net

(284)

578

(797)
Repayment of debt (maturities greater than 90 days)

(1,034)

(962)

(992)
Proceeds from debt (maturities greater than 90 days)

2,251

1,987

2,832
Purchases of treasury stock

(4,870)

(2,068)

(3,753)
Proceeds from issuance of treasury stock pursuant to stock option and benefit plans

485

734

804
Dividends paid to shareholders

(3,193)

(2,803)

(2,678)
Other — net

(56)

(121)

(42)
Net cash provided by (used in) financing activities

(6,701)

(2,655)

(4,626)

Effect of exchange rate changes on cash and cash equivalents

(160)

156

(33)

Net increase (decrease) in cash and cash equivalents

(200)

655

600
Cash and cash equivalents at beginning of year

3,053

2,398

1,798
Cash and cash equivalents at end of period

$
2,853
$
3,053
$
2,398

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

60


Table of Contents
3M Company and Subsidiaries
Consolidated Balance Shee t
At December 31

December 31,

December 31,

(Dollars in millions, except per share amount)

2018

2017

Assets

Current assets

Cash and cash equivalents

$
2,853
$
3,053
Marketable securities — current

380

1,076
Accounts receivable — net of allowances of $95 and $103

5,020

4,911
Inventories

Finished goods

2,120

1,915
Work in process

1,292

1,218
Raw materials and supplies

954

901
Total inventories

4,366

4,034
Prepaids

741

937
Other current assets

349

266
Total current assets

13,709

14,277
Property, plant and equipment

24,873

24,914
Less: Accumulated depreciation

(16,135)

(16,048)
Property, plant and equipment — net

8,738

8,866
Goodwill

10,051

10,513
Intangible assets — net

2,657

2,936
Other assets

1,345

1,395
Total assets

$
36,500
$
37,987
Liabilities

Current liabilities

Short-term borrowings and current portion of long-term debt

$
1,211
$
1,853
Accounts payable

2,266

1,945
Accrued payroll

749

870
Accrued income taxes

243

310
Other current liabilities

2,775

2,709
Total current liabilities

7,244

7,687

Long-term debt

13,411

12,096
Pension and postretirement benefits

2,987

3,620
Other liabilities

3,010

2,962
Total liabilities

$
26,652
$
26,365
Commitments and contingencies (Note 16)

Equity

3M Company shareholders’ equity:

Common stock par value, $.01 par value

$
 9
$
 9
Shares outstanding - 2018: 576,575,168

Shares outstanding - 2017: 594,884,237

Additional paid-in capital

5,643

5,352
Retained earnings

40,636

39,115
Treasury stock

(29,626)

(25,887)
Accumulated other comprehensive income (loss)

(6,866)

(7,026)
Total 3M Company shareholders’ equity

9,796

11,563
Noncontrolling interest

52

59
Total equity

$
9,848
$
11,622
Total liabilities and equity

$
36,500
$
37,987

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
58


3M Company and Subsidiaries
 Consolidated Statement of Income
 Years ended December 31
 (Millions, except per share amounts) 2022 2021 2020
 Net sales $ 34,229 $ 35,355 $ 32,184___FINANCEBENCH_DELIMITER___3M Company and Subsidiaries
 Consolidated Balance Sheet
 At December 31
 (Dollars in millions, except per share amount) 2022 2021 Property, plant and equipment — net 9,178 9,429 Total assets $ 46,455 $ 47,072___FINANCEBENCH_DELIMITER___3M Company and Subsidiaries
 Consolidated Statement of Cash Flows
 Years ended December 31
 (Millions) 2022 2021 2020 Cash Flows from Investing Activities
 Purchases of property, plant and equipment (PP&E) (1,749) (1,603) (1,501)


SG&A, measured as a percent of sales, increased in 2022 when compared to the same period last year. SG&A was impacted by increased special item costs for significant
litigation primarily related to steps toward resolving Combat Arms Earplugs litigation (discussed in Note 16) resulting in a 2022 second quarter pre-tax charge of approximately
$1.2 billion, certain impairment costs related to exiting PFAS manufacturing (see Note 15), costs related to exiting Russia (see Note 15), divestiture-related restructuring
charges (see Note 5), and continued investment in key growth initiatives. These increases were partially offset by restructuring benefits and ongoing general 3M cost
management.


Worldwide Sales Change
By Business Segment Organic sales Acquisitions Divestitures Translation Total sales change
Safety and Industrial 1.0 % — % — % (4.2) % (3.2) %
Transportation and Electronics 1.2 — (0.5) (4.6) (3.9)
Health Care 3.2 — (1.4) (3.8) (2.0)
Consumer (0.9) — (0.4) (2.6) (3.9)
Total Company 1.2 — (0.5) (3.9) (3.2)


3M Company and Subsidiaries
Consolidated Balance Sheet
(Unaudited)
(Dollars in millions, except per share amount) June 30, 2023 December 31, 2022
Assets
Current assets
Cash and cash equivalents $ 4,258 $ 3,655
Marketable securities — current 56 238
Accounts receivable — net of allowances of $160 and $174 4,947 4,532
Inventories
Finished goods 2,526 2,497
Work in process 1,527 1,606
Raw materials and supplies 1,227 1,269
Total inventories 5,280 5,372
Prepaids 674 435
Other current assets 539 456
Total current assets 15,754 14,688
Property, plant and equipment 26,459 25,998
Less: Accumulated depreciation (17,248) (16,820)
Property, plant and equipment — net 9,211 9,178
Operating lease right of use assets 812 829
Goodwill 12,869 12,790
Intangible assets — net 4,470 4,699
Other assets 5,764 4,271
Total assets $ 48,880 $ 46,455
Liabilities
Current liabilities
Short-term borrowings and current portion of long-term debt $ 3,033 $ 1,938
Accounts payable 3,231 3,183
Accrued payroll 785 692
Accrued income taxes 172 259
Operating lease liabilities — current 244 261
Other current liabilities 3,471 3,190
Total current liabilities 10,936 9,523


Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, Par Value $.01 Per Share MMM New York Stock Exchange
MMM Chicago Stock Exchange, Inc.
1.500% Notes due 2026 MMM26 New York Stock Exchange
1.750% Notes due 2030 MMM30 New York Stock Exchange
1.500% Notes due 2031 MMM31 New York Stock Exchange


This marked the 65th consecutive year of dividend increases for 3M.


Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in millions, except share data)

At December 31, 2019

At December 31, 2018
Assets

Current assets:

Cash and cash equivalents
$
5,794
 $
4,225
Accounts receivable, net of allowances of $132 and $190, at December 31, 2019 and December 31, 2018, respectively
848

1,035
Inventories, net
32

43
Software development
322

264
Other current assets
296

539
Total current assets
7,292

6,106
Software development
54

65
Property and equipment, net
253

282
Deferred income taxes, net
1,293

458
Other assets
658

482
Intangible assets, net
531

735
Goodwill
9,764

9,762
Total assets
$
19,845
 $
17,890

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable
$
292
 $
253
Deferred revenues
1,375

1,493
Accrued expenses and other liabilities
1,248

896
Total current liabilities
2,915

2,642
Long-term debt, net
2,675

2,671
Deferred income taxes, net
505

18
Other liabilities
945

1,167
Total liabilities
7,040

6,498
Commitments and contingencies (Note 23)

Shareholders’ equity:

Common stock, $0.000001 par value, 2,400,000,000 shares authorized, 1,197,436,644 and 1,192,093,991 shares issued at
December 31, 2019 and December 31, 2018, respectively
—

—
Additional paid-in capital
11,174

10,963
Less: Treasury stock, at cost, 428,676,471 shares at December 31, 2019 and December 31, 2018
(5,563)
(5,563)
Retained earnings
7,813

6,593
Accumulated other comprehensive loss
(619)
(601)
Total shareholders’ equity
12,805

11,392
Total liabilities and shareholders’ equity
$
19,845
 $
17,890
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-4___FINANCEBENCH_DELIMITER___Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions, except per share data)

For the Years Ended December 31,

2019

2018

2017
Net revenues

Product sales
$
1,975
 $
2,255  $
2,110
Subscription, licensing, and other revenues
4,514

5,245
4,907
Total net revenues
6,489

7,500
7,017

Costs and expenses

Cost of revenues—product sales:

Product costs
656

719
733
Software royalties, amortization, and intellectual property licenses
240

371
300
Cost of revenues—subscription, licensing, and other revenues:

Game operations and distribution costs
965

1,028
984
Software royalties, amortization, and intellectual property licenses
233

399
484
Product development
998

1,101
1,069
Sales and marketing
926

1,062
1,378
General and administrative
732

822
745
Restructuring and related costs
132

10
15
Total costs and expenses
4,882

5,512
5,708

Operating income
1,607

1,988
1,309
Interest and other expense (income), net (Note 18)
(26)
71
146
Loss on extinguishment of debt
—

40
12
Income before income tax expense
1,633

1,877
1,151
Income tax expense
130

29
878
Net income
$
1,503
 $
1,848  $
273

Earnings per common share

Basic
$
1.96
 $
2.43  $
0.36
Diluted
$
1.95
 $
2.40  $
0.36

Weighted-average number of shares outstanding

Basic
767

762
754
Diluted
771

771
766
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-5


Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions, except per share data)

For the Years Ended December 31,

2019

2018

2017
Net revenues

Product sales
$
1,975
 $
2,255  $
2,110
Subscription, licensing, and other revenues
4,514

5,245
4,907
Total net revenues
6,489

7,500
7,017

Costs and expenses

Cost of revenues—product sales:

Product costs
656

719
733
Software royalties, amortization, and intellectual property licenses
240

371
300
Cost of revenues—subscription, licensing, and other revenues:

Game operations and distribution costs
965

1,028
984
Software royalties, amortization, and intellectual property licenses
233

399
484
Product development
998

1,101
1,069
Sales and marketing
926

1,062
1,378
General and administrative
732

822
745
Restructuring and related costs
132

10
15
Total costs and expenses
4,882

5,512
5,708

Operating income
1,607

1,988
1,309
Interest and other expense (income), net (Note 18)
(26)
71
146
Loss on extinguishment of debt
—

40
12
Income before income tax expense
1,633

1,877
1,151
Income tax expense
130

29
878
Net income
$
1,503
 $
1,848  $
273

Earnings per common share

Basic
$
1.96
 $
2.43  $
0.36
Diluted
$
1.95
 $
2.40  $
0.36

Weighted-average number of shares outstanding

Basic
767

762
754
Diluted
771

771
766
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-5___FINANCEBENCH_DELIMITER___Table of Contents
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)

For the Years Ended December 31,

2019

2018

2017
Cash flows from operating activities:

Net income
$
1,503
 $
1,848
 $
273
Adjustments to reconcile net income to net cash provided by operating activities:

Deferred income taxes
(352)
(35)
(181)
Provision for inventories
6

6

33
Non-cash operating lease cost
64

—

—
Depreciation and amortization
328

509

888
Amortization of capitalized software development costs and intellectual property licenses (1)
225

489

311
Loss on extinguishment of debt
—

40

12
Share-based compensation expense (2)
166

209

176
Unrealized gain on equity investment (Note 10)
(38)
—

—
Other
51

7

40
Changes in operating assets and liabilities, net of effect from business acquisitions:

Accounts receivable, net
182

(114)
(165)
Inventories
7

(5)
(26)
Software development and intellectual property licenses
(275)
(372)
(301)
Other assets
164

(51)
(97)
Deferred revenues
(154)
(122)
220
Accounts payable
31

(65)
85
Accrued expenses and other liabilities
(77)
(554)
945
Net cash provided by operating activities
1,831

1,790

2,213
Cash flows from investing activities:

Proceeds from maturities of available-for-sale investments
153

116

80
Purchases of available-for-sale investments
(65)
(209)
(135)
Capital expenditures
(116)
(131)
(155)
Other investing activities
6

(6)
3
Net cash used in investing activities
(22)
(230)
(207)
Cash flows from financing activities:

Proceeds from issuance of common stock to employees
105

99

178
Tax payment related to net share settlements on restricted stock units
(59)
(94)
(56)
Dividends paid
(283)
(259)
(226)
Proceeds from debt issuances, net of discounts
—

—

3,741
Repayment of long-term debt
—

(1,740)
(4,251)
Premium payment for early redemption of note
—

(25)
—
Other financing activities
—

(1)
(10)
Net cash used in financing activities
(237)
(2,020)
(624)
Effect of foreign exchange rate changes on cash and cash equivalents
(3)
(31)
76
Net increase (decrease) in cash and cash equivalents and restricted cash
1,569

(491)
1,458
Cash and cash equivalents and restricted cash at beginning of period
4,229

4,720

3,262
Cash and cash equivalents and restricted cash at end of period
$
5,798
 $
4,229
 $
4,720
(1)
Excludes deferral and amortization of share-based compensation expense.
(2)
Includes the net effects of capitalization, deferral, and amortization of share-based compensation expense.
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-8


59
 ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)

November 27,
2015
November 28,
2014
ASSETS
Current assets:

Cash and cash equivalents.................................................................................................................... $
876,560
$
1,117,400
Short-term investments ........................................................................................................................
3,111,524
2,622,091
Trade receivables, net of allowances for doubtful accounts of $7,293 and $7,867, respectively........
672,006
591,800
Deferred income taxes..........................................................................................................................
—
95,279
Prepaid expenses and other current assets ...........................................................................................
161,802
175,758
Total current assets..........................................................................................................................
4,821,892
4,602,328
Property and equipment, net...................................................................................................................
787,421
785,123
Goodwill .................................................................................................................................................
5,366,881
4,721,962
Purchased and other intangibles, net.......................................................................................................
510,007
469,662
Investment in lease receivable................................................................................................................
80,439
80,439
Other assets.............................................................................................................................................
159,832
126,315
Total assets...................................................................................................................................... $
11,726,472
$
10,785,829
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:

Trade payables...................................................................................................................................... $
93,307
$
68,377
Accrued expenses.................................................................................................................................
678,364
683,866
Debt and capital lease obligations........................................................................................................
—
603,229
Accrued restructuring...........................................................................................................................
1,520
17,120
Income taxes payable...........................................................................................................................
6,165
23,920
Deferred revenue..................................................................................................................................
1,434,200
1,097,923
Total current liabilities....................................................................................................................
2,213,556
2,494,435
Long-term liabilities:

Debt and capital lease obligations........................................................................................................
1,907,231
911,086
Deferred revenue..................................................................................................................................
51,094
57,401
Accrued restructuring...........................................................................................................................
3,214
5,194
Income taxes payable...........................................................................................................................
256,129
125,746
Deferred income taxes..........................................................................................................................
208,209
342,315
Other liabilities.....................................................................................................................................
85,459
73,747
Total liabilities................................................................................................................................
4,724,892
4,009,924
Commitments and contingencies
Stockholders’ equity:

Preferred stock, $0.0001 par value; 2,000 shares authorized; none issued..........................................
—
—
Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued;
  497,809 and 497,484 shares outstanding, respectively......................................................................
61
61
Additional paid-in-capital ....................................................................................................................
4,184,883
3,778,495
Retained earnings.................................................................................................................................
7,253,431
6,924,294
Accumulated other comprehensive income (loss) ...............................................................................
(169,080)
(8,094)
Treasury stock, at cost (103,025 and 103,350 shares, respectively), net of reissuances......................
(4,267,715)
(3,918,851)
Total stockholders’ equity...............................................................................................................
7,001,580
6,775,905
Total liabilities and stockholders’ equity........................................................................................ $
11,726,472
$
10,785,829
See accompanying Notes to Consolidated Financial Statements.___FINANCEBENCH_DELIMITER___63
ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Years Ended

November 27,
2015
November 28,
2014
November 29,
2013
Cash flows from operating activities:

Net income..................................................................................................................... $
629,551
$
268,395
$
289,985
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion.................................................................
339,473
313,590
321,227
Stock-based compensation .......................................................................................
335,859
333,701
328,987
Deferred income taxes..............................................................................................
(69,657)
(26,089)
29,704
Gain on the sale of property .....................................................................................
(21,415)
—
—
Write down of assets held for sale............................................................................
—
—
23,151
Unrealized (gains) losses on investments.................................................................
(9,210)
(74)
5,665
Tax benefit from stock-based compensation............................................................
68,133
53,225
25,290
Excess tax benefits from stock-based compensation................................................
(68,153)
(53,235)
(40,619)
Other non-cash items................................................................................................
1,216
1,889
5,654
Changes in operating assets and liabilities, net of acquired assets and
    assumed liabilities:
Trade receivables, net ............................................................................................
(79,502)
7,928
33,649
Prepaid expenses and other current assets .............................................................
(7,701)
(1,918)
(55,509)
Trade payables .......................................................................................................
22,870
6,211
7,132
Accrued expenses...................................................................................................
(5,944)
37,544
41,828
Accrued restructuring.............................................................................................
(16,620)
8,871
(6,949)
Income taxes payable.............................................................................................
29,801
11,006
(58,875)
Deferred revenue....................................................................................................
320,801
326,438
201,366
Net cash provided by operating activities.........................................................
1,469,502
1,287,482
1,151,686
Cash flows from investing activities:

Purchases of short-term investments .............................................................................
(2,064,833)
(2,014,186)
(2,058,058)
Maturities of short-term investments.............................................................................
371,790
272,076
360,485
Proceeds from sales of short-term investments .............................................................
1,176,476
1,443,577
1,449,961
Acquisitions, net of cash acquired .................................................................................
(826,004)
(29,802)
(704,589)
Purchases of property and equipment............................................................................
(184,936)
(148,332)
(188,358)
Proceeds from sale of property ......................................................................................
57,779
—
24,260
Purchases of long-term investments, intangibles and other assets ................................
(22,779)
(17,572)
(67,737)
Proceeds from sale of long-term investments................................................................
4,149
3,532
6,233
Net cash used for investing activities ...............................................................
(1,488,358)
(490,707)
(1,177,803)
Cash flows from financing activities:

Purchases of treasury stock............................................................................................
(625,000)
(600,000)
(1,100,000)
Proceeds from issuance of treasury stock......................................................................
164,270
227,841
598,194
Cost of issuance of treasury stock..................................................................................
(186,373)
(173,675)
(97,418)
Excess tax benefits from stock-based compensation.....................................................
68,153
53,235
40,619
Proceeds from debt and capital lease obligations ..........................................................
989,280
—
25,703
Repayment of debt and capital lease obligations...........................................................
(602,189)
(14,684)
(25,879)
Debt issuance costs ........................................................................................................
(8,828)
—
(357)
Net cash used for financing activities...............................................................
(200,687)
(507,283)
(559,138)
Effect of foreign currency exchange rates on cash and cash equivalents.........................
(21,297)
(6,648)
(5,241)
Net increase (decrease) in cash and cash equivalents.......................................................
(240,840)
282,844
(590,496)
Cash and cash equivalents at beginning of year...............................................................
1,117,400
834,556
1,425,052
Cash and cash equivalents at end of year ......................................................................... $
876,560
$
1,117,400
$
834,556
Supplemental disclosures:

Cash paid for income taxes, net of refunds.................................................................... $
203,010
$
20,140
$
129,701
Cash paid for interest ..................................................................................................... $
56,014
$
68,886
$
64,843
Non-cash investing activities:
Investment in lease receivable applied to building purchase......................................... $
—
$
126,800
$
—
Issuance of common stock and stock awards assumed in business acquisitions........... $
677
$
21
$
1,160
See accompanying Notes to Consolidated Financial Statements.


Table of Contents
62
ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

Years Ended

December 2,
2016
November 27,
2015
November 28,
2014
Revenue:

Subscription
$
4,584,833
$
3,223,904
$
2,076,584
Product
800,498
1,125,146
1,627,803
Services and support
469,099
446,461
442,678
Total revenue
5,854,430
4,795,511
4,147,065

Cost of revenue:
Subscription
461,860
409,194
335,432
Product
68,917
90,035
97,099
Services and support
289,131
245,088
189,549
Total cost of revenue
819,908
744,317
622,080

Gross profit
5,034,522
4,051,194
3,524,985

Operating expenses:
Research and development
975,987
862,730
844,353
Sales and marketing
1,910,197
1,683,242
1,652,308
General and administrative
577,710
531,919
543,332
Restructuring and other charges
(1,508)
1,559
19,883
Amortization of purchased intangibles
78,534
68,649
52,424
Total operating expenses
3,540,920
3,148,099
3,112,300

Operating income
1,493,602
903,095
412,685

Non-operating income (expense):
Interest and other income (expense), net
13,548
33,909
7,267
Interest expense
(70,442)
(64,184)
(59,732)
Investment gains (losses), net
(1,570)
961
1,156
Total non-operating income (expense), net
(58,464)
(29,314)
(51,309)
Income before income taxes
1,435,138
873,781
361,376
Provision for income taxes
266,356
244,230
92,981
Net income
$
1,168,782
$
629,551
$
268,395
Basic net income per share
$
2.35
$
1.26
$
0.54
Shares used to compute basic net income per share
498,345
498,764
497,867
Diluted net income per share
$
2.32
$
1.24
$
0.53
Shares used to compute diluted net income per share
504,299
507,164
508,480
  See accompanying Notes to Consolidated Financial Statements.


Table of Contents
57
 ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)

December 1,
2017
December 2,
2016
ASSETS
Current assets:

Cash and cash equivalents
$
2,306,072
$
1,011,315
Short-term investments
3,513,702
3,749,985
Trade receivables, net of allowances for doubtful accounts of $9,151 and $6,214, respectively
1,217,968
833,033
Prepaid expenses and other current assets
210,071
245,441
Total current assets
7,247,813
5,839,774
Property and equipment, net
936,976
816,264
Goodwill
5,821,561
5,406,474
Purchased and other intangibles, net
385,658
414,405
Investment in lease receivable
—
80,439
Other assets
143,548
139,890
Total assets
$
14,535,556
$
12,697,246
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:

Trade payables
$
113,538
$
88,024
Accrued expenses
993,773
739,630
Income taxes payable
14,196
38,362
Deferred revenue
2,405,950
1,945,619
Total current liabilities
3,527,457
2,811,635
Long-term liabilities:
Debt and capital lease obligations
1,881,421
1,892,200
Deferred revenue
88,592
69,131
Income taxes payable
173,088
184,381
Deferred income taxes
279,941
217,660
Other liabilities
125,188
97,404
Total liabilities
6,075,687
5,272,411
Commitments and contingencies
Stockholders’ equity:

Preferred stock, $0.0001 par value; 2,000 shares authorized; none issued
—
—
Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued;
  491,262 and 494,254 shares outstanding, respectively
61
61
Additional paid-in-capital
5,082,195
4,616,331
Retained earnings
9,573,870
8,114,517
Accumulated other comprehensive income (loss)
(111,821)
(173,602)
Treasury stock, at cost (109,572 and 106,580 shares, respectively), net of reissuances
(6,084,436)
(5,132,472)
Total stockholders’ equity
8,459,869
7,424,835
Total liabilities and stockholders’ equity
$
14,535,556
$
12,697,246
See accompanying Notes to Consolidated Financial Statements.___FINANCEBENCH_DELIMITER___Table of Contents
61
ADOBE SYSTEMS INCORPORATED
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Years Ended

December 1,
2017
December 2,
2016
November 27,
2015
Cash flows from operating activities:

Net income
$
1,693,954
$
1,168,782
$
629,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion
325,997
331,535
339,473
Stock-based compensation
451,451
349,912
335,859
Deferred income taxes
51,605
24,222
(69,657)
Gain on the sale of property
—
—
(21,415)
Unrealized (gains) losses on investments
(5,494)
3,145
(9,210)
Excess tax benefits from stock-based compensation
—
(75,105)
(68,153)
Other non-cash items
4,625
2,022
1,216
Changes in operating assets and liabilities, net of acquired assets and
    assumed liabilities:
Trade receivables, net
(187,173)
(160,416)
(79,502)
Prepaid expenses and other current assets
28,040
(71,021)
(7,701)
Trade payables
(45,186)
(6,281)
22,870
Accrued expenses
154,125
64,978
(22,564)
Income taxes payable
(34,493)
43,115
97,934
Deferred revenue
475,402
524,840
320,801
Net cash provided by operating activities
2,912,853
2,199,728
1,469,502
Cash flows from investing activities:

Purchases of short-term investments
(1,931,011)
(2,285,222)
(2,064,833)
Maturities of short-term investments
759,737
769,228
371,790
Proceeds from sales of short-term investments
1,393,929
860,849
1,176,476
Acquisitions, net of cash acquired
(459,626)
(48,427)
(826,004)
Purchases of property and equipment
(178,122)
(203,805)
(184,936)
Proceeds from sale of property
—
—
57,779
Purchases of long-term investments, intangibles and other assets
(29,918)
(58,433)
(22,779)
Proceeds from sale of long-term investments
2,134
5,777
4,149
Net cash used for investing activities
(442,877)
(960,033)
(1,488,358)
Cash flows from financing activities:

Purchases of treasury stock
(1,100,000)
(1,075,000)
(625,000)
Proceeds from issuance of treasury stock
158,351
145,697
164,270
Taxes paid related to net share settlement of equity awards
(240,126)
(236,400)
(186,373)
Excess tax benefits from stock-based compensation
—
75,105
68,153
Proceeds from debt issuance
—
—
989,280
Repayment of debt and capital lease obligations
(1,960)
(108)
(602,189)
Debt issuance costs
—
—
(8,828)
Net cash used for financing activities
(1,183,735)
(1,090,706)
(200,687)
Effect of foreign currency exchange rates on cash and cash equivalents
8,516
(14,234)
(21,297)
Net increase (decrease) in cash and cash equivalents
1,294,757
134,755
(240,840)
Cash and cash equivalents at beginning of year
1,011,315
876,560
1,117,400
Cash and cash equivalents at end of year
$
2,306,072
$
1,011,315
$
876,560
Supplemental disclosures:

Cash paid for income taxes, net of refunds
$
396,668
$
249,884
$
203,010
Cash paid for interest
$
69,430
$
66,193
$
56,014
Non-cash investing activities:
Investment in lease receivable applied to building purchase
$
80,439
$
—
$
—
Issuance of common stock and stock awards assumed in business acquisitions
$
10,348
$
—
$
677
See accompanying Notes to Consolidated Financial Statements.


ADOBE INC.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
Years Ended
December 2,
2022
December 3,
2021
November 27,
2020
Revenue:
Subscription $ 16,388 $ 14,573 $ 11,626
Product 532 555 507
Services and other 686 657 735
Total revenue 17,606 15,785 12,868
Cost of revenue:
Subscription 1,646 1,374 1,108
Product 35 41 36
Services and other 484 450 578
Total cost of revenue 2,165 1,865 1,722
Gross profit 15,441 13,920 11,146
Operating expenses:
Research and development 2,987 2,540 2,188
Sales and marketing 4,968 4,321 3,591
General and administrative 1,219 1,085 968
Amortization of intangibles 169 172 162
Total operating expenses 9,343 8,118 6,909
Operating income 6,098 5,802 4,237


ADOBE INC.
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years Ended
December 2,
2022
December 3,
2021
November 27,
2020
Cash flows from operating activities:
Net income $ 4,756 $ 4,822 $ 5,260
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 856 788 757
Stock-based compensation 1,440 1,069 909
Reduction of operating lease right-of-use assets 83 73 87
Deferred income taxes 328 183 (1,501)
Unrealized losses (gains) on investments, net 29 (4) (11)
Other non-cash items 10 7 40
Changes in operating assets and liabilities, net of acquired assets and
 assumed liabilities:
Trade receivables, net (198) (430) 106
Prepaid expenses and other assets (94) (475) (288)
Trade payables 66 (20) 96
Accrued expenses and other liabilities 7 162 86
Income taxes payable 19 2 (72)
Deferred revenue 536 1,053 258
Net cash provided by operating activities 7,838 7,230 5,727
Cash flows from investing activities:
Purchases of short-term investments (909) (1,533) (1,071)
Maturities of short-term investments 683 877 915
Proceeds from sales of short-term investments 270 191 167
Acquisitions, net of cash acquired (126) (2,682) —
Purchases of property and equipment (442) (348) (419)
Purchases of long-term investments, intangibles and other assets (46) (42) (15)
Proceeds from sales of long-term investments and other assets — — 9
Net cash used for investing activities (570) (3,537) (414)


Consolidated Statements of Operations
Years ended December 31, 2022, 2021, and 2020
2022 2021 2020
(in millions, except per share amounts)
Revenue:
Regulated $ 3,538 $ 2,868 $ 2,661
Non-Regulated 9,079 8,273 6,999
Total revenue 12,617 11,141 9,660
Cost of Sales:
Regulated (3,162) (2,448) (2,235)
Non-Regulated (6,907) (5,982) (4,732)
Total cost of sales (10,069) (8,430) (6,967)
Operating margin 2,548 2,711 2,693
General and administrative expenses (207) (166) (165)
Interest expense (1,117) (911) (1,038)
Interest income 389 298 268
Loss on extinguishment of debt (15) (78) (186)
Other expense (68) (60) (53)
Other income 102 410 75
Loss on disposal and sale of business interests (9) (1,683) (95)
Goodwill impairment expense (777) — —
Asset impairment expense (763) (1,575) (864)
Foreign currency transaction gains (losses) (77) (10) 55
Other non-operating expense (175) — (202)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES (169) (1,064) 488
Income tax benefit (expense) (265) 133 (216)
Net equity in losses of affiliates (71) (24) (123)
INCOME (LOSS) FROM CONTINUING OPERATIONS (505) (955) 149
Gain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively — 4 3
NET INCOME (LOSS) (505) (951) 152
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries (41) 542 (106)
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION $ (546) $ (409) $ 46


Consolidated Balance Sheets
December 31, 2022 and 2021
2022 2021
(in millions, except share and per share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,374 $ 943
Restricted cash 536 304
Short-term investments 730 232
Accounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively 1,799 1,418
Inventory 1,055 604___FINANCEBENCH_DELIMITER___Consolidated Statements of Operations
Years ended December 31, 2022, 2021, and 2020
2022 2021 2020
(in millions, except per share amounts)
Revenue:
Regulated $ 3,538 $ 2,868 $ 2,661
Non-Regulated 9,079 8,273 6,999
Total revenue 12,617 11,141 9,660
Cost of Sales:
Regulated (3,162) (2,448) (2,235)
Non-Regulated (6,907) (5,982) (4,732)
Total cost of sales (10,069) (8,430) (6,967)


128
Consolidated Balance Sheets
December 31, 2022 and 2021
2022
2021
(in millions, except share and per share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
1,374
$
943
Restricted cash
536
304
Short-term investments
730
232
Accounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively
1,799
1,418
Inventory
1,055
604
Prepaid expenses
98
142
Other current assets, net of CECL allowance of $2 and $0, respectively
1,533
897
Current held-for-sale assets
518
816
Total current assets
7,643
5,356
NONCURRENT ASSETS
Property, Plant and Equipment:
Land
470
426
Electric generation, distribution assets and other
26,599
25,552
Accumulated depreciation
(8,651)
(8,486)
Construction in progress
4,621
2,414
Property, plant and equipment, net
23,039
19,906
Other Assets:
Investments in and advances to affiliates
952
1,080
Debt service reserves and other deposits
177
237
Goodwill
362
1,177
Other intangible assets, net of accumulated amortization of $434 and $385, respectively
1,841
1,450
Deferred income taxes
319
409
Loan receivable, net of allowance of $26
1,051
—
Other noncurrent assets, net of allowance of $51 and $23, respectively
2,979
2,188
Noncurrent held-for-sale assets
—
1,160
Total other assets
7,681
7,701
TOTAL ASSETS
$
38,363
$
32,963
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
$
1,730
$
1,153
Accrued interest
249
182
Accrued non-income taxes
249
266
Accrued and other liabilities
2,151
1,205
Non-recourse debt, including $416 and $302, respectively, related to variable interest entities
1,758
1,367
Current held-for-sale liabilities
354
559
Total current liabilities
6,491
4,732
NONCURRENT LIABILITIES
Recourse debt
3,894
3,729
Non-recourse debt, including $2,295 and $2,223, respectively, related to variable interest entities
17,846
13,603
Deferred income taxes
1,139
977
Other noncurrent liabilities
3,168
3,358
Noncurrent held-for-sale liabilities
—
740
Total noncurrent liabilities
26,047
22,407
Commitments and Contingencies (see Notes 12 and 13)
Redeemable stock of subsidiaries
1,321
1,257
EQUITY
THE AES CORPORATION STOCKHOLDERS’ EQUITY
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2022 and
December 31, 2021)
838
838
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 818,790,001 issued and 668,743,464 outstanding at December
31, 2022 and 818,717,043 issued and 666,793,625 outstanding at December 31, 2021)
8
8
Additional paid-in capital
6,688
7,106
Accumulated deficit
(1,635)
(1,089)
Accumulated other comprehensive loss
(1,640)
(2,220)
Treasury stock, at cost (150,046,537 and 151,923,418 shares at December 31, 2022 and December 31, 2021, respectively)
(1,822)
(1,845)
Total AES Corporation stockholders’ equity
2,437
2,798
NONCONTROLLING INTERESTS
2,067
1,769
Total equity
4,504
4,567
TOTAL LIABILITIES AND EQUITY
$
38,363
$
32,963
See Accompanying Notes to Consolidated Financial Statements.___FINANCEBENCH_DELIMITER___129
Consolidated Statements of Operations
Years ended December 31, 2022, 2021, and 2020
2022
2021
2020
(in millions, except per share amounts)
Revenue:
Regulated
$
3,538
$
2,868
$
2,661
Non-Regulated
9,079
8,273
6,999
Total revenue
12,617
11,141
9,660
Cost of Sales:
Regulated
(3,162)
(2,448)
(2,235)
Non-Regulated
(6,907)
(5,982)
(4,732)
Total cost of sales
(10,069)
(8,430)
(6,967)
Operating margin
2,548
2,711
2,693
General and administrative expenses
(207)
(166)
(165)
Interest expense
(1,117)
(911)
(1,038)
Interest income
389
298
268
Loss on extinguishment of debt
(15)
(78)
(186)
Other expense
(68)
(60)
(53)
Other income
102
410
75
Loss on disposal and sale of business interests
(9)
(1,683)
(95)
Goodwill impairment expense
(777)
—
—
Asset impairment expense
(763)
(1,575)
(864)
Foreign currency transaction gains (losses)
(77)
(10)
55
Other non-operating expense
(175)
—
(202)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES
(169)
(1,064)
488
Income tax benefit (expense)
(265)
133
(216)
Net equity in losses of affiliates
(71)
(24)
(123)
INCOME (LOSS) FROM CONTINUING OPERATIONS
(505)
(955)
149
Gain from disposal of discontinued businesses, net of income tax expense of $0, $1, and $0, respectively
—
4
3
NET INCOME (LOSS)
(505)
(951)
152
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries
(41)
542
(106)
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION
$
(546)
$
(409)
$
46
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:
Income (loss) from continuing operations, net of tax
$
(546)
$
(413)
$
43
Income from discontinued operations, net of tax
—
4
3
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION
$
(546)
$
(409)
$
46
BASIC EARNINGS PER SHARE:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax
$
(0.82)
$
(0.62)
$
0.06
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax
—
0.01
0.01
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
(0.82)
$
(0.61)
$
0.07
DILUTED EARNINGS PER SHARE:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax
$
(0.82)
$
(0.62)
$
0.06
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax
—
0.01
0.01
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
(0.82)
$
(0.61)
$
0.07
See Accompanying Notes to Consolidated Financial Statements.


Table of Contents
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)

Year Ended December 31,

2015

2016

2017
Net product sales
$
79,268  $
94,665  $
118,573
Net service sales
27,738
41,322
59,293
Total net sales
107,006
135,987
177,866
Operating expenses:

Cost of sales
71,651
88,265
111,934
Fulfillment
13,410
17,619
25,249
Marketing
5,254
7,233
10,069
Technology and content
12,540
16,085
22,620
General and administrative
1,747
2,432
3,674
Other operating expense, net
171
167
214
Total operating expenses
104,773
131,801
173,760
Operating income
2,233
4,186
4,106
Interest income
50
100
202
Interest expense
(459)
(484)
(848)
Other income (expense), net
(256)
90
346
Total non-operating income (expense)
(665)
(294)
(300)
Income before income taxes
1,568
3,892
3,806
Provision for income taxes
(950)
(1,425)
(769)
Equity-method investment activity, net of tax
(22)
(96)
(4)
Net income
$
596  $
2,371  $
3,033
Basic earnings per share
$
1.28  $
5.01  $
6.32
Diluted earnings per share
$
1.25  $
4.90  $
6.15
Weighted-average shares used in computation of earnings per share:

Basic
467
474
480
Diluted
477
484
493
See accompanying notes to consolidated financial statements.
38___FINANCEBENCH_DELIMITER___Table of Contents
AMAZON.COM, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)

December 31,

2016

2017
ASSETS

Current assets:

Cash and cash equivalents
$
19,334  $
20,522
Marketable securities
6,647
10,464
Inventories
11,461
16,047
Accounts receivable, net and other
8,339
13,164
Total current assets
45,781
60,197
Property and equipment, net
29,114
48,866
Goodwill
3,784
13,350
Other assets
4,723
8,897
Total assets
$
83,402  $
131,310
LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable
$
25,309  $
34,616
Accrued expenses and other
13,739
18,170
Unearned revenue
4,768
5,097
Total current liabilities
43,816
57,883
Long-term debt
7,694
24,743
Other long-term liabilities
12,607
20,975
Commitments and contingencies (Note 7)

Stockholders’ equity:

Preferred stock, $0.01 par value:

Authorized shares — 500

Issued and outstanding shares — none
—
—
Common stock, $0.01 par value:

Authorized shares — 5,000

Issued shares — 500 and 507

Outstanding shares — 477 and 484
5
5
Treasury stock, at cost
(1,837)
(1,837)
Additional paid-in capital
17,186
21,389
Accumulated other comprehensive loss
(985)
(484)
Retained earnings
4,916
8,636
Total stockholders’ equity
19,285
27,709
Total liabilities and stockholders’ equity
$
83,402  $
131,310
See accompanying notes to consolidated financial statements.
40


Table of Contents
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)

Year Ended December 31,

2015

2016

2017
Net product sales
$
79,268  $
94,665  $
118,573
Net service sales
27,738
41,322
59,293
Total net sales
107,006
135,987
177,866
Operating expenses:

Cost of sales
71,651
88,265
111,934
Fulfillment
13,410
17,619
25,249
Marketing
5,254
7,233
10,069
Technology and content
12,540
16,085
22,620
General and administrative
1,747
2,432
3,674
Other operating expense, net
171
167
214
Total operating expenses
104,773
131,801
173,760
Operating income
2,233
4,186
4,106
Interest income
50
100
202
Interest expense
(459)
(484)
(848)
Other income (expense), net
(256)
90
346
Total non-operating income (expense)
(665)
(294)
(300)
Income before income taxes
1,568
3,892
3,806
Provision for income taxes
(950)
(1,425)
(769)
Equity-method investment activity, net of tax
(22)
(96)
(4)
Net income
$
596  $
2,371  $
3,033
Basic earnings per share
$
1.28  $
5.01  $
6.32
Diluted earnings per share
$
1.25  $
4.90  $
6.15
Weighted-average shares used in computation of earnings per share:

Basic
467
474
480
Diluted
477
484
493
See accompanying notes to consolidated financial statements.
38


Table of Contents
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)

Year Ended December 31,

2017

2018

2019
Net product sales
$
118,573  $
141,915  $
160,408
Net service sales
59,293
90,972
120,114
Total net sales
177,866
232,887
280,522
Operating expenses:

Cost of sales
111,934
139,156
165,536
Fulfillment
25,249
34,027
40,232
Technology and content
22,620
28,837
35,931
Marketing
10,069
13,814
18,878
General and administrative
3,674
4,336
5,203
Other operating expense (income), net
214
296
201
Total operating expenses
173,760
220,466
265,981
Operating income
4,106
12,421
14,541
Interest income
202
440
832
Interest expense
(848)
(1,417)
(1,600)
Other income (expense), net
346
(183)
203
Total non-operating income (expense)
(300)
(1,160)
(565)
Income before income taxes
3,806
11,261
13,976
Provision for income taxes
(769)
(1,197)
(2,374)
Equity-method investment activity, net of tax
(4)
9
(14)
Net income
$
3,033  $
10,073  $
11,588
Basic earnings per share
$
6.32  $
20.68  $
23.46
Diluted earnings per share
$
6.15  $
20.14  $
23.01
Weighted-average shares used in computation of earnings per share:

Basic
480
487
494
Diluted
493
500
504
See accompanying notes to consolidated financial statements.
38


Amcor plc and Subsidiaries
Consolidated Balance Sheet
(in millions)
As of June 30,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
742.6
$
601.6
Trade receivables, net
1,615.9
1,864.3
Inventories, net
1,831.9
1,953.8
Prepaid expenses and other current assets
344.3
374.3
Assets held for sale
—
416.1
Total current assets
4,534.7
5,210.1
Non-current assets:
Investments in affiliated companies
77.7
98.9
Property, plant and equipment, net
3,614.8
3,975.0
Operating lease assets
525.3
—
Deferred tax assets
135.4
190.9
Other intangible assets, net
1,994.3
2,306.8
Goodwill
5,339.3
5,156.0
Employee benefit assets
43.4
40.2
Other non-current assets
177.2
187.1
Total non-current assets
11,907.4
11,954.9
Total assets
$
16,442.1
$
17,165.0
Liabilities
Current liabilities:
Current portion of long-term debt
$
11.1
$
5.4
Short-term debt
195.2
788.8
Trade payables
2,170.8
2,303.4
Accrued employee costs
476.5
378.4
Other current liabilities
1,120.0
1,044.9
Liabilities held for sale
—
20.9
Total current liabilities
3,973.6
4,541.8
Non-current liabilities:
Long-term debt, less current portion
6,028.4
5,309.0
Operating lease liabilities
465.7
—
Deferred tax liabilities
672.4
1,011.7
Employee benefit obligations
391.7
386.8
Other non-current liabilities
223.2
241.0
Total non-current liabilities
7,781.4
6,948.5
Total liabilities
11,755.0
11,490.3
Commitments and contingencies (See Note 19)
Shareholders' Equity
Amcor plc shareholders’ equity:
Ordinary shares ($0.01 par value):
Authorized (9,000.0 shares)
Issued (1,568.5 and 1,625.9 shares, respectively)
15.7
16.3
Additional paid-in capital
5,480.0
6,007.5
Retained earnings
246.5
323.7
Accumulated other comprehensive income (loss)
(1,049.3)
(722.4)
Treasury shares (6.7 and 1.4 shares, respectively)
(67.0)
(16.1)
Total Amcor plc shareholders' equity
4,625.9
5,609.0
Non-controlling interest
61.2
65.7
Total shareholders' equity
4,687.1
5,674.7
Total liabilities and shareholders' equity
$
16,442.1
$
17,165.0
See accompanying notes to consolidated financial statements.
50


On June 30, 2022, Amcor Finance (USA), Inc. (the “Former Issuer”) and Amcor Flexibles North America, Inc. (the “Substitute Issuer”),
each a wholly-owned subsidiary of Amcor plc (the “Company”), entered into a (i) Second Supplemental Indenture (the “Second Supplemental
Indenture”) with the Trustee (as defined below) with respect to the Indenture, dated as of April 28, 2016 (as amended and/or supplemented to
date, the “2016 Indenture” and, together with the Second Supplemental Indenture, the “2016 Indenture”), among the Former Issuer, the
guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), governing the Former Issuer’s (a) 3.625%
Guaranteed Senior Notes due 2026 (the “2026 Notes”) and (b) 4.500% Guaranteed Senior Notes due 2028 (the “2028 Notes” and, together with
the 2026 Notes, the “Existing Notes”) and (ii) First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Second
Supplemental Indenture, the “Supplemental Indentures”) with the Trustee with respect to the Indenture, dated as of June 13, 2019 (as amended
and/or supplemented to date, the “2019 Indenture” and, together with the First Supplemental Indenture, the “2019 Indenture” and, together with
the 2016 Indenture, the “Indentures”), among the Former Issuer, the guarantors party thereto and the Trustee, governing the Former Issuer’s
(a) 3.625% Guaranteed Senior Notes due 2026 (the “New 2026 Notes”) and (b) 4.500% Guaranteed Senior Notes due 2028 (the “New 2028
Notes” and, together with the New 2026 Notes, the “New Notes”), in each case, relating to the substitution of the Substitute Issuer for the Former
Issuer and the assumption by the Substitute Issuer of the covenants of the Former Issuer under the Indentures. As disclosed in the Company’s
Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “SEC”) on June 17, 2019, the New Notes were issued in
June 2019 following the completion of the Former Issuer’s exchange offer to certain eligible holders of the Existing Notes.


Amcor plc and Subsidiaries
Consolidated Balance Sheets
($ in millions, except share and per share data)
As of June 30, 2023 2022
Assets
Current assets:
Cash and cash equivalents $ 689 $ 775
Trade receivables, net of allowance for credit losses of $21 and $25, respectively 1,875 1,935
Inventories, net
Raw materials and supplies 992 1,114
Work in process and finished goods 1,221 1,325
Prepaid expenses and other current assets 531 512
Assets held for sale, net — 192
Total current assets 5,308 5,853
Non-current assets:
Property, plant, and equipment, net 3,762 3,646
Operating lease assets 533 560
Deferred tax assets 134 130
Other intangible assets, net 1,524 1,657
Goodwill 5,366 5,285
Employee benefit assets 67 89
Other non-current assets 309 206
Total non-current assets 11,695 11,573
Total assets $ 17,003 $ 17,426
Liabilities
Current liabilities:
Current portion of long-term debt $ 13 $ 14
Short-term debt 80 136
Trade payables 2,690 3,073
Accrued employee costs 396 471
Other current liabilities 1,297 1,344
Liabilities held for sale — 65
Total current liabilities 4,476 5,103
Non-current liabilities:
Long-term debt, less current portion 6,653 6,340
Operating lease liabilities 463 493
Deferred tax liabilities 616 677
Employee benefit obligations 224 201
Other non-current liabilities 481 471
Total non-current liabilities 8,437 8,182
Total liabilities $ 12,913 $ 13,285


On August 1, 2022, the Company completed the acquisition of 100% equity interest in a Czech Republic company that operates a world-class
flexible packaging manufacturing plant. The purchase consideration of $59 million included a deferred portion of $5 million that was paid in the
first quarter of fiscal year 2024. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired
identifiable net assets of $36 million and goodwill of $23 million. Goodwill is not deductible for tax purposes. The fair values of the identifiable
net assets acquired and goodwill are based on the Company's best estimate as of June 30, 2023.
On March 17, 2023, the Company completed the acquisition of 100% equity interest in a medical device packaging manufacturing site in
Shanghai, China. The purchase consideration of $60 million is subject to customary post-closing adjustments. The consideration includes
contingent consideration of $20 million, to be earned and paid in cash over the three years following the acquisition date, subject to meeting
certain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired
identifiable net assets of $21 million and goodwill of $39 million. Goodwill is not deductible for tax purposes. The fair values of the contingent
consideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered
preliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the
acquisition.
On May 31, 2023, the Company completed the acquisition of a New Zealand based leading manufacturer of state-of-the-art, automated protein
packaging machines. The purchase consideration of $45 million is subject to customary post-closing adjustments. The consideration includes
contingent consideration of $13 million, to be earned and paid in cash over the two years following the acquisition date, subject to meeting
certain performance targets. The acquisition is part of the Company's Flexibles reportable segment and resulted in the recognition of acquired
identifiable net assets of $9 million and goodwill of $36 million. Goodwill is deductible for tax purposes. The fair values of the contingent
consideration, identifiable net assets acquired, and goodwill are based on the Company's best estimate as of June 30, 2023, and are considered
preliminary. The Company aims to complete the purchase price allocation as soon as practicable but no later than one year from the date of the
acquisition.


Today, we are a global leader in developing and producing responsible
packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products


Amcor plc and Subsidiaries
Consolidated Statements of Income
($ in millions, except per share data)
For the years ended June 30, 2023 2022 2021
Net sales $ 14,694 $ 14,544 $ 12,861
Cost of sales (11,969) (11,724) (10,129)
Gross profit 2,725 2,820 2,732


($ in millions) Employee Costs
Fixed Asset
Related Costs Other Costs
Total
Restructuring
Costs
Liability balance at June 30, 2022 $ 97 $ 3 $ 18 $ 118
Net charges to earnings 2 — — 2
Cash paid (16) (1) (8) (25)
Reversal of unused amounts (2) — — (2)
Liability balance at December 31, 2022 $ 81 $ 2 $ 10 $ 93


Twelve Months Ended June 30, 2022 Twelve Months Ended June 30, 2023
($ million) EBITDA EBIT
Net
Income
EPS
(Diluted
US
cents)(1) EBITDA EBIT
Net
Income
EPS
(Diluted
US
cents)(1)
Net income attributable to Amcor 805 805 805 52.9 1,048 1,048 1,048 70.5
Net income attributable to non-controlling
interests 10 10 10 10
Tax expense 300 300 193 193
Interest expense, net 135 135 259 259
Depreciation and amortization 579 569
EBITDA, EBIT, Net income and EPS 1,829 1,250 805 52.9 2,080 1,510 1,048 70.5
2019 Bemis Integration Plan 37 37 37 2.5 — — — —
Net loss on disposals(2) 10 10 10 0.7 — — — —
Impact of hyperinflation 16 16 16 1.0 24 24 24 1.9
Property and other losses, net(3) 13 13 13 0.8 2 2 2 0.1
Russia-Ukraine conflict impacts(4) 200 200 200 13.2 (90) (90) (90) (6.0)
Pension settlements 8 8 8 0.5 5 5 5 0.3
Other 4 4 4 0.3 (3) (3) (3) (0.3)
Amortization of acquired intangibles (5) 163 163 10.7 160 160 10.8
Tax effect of above items (32) (2.1) (57) (4.0)
Adjusted EBITDA, EBIT, Net income and EPS 2,117 1,701 1,224 80.5 2,018 1,608 1,089 73.3


Three Months Ended June 30 Twelve Months Ended June 30
($ million) Flexibles Rigid
Packaging Total Flexibles Rigid
Packaging Total
Net sales fiscal year 2023 2,777 897 3,673 11,154 3,540 14,694
Net sales fiscal year 2022 2,967 942 3,909 11,151 3,393 14,544
Reported Growth % (6) (5) (6) — 4 1
FX % 1 (1) — (4) (1) (3)
Constant Currency Growth % (7) (4) (6) 4 5 4
Raw Material Pass Through % 1 — 1 5 8 5
Items affecting comparability % (3) — (2) (2) — (1)
Comparable Constant Currency
Growth % (5) (4) (5) 1 (3) —
Volume % (7) (6) (7) (3) (4) (3)
Price/Mix % 2 2 2 4 1 3


ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Advanced Micro Devices, Inc.
Consolidated Statements of Operations

Year Ended

December 26,

2015

December 27,

2014

December 28,

2013

(In millions, except per share amounts)
Net revenue
$
3,991  $
5,506  $
5,299
Cost of sales
2,911
3,667
3,321
Gross margin
1,080
1,839
1,978
Research and development
947
1,072
1,201
Marketing, general and administrative
482
604
674
Amortization of acquired intangible assets
3
14
18
Restructuring and other special charges, net
129
71
30
Goodwill impairment charge
—
233
—
Legal settlements, net
—
—
(48)
Operating income (loss)
(481)
(155)
103
Interest expense
(160)
(177)
(177)
Other expense, net
(5)
(66)
—
Loss before income taxes
(646)
(398)
(74)
Provision for income taxes
14
5
9
Net loss
$
(660)  $
(403)  $
(83)
Net loss per share

Basic
$
(0.84)  $
(0.53)  $
(0.11)
Diluted
$
(0.84)  $
(0.53)  $
(0.11)
Shares used in per share calculation

Basic
783
768
754
Diluted
783
768
754
See accompanying notes to consolidated financial statements.

54___FINANCEBENCH_DELIMITER___Advanced Micro Devices, Inc.
Consolidated Statements of Cash Flows

Year Ended

December 26,

2015

December 27,

2014

December 28,

2013

(In millions)
Cash flows from operating activities:

Net loss
$
(660)  $
(403)  $
(83)
Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization
167
203
236
Net loss on disposal of property, plant and equipment
—
—
31
Stock-based compensation expense
63
81
91
Non-cash interest expense
11
17
25
Goodwill impairment charge
—
233
—
Restructuring and other special charges, net
83
14
—
Net loss on debt redemptions
—
61
1
Other
(3)
(13)
(1)
Changes in operating assets and liabilities:

Accounts receivable
280
7
(200)
Inventories
(11)
199
(322)
Prepayments and other - GLOBALFOUNDRIES
84
(113)
—
Prepaid expenses and other assets
(111)
(7)
(103)
Accounts payables, accrued liabilities and other
(156)
(231)
266
Payable to GLOBALFOUNDRIES
27
(146)
(89)
Net cash used in operating activities
(226)
(98)
(148)
Cash flows from investing activities:

Purchases of available-for-sale securities
(227)
(790)
(1,043)
Purchases of property, plant and equipment
(96)
(95)
(84)
Proceeds from sales and maturities of available-for-sale securities
462
873
1,344
Proceeds from sale of property, plant and equipment
8
—
238
Net cash provided by (used in) investing activities
147
(12)
455
Cash flows from financing activities:

Proceeds from borrowings, net
100
1,155
55
Proceeds from issuance of common stock
5
4
3
Repayments of long-term debt and capital lease obligations
(44)
(1,115)
(55)
Other
(2)
2
10
Net cash provided by financing activities
59
46
13
Net increase (decrease) in cash and cash equivalents
(20)
(64)
320
Cash and cash equivalents at beginning of year
805
869
549
Cash and cash equivalents at end of year
$
785  $
805  $
869
Supplemental disclosures of cash flow information:

Cash paid during the year for:

Interest
$
149  $
138  $
152
Income taxes
$
3  $
7  $
9
See accompanying notes to consolidated financial statements.

58


Consolidated Balance Sheets
December 31,
2022
December 25,
2021
(In millions, except par value amounts)
ASSETS
Current assets:
Cash and cash equivalents $ 4,835 $ 2,535
Short-term investments 1,020 1,073
Accounts receivable, net 4,126 2,706
Inventories 3,771 1,955
Receivables from related parties 2 2
Prepaid expenses and other current assets 1,265 312
Total current assets 15,019 8,583
Property and equipment, net 1,513 702
Operating lease right-of-use assets 460 367
Goodwill 24,177 289
Acquisition-related intangibles 24,118 —
Investment: equity method 83 69
Deferred tax assets 58 931
Other non-current assets 2,152 1,478
Total assets $ 67,580 $ 12,419
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,493 $ 1,321
Payables to related parties 463 85
Accrued liabilities 3,077 2,424
Current portion of long-term debt, net — 312
Other current liabilities 336 98
Total current liabilities 6,369 4,240
Long-term debt, net of current portion 2,467 1
Long-term operating lease liabilities 396 348
Deferred tax liabilities 1,934 12
Other long-term liabilities 1,664 321
Commitments and Contingencies (see Notes 16 and 17)
Stockholders’ equity:
Capital stock:
Common stock, par value $0.01; shares authorized: 2,250; shares issued: 1,645 and 1,232; shares
outstanding: 1,612 and 1,207 16 12
Additional paid-in capital 58,005 11,069
Treasury stock, at cost (shares held: 33 and 25) (3,099) (2,130)
Accumulated deficit (131) (1,451)
Accumulated other comprehensive loss (41) (3)
Total stockholders’ equity 54,750 7,497
Total liabilities and stockholders’ equity $ 67,580 $ 12,419


Overview
We are a global semiconductor company primarily offering:
• server microprocessors (CPUs) and graphics processing units (GPUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), and
Adaptive System-on-Chip (SoC) products for data centers;
• CPUs, accelerated processing units (APUs) that integrate CPUs and GPUs, and chipsets for desktop and notebook personal computers;
• discrete GPUs, and semi-custom SoC products and development services; and
• embedded CPUs, GPUs, APUs, FPGAs, and Adaptive SoC products.
From time to time, we may also sell or license portions of our intellectual property (IP) portfolio.


Net
revenue for 2022 was $23.6 billion, an increase of 44% compared to 2021 net revenue of $16.4 billion. The increase in net revenue was driven by a 64%
increase in Data Center segment revenue primarily due to higher sales of our EPYC™ server processors, a 21% increase in Gaming segment revenue
primarily due to higher semi-custom product sales, and a significant increase in Embedded segment revenue from the prior year period driven by the inclusion
of Xilinx embedded product sales.


Operating income for 2022 was $1.3 billion compared to operating income of $3.6 billion for 2021. The decrease in operating income was primarily driven by
amortization of intangible assets associated with the Xilinx acquisition.


Advanced Micro Devices, Inc.
Consolidated Statements of Cash Flows
Year Ended
December 31,
2022
December 25,
2021
December 26,
2020
(In millions)
Cash flows from operating activities:
Net income $ 1,320 $ 3,162 $ 2,490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 4,174 407 312
Stock-based compensation 1,081 379 274
Amortization of debt discount and issuance costs — 5 14
Amortization of operating lease right-of-use assets 88 56 42
Amortization of inventory fair value adjustment 189 — —
Loss on debt redemption, repurchase and conversion — 7 54
Loss on sale or disposal of property and equipment 16 34 33
Deferred income taxes (1,505) 308 (1,223)
(Gains) losses on equity investments, net 62 (56) (2)
Other (14) (7) 8
Changes in operating assets and liabilities:
Accounts receivable, net (1,091) (640) (219)
Inventories (1,401) (556) (417)
Receivables from related parties (13) 8 10
Prepaid expenses and other assets (1,197) (920) (231)
Payables to related parties 379 7 (135)
Accounts payable 931 801 (513)
Accrued liabilities and other 546 526 574
Net cash provided by operating activities 3,565 3,521 1,071
Cash flows from investing activities:
Purchases of property and equipment (450) (301) (294)
Purchases of short-term investments (2,667) (2,056) (850)
Proceeds from maturity of short-term investments 4,310 1,678 192
Cash received from acquisition of Xilinx 2,366 — —
Acquisition of Pensando, net of cash acquired (1,544) — —
Other (16) (7) —
Net cash provided by (used in) investing activities 1,999 (686) (952)
Cash flows from financing activities:
Proceeds from debt, net of issuance costs 991 — 200
Repayment of debt (312) — (200)
Proceeds from sales of common stock through employee equity plans 167 104 85
Repurchases of common stock (3,702) (1,762) —
Common stock repurchases for tax withholding on employee equity plans (406) (237) (78)
Other (2) — (1)
Net cash (used in) provided by financing activities (3,264) (1,895) 6
Net increase in cash and cash equivalents 2,300 940 125
Cash and cash equivalents at beginning of year 2,535 1,595 1,470
Cash and cash equivalents at end of year $ 4,835 $ 2,535 $ 1,595


Year Ended
December 31,
2022
December 25,
2021
(In millions)
Net revenue:
Data Center $ 6,043 $ 3,694
Client 6,201 6,887
Gaming 6,805 5,607
Embedded 4,552 246
Total net revenue $ 23,601 $ 16,434
Operating income (loss):
Data Center $ 1,848 $ 991
Client 1,190 2,088
Gaming 953 934
Embedded 2,252 44
All Other (4,979) (409)
Total operating income (loss) $ 1,264 $ 3,648


One customer accounted for 16% of our consolidated net revenue for the year ended December 31, 2022. Sales to this customer consisted of sales of products
from our Gaming segment. A loss of this customer would have a material adverse effect on our business.


Registrant’s telephone number, including area code: (212) 640-2000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares (par value $0.20 per Share) AXP New York Stock Exchange
Securities registered pursuant to section 12(g) of the Act: None


(Millions) United States EMEA APAC LACC Other Unallocated Consolidated
2022
Total revenues net of interest expense $ 41,396 $ 4,871 $ 3,835 $ 2,917 $ (157) $ 52,862
Pretax income (loss) from continuing operations 10,383 550 376 500 (2,224) 9,585
2021
Total revenues net of interest expense $ 33,103 $ 3,643 $ 3,418 $ 2,238 $ (22) $ 42,380
Pretax income (loss) from continuing operations 10,325 460 420 494 (1,010) 10,689
2020
Total revenues net of interest expense $ 28,263 $ 3,087 $ 3,271 $ 2,019 $ (553) $ 36,087
Pretax income (loss) from continuing operations 5,422 187 328 273 (1,914) 4,296


CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31 (Millions, except per share amounts) 2022 2021 2020
Revenues
Non-interest revenues
Discount revenue $ 30,739 $ 24,563 $ 19,435
Net card fees 6,070 5,195 4,664
Service fees and other revenue 4,521 3,316 2,702
Processed revenue 1,637 1,556 1,301
Total non-interest revenues 42,967 34,630 28,102
Interest income
Interest on loans 11,967 8,850 9,779
Interest and dividends on investment securities 96 83 127
Deposits with banks and other 595 100 177
Total interest income 12,658 9,033 10,083
Interest expense
Deposits 1,527 458 943
Long-term debt and other 1,236 825 1,155
Total interest expense 2,763 1,283 2,098
Net interest income 9,895 7,750 7,985
Total revenues net of interest expense 52,862 42,380 36,087
Provisions for credit losses
Card Member receivables 627 (73) 1,015
Card Member loans 1,514 (1,155) 3,453
Other 41 (191) 262
Total provisions for credit losses 2,182 (1,419) 4,730
Total revenues net of interest expense after provisions for credit losses 50,680 43,799 31,357
Expenses
Card Member rewards 14,002 11,007 8,041
Business development 4,943 3,762 3,051
Card Member services 2,959 1,993 1,230
Marketing 5,458 5,291 3,696
Salaries and employee benefits 7,252 6,240 5,718
Other, net 6,481 4,817 5,325
Total expenses 41,095 33,110 27,061
Pretax income 9,585 10,689 4,296
Income tax provision 2,071 2,629 1,161
Net income $ 7,514 $ 8,060 $ 3,135
Earnings per Common Share — (Note 21)
Basic $ 9.86 $ 10.04 $ 3.77
Diluted $ 9.85 $ 10.02 $ 3.77
Average common shares outstanding for earnings per common share:
Basic 751 789 805
Diluted 752 790 806


TABLE 1: SUMMARY OF FINANCIAL PERFORMANCE
Years Ended December 31, Change Change
(Millions, except percentages, per share amounts and where indicated) 2022 2021 2020 2022 vs. 2021 2021 vs. 2020
Selected Income Statement Data
Total revenues net of interest expense $ 52,862 $ 42,380 $ 36,087 $ 10,482 25 % $ 6,293 17 %
Provisions for credit losses 2,182 (1,419) 4,730 3,601 # (6,149) #
Expenses 41,095 33,110 27,061 7,985 24 6,049 22
Pretax income 9,585 10,689 4,296 (1,104) (10) 6,393 #
Income tax provision 2,071 2,629 1,161 (558) (21) 1,468 #
Net income 7,514 8,060 3,135 (546) (7) 4,925 #
Earnings per common share — diluted $ 9.85 $ 10.02 $ 3.77 $ (0.17) (2)% $ 6.25 # %
Common Share Statistics
Cash dividends declared per common share $ 2.08 $ 1.72 $ 1.72 $ 0.36 21 % $ — — %
Average common shares outstanding:
Basic 751 789 805 (38) (5)% (16) (2)%
Diluted 752 790 806 (38) (5)% (16) (2)%
Selected Metrics and Ratios
Network volumes (Billions) $ 1,552.8 $ 1,284.2 $ 1,037.8 $ 269 21 % $ 246 24 %
Return on average equity 32.3 % 33.7 % 14.2 %
Net interest income divided by average Card Member loans 10.4 % 10.2 % 10.7 %
Net interest yield on average Card Member loans 10.6 % 10.7 % 11.5 %
Effective tax rate 21.6 % 24.6 % 27.0 %
Common Equity Tier 1 10.3 % 10.5 % 13.5 %
Selected Balance Sheet Data
Cash and cash equivalents $ 33,914 $ 22,028 $ 32,965 $ 11,886 54 % $ (10,937) (33)%
Card Member receivables 57,613 53,645 43,701 3,968 7 9,944 23
Card Member loans 107,964 88,562 73,373 19,402 22 15,189 21
Customer deposits 110,239 84,382 86,875 25,857 31 (2,493) (3)
Long-term debt $ 42,573 $ 38,675 $ 42,952 $ 3,898 10 % $ (4,277) (10)%


CONSOLIDATED BALANCE SHEETS
December 31 (Millions, except share data) 2022 2021
Assets
Cash and cash equivalents
Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2022, $5; 2021, $11) $ 5,510 $ 1,292
Interest-bearing deposits in other banks (includes securities purchased under resale agreements: 2022, $318; 2021, $463) 28,097 20,548
Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2022, $54; 2021, $32) 307 188
Total cash and cash equivalents 33,914 22,028
Card Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2022, $5,193; 2021,
$5,175), less reserves for credit losses: 2022, $229; 2021, $64 57,384 53,581
Card Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2022, $28,461; 2021, $26,587),
less reserves for credit losses: 2022, $3,747; 2021, $3,305 104,217 85,257
Other loans, less reserves for credit losses: 2022, $59; 2021, $52 5,357 2,859
Investment securities 4,578 2,591
Premises and equipment, less accumulated depreciation and amortization: 2022, $9,850; 2021, $8,602 5,215 4,988
Other assets, less reserves for credit losses: 2022, $22; 2021, $25 17,689 17,244
Total assets $ 228,354 $ 188,548
Liabilities and Shareholders’ Equity
Liabilities
Customer deposits $ 110,239 $ 84,382
Accounts payable 12,133 10,574
Short-term borrowings 1,348 2,243
Long-term debt (includes debt issued by consolidated variable interest entities: 2022, $12,662; 2021, $13,803) 42,573 38,675
Other liabilities 37,350 30,497
Total liabilities $ 203,643 $ 166,371
Contingencies and Commitments (Note 12)
Shareholders’ Equity
Preferred shares, $1.66 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of December 31, 2022 and 2021 (Note
16) — —
Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 743 million shares as of December 31, 2022 and 761
million shares as of December 31, 2021 149 153
Additional paid-in capital 11,493 11,495
Retained earnings 16,279 13,474
Accumulated other comprehensive income (loss) (3,210) (2,945)
Total shareholders’ equity 24,711 22,177
Total liabilities and shareholders’ equity $ 228,354 $ 188,548


Net card fees increased 17 percent year over-year, as new card acquisitions reached record levels in 2022 and Card Member
retention remained high, demonstrating the impact of investments we have made in our premium value propositions


Table of Contents
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Statements of Cash Flows
(In millions)

For the Years Ended December 31,

2020
2019
2018
CASH FLOWS FROM OPERATING ACTIVITIES

Net income
$
709
$
621
$
565
Adjustments to reconcile to net cash flows provided by operating activities:

Depreciation and amortization
604
582
545
Deferred income taxes and amortization of investment tax credits
207
208
195
Provision for losses on accounts receivable
34
28
33
Loss (gain) on asset dispositions and purchases
—
34
(20)
Impairment charge
—
—
57
Pension and non-pension postretirement benefits
(14)
17
23
Other non-cash, net
(20)
(41)
20
Changes in assets and liabilities:

Receivables and unbilled revenues
(97)
(25)
(17)
Pension and non-pension postretirement benefit contributions
(39)
(31)
(22)
Accounts payable and accrued liabilities
(2)
66
25
Other assets and liabilities, net
44
(72)
22
Impact of Freedom Industries settlement activities
—
(4)
(40)
Net cash provided by operating activities
1,426
1,383
1,386
CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures
(1,822)
(1,654)
(1,586)
Acquisitions, net of cash acquired
(135)
(235)
(398)
Proceeds from sale of assets
2
48
35
Removal costs from property, plant and equipment retirements, net
(106)
(104)
(87)
Net cash used in investing activities
(2,061)
(1,945)
(2,036)
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long-term debt
1,334
1,530
1,358
Repayments of long-term debt
(342)
(495)
(526)
Proceeds from term loan
500
—
—
Net short-term borrowings with maturities less than three months
(5)
(178)
60
Issuance of common stock
—
—
183
Proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $17, $11
and $8 in 2020, 2019 and 2018, respectively
9
15
16
Advances and contributions in aid of construction, net of refunds of $24, $30 and $22 in 2020, 2019
and 2018, respectively
28
26
21
Debt issuance costs and make-whole premium on early debt redemption
(15)
(15)
(22)
Dividends paid
(389)
(353)
(319)
Anti-dilutive share repurchases
—
(36)
(45)
Net cash provided by financing activities
1,120
494
726
Net increase (decrease) in cash, cash equivalents and restricted funds
485
(68)
76
Cash, cash equivalents and restricted funds at beginning of period
91
159
83
Cash, cash equivalents and restricted funds at end of period
$
576
$
91
$
159
Cash paid during the year for:

Interest, net of capitalized amount
$
382
$
383
$
332
Income taxes, net of refunds of $2, $4 and $0 in 2020, 2019 and 2018, respectively
$
7
$
12
$
38
Non-cash investing activity:

Capital expenditures acquired on account but unpaid as of year end
$
221
$
235
$
181
The accompanying notes are an integral part of these Consolidated Financial Statements.
84


Table of Contents
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Statements of Operations
(In millions, except per share data)

For the Years Ended December 31,

2021
2020
2019
Operating revenues
$
3,930
$
3,777
$
3,610
Operating expenses:

Operation and maintenance
1,777
1,622
1,544
Depreciation and amortization
636
604
582
General taxes
321
303
280
Other
—
—
(10)
Total operating expenses, net
2,734
2,529
2,396
Operating income
1,196
1,248
1,214
Other income (expense):

Interest expense
(403)
(397)
(386)
Interest income
4
2
4
Non-operating benefit costs, net
78
49
16
Gain or (loss) on sale of businesses
747
—
(44)
Other, net
18
22
29
Total other income (expense)
444
(324)
(381)
Income before income taxes
1,640
924
833
Provision for income taxes
377
215
212
Net income attributable to common shareholders
$
1,263
$
709
$
621
Basic earnings per share: (a)

Net income attributable to common shareholders
$
6.96
$
3.91
$
3.44
Diluted earnings per share: (a)

Net income attributable to common shareholders
$
6.95
$
3.91
$
3.43
Weighted average common shares outstanding:

Basic
182
181
181
Diluted
182
182
181
(a)
Amounts may not calculate due to rounding.
The accompanying notes are an integral part of these Consolidated Financial Statements.
84___FINANCEBENCH_DELIMITER___Table of Contents
American Water Works Company, Inc. and Subsidiary Companies
Consolidated Statements of Cash Flows
(In millions)

For the Years Ended December 31,

2021
2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES

Net income
$
1,263
$
709
$
621
Adjustments to reconcile to net cash flows provided by operating activities:

Depreciation and amortization
636
604
582
Deferred income taxes and amortization of investment tax credits
230
207
208
Provision for losses on accounts receivable
37
34
28
(Gain) or loss on sale of businesses
(747)
—
34
Pension and non-pension postretirement benefits
(41)
(14)
17
Other non-cash, net
(23)
(20)
(41)
Changes in assets and liabilities:

Receivables and unbilled revenues
(74)
(97)
(25)
Pension and non-pension postretirement benefit contributions
(40)
(39)
(31)
Accounts payable and accrued liabilities
66
(2)
66
Other assets and liabilities, net
134
44
(76)
Net cash provided by operating activities
1,441
1,426
1,383
CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures
(1,764)
(1,822)
(1,654)
Acquisitions, net of cash acquired
(135)
(135)
(235)
Proceeds from sale of assets, net of cash on hand
472
2
48
Removal costs from property, plant and equipment retirements, net
(109)
(106)
(104)
Net cash used in investing activities
(1,536)
(2,061)
(1,945)
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long-term debt
1,118
1,334
1,530
Repayments of long-term debt
(372)
(342)
(495)
(Repayments of) proceeds from term loan
(500)
500
—
Net short-term borrowings with maturities less than three months
(198)
(5)
(178)
(Remittances) proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $18, $17 and $11 in
2021, 2020 and 2019, respectively
(1)
9
15
Advances and contributions in aid of construction, net of refunds of $25, $24 and $30 in 2021, 2020 and 2019, respectively
62
28
26
Debt issuance costs and make-whole premium on early debt redemption
(26)
(15)
(15)
Dividends paid
(428)
(389)
(353)
Anti-dilutive share repurchases
—
—
(36)
Net cash (used in) provided by financing activities
(345)
1,120
494
Net (decrease) increase in cash, cash equivalents and restricted funds
(440)
485
(68)
Cash, cash equivalents and restricted funds at beginning of period
576
91
159
Cash, cash equivalents and restricted funds at end of period
$
136
$
576
$
91
Cash paid during the year for:

Interest, net of capitalized amount
$
389
$
382
$
383
Income taxes, net of refunds of $6, $2 and $4 in 2021, 2020 and 2019, respectively
$
1
$
7
$
12
Non-cash investing activity:

Capital expenditures acquired on account but unpaid as of year end
$
292
$
221
$
235
Seller promissory note from the sale of the Homeowner Services Group
$
720
$
—
$
—
Contingent cash payment from the sale of the Homeowner Services Group
$
75
$
—
$
—
The accompanying notes are an integral part of these Consolidated Financial Statements.
86


American Water Works Company, Inc. and Subsidiary Companies
Consolidated Balance Sheets
(In millions, except share and per share data)
December 31, 2022 December 31, 2021
ASSETS
Property, plant and equipment $ 29,736 $ 27,413
Accumulated depreciation (6,513) (6,329)
Property, plant and equipment, net 23,223 21,084
Current assets:
Cash and cash equivalents 85 116
Restricted funds 32 20
Accounts receivable, net of allowance for uncollectible accounts of $60 and $75, respectively 334 271
Income tax receivable 114 4
Unbilled revenues 275 248
Materials and supplies 98 57
Assets held for sale — 683
Other 312 155
Total current assets 1,250 1,554___FINANCEBENCH_DELIMITER___American Water Works Company, Inc. and Subsidiary Companies
Consolidated Balance Sheets
(In millions, except share and per share data)
December 31, 2022 December 31, 2021
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock ($0.01 par value; 500,000,000 shares authorized; 187,200,539 and 186,880,413 shares
issued, respectively) $ 2 $ 2
Paid-in-capital 6,824 6,781
Retained earnings 1,267 925
Accumulated other comprehensive loss (23) (45)
Treasury stock, at cost (5,342,477 and 5,269,324 shares, respectively) (377) (365)
Total common shareholders' equity 7,693 7,298
Long-term debt 10,926 10,341
Redeemable preferred stock at redemption value 3 3
Total long-term debt 10,929 10,344
Total capitalization 18,622 17,642
Current liabilities:
Short-term debt 1,175 584
Current portion of long-term debt 281 57
Accounts payable 254 235
Accrued liabilities 706 701
Accrued taxes 49 176
Accrued interest 91 88
Liabilities related to assets held for sale — 83
Other 255 217
Total current liabilities 2,811 2,141


Table of Contents
Consolidated Statements of Earnings
$ and shares in millions, except per share amounts
Fiscal Years Ended

January 28, 2017
January 30, 2016
January 31, 2015
Revenue
  $
39,403
  $
39,528
  $
40,339
Cost of goods sold

29,963

30,334

31,292
Restructuring charges — cost of goods sold

—

3

—
Gross profit

9,440

9,191

9,047
Selling, general and administrative expenses

7,547

7,618

7,592
Restructuring charges

39

198

5
Operating income

1,854

1,375

1,450
Other income (expense)

Gain on sale of investments

3

2

13
Investment income and other

31

13

14
Interest expense

(72)
(80)
(90)
Earnings from continuing operations before income tax expense

1,816

1,310

1,387
Income tax expense

609

503

141
Net earnings from continuing operations

1,207

807

1,246
Gain (loss) from discontinued operations (Note 2), net of tax expense of $7, $1 and $0

21

90

(11)
Net earnings including noncontrolling interests

1,228

897

1,235
Net earnings from discontinued operations attributable to noncontrolling interests

—

—

(2)
Net earnings attributable to Best Buy Co., Inc. shareholders
  $
1,228
  $
897
  $
1,233

Basic earnings (loss) per share attributable to Best Buy Co., Inc. shareholders

Continuing operations
  $
3.79
  $
2.33
  $
3.57
Discontinued operations

0.07

0.26

(0.04)
Basic earnings per share
  $
3.86
  $
2.59
  $
3.53

Diluted earnings (loss) per share attributable to Best Buy Co., Inc. shareholders

Continuing operations
  $
3.74
  $
2.30
  $
3.53
Discontinued operations

0.07

0.26

(0.04)
Diluted earnings per share
  $
3.81
  $
2.56
  $
3.49

Weighted-average common shares outstanding

Basic

318.5

346.5

349.5
Diluted

322.6

350.7

353.6
See Notes to Consolidated Financial Statements.
54


Table of Contents
Consolidated Balance Sheets
$ in millions, except per share and share amounts

February 2, 2019

February 3, 2018
Assets

Current assets

Cash and cash equivalents
  $
1,980   $
1,101
Short-term investments

—
2,032
Receivables, net

1,015
1,049
Merchandise inventories

5,409
5,209
Other current assets

466
438
Total current assets

8,870
9,829
Property and equipment

Land and buildings

637
623
Leasehold improvements

2,119
2,327
Fixtures and equipment

5,865
5,410
Property under capital and financing leases

579
340
Gross property and equipment

9,200
8,700
Less accumulated depreciation

6,690
6,279
Net property and equipment

2,510
2,421
Goodwill

915
425
Other assets

606
374
Total assets
  $
12,901   $
13,049

Liabilities and equity

Current liabilities

Accounts payable
  $
5,257   $
4,873
Unredeemed gift card liabilities

290
385
Deferred revenue

446
453
Accrued compensation and related expenses

482
561
Accrued liabilities

982
1,001
Current portion of long-term debt

56
544
Total current liabilities

7,513
7,817
Long-term liabilities

750
809
Long-term debt

1,332
811
Contingencies and commitments (Note 13)

Equity

Best Buy Co., Inc. Shareholders' Equity

Preferred stock, $1.00 par value: Authorized — 400,000 shares; Issued and outstanding — none

—
—
Common stock, $0.10 par value: Authorized — 1.0 billion shares; Issued and outstanding — 265,703,000 and
282,988,000 shares, respectively

27
28
Additional paid-in capital

—
—
Retained earnings

2,985
3,270
Accumulated other comprehensive income

294
314
Total equity

3,306
3,612
Total liabilities and equity
  $
12,901   $
13,049
See Notes to Consolidated Financial Statements.
50


Consolidated Statements of Earnings
$ and shares in millions, except per share amounts
Fiscal Years Ended January 28, 2023 January 29, 2022 January 30, 2021
Revenue $ 46,298 $ 51,761 $ 47,262
Cost of sales 36,386 40,121 36,689
Gross profit 9,912 11,640 10,573
Selling, general and administrative expenses 7,970 8,635 7,928
Restructuring charges 147 (34) 254
Operating income 1,795 3,039 2,391
Other income (expense):
Investment income and other 28 10 38
Interest expense (35) (25) (52)
Earnings before income tax expense and equity in income of affiliates 1,788 3,024 2,377
Income tax expense 370 574 579
Equity in income of affiliates 1 4 -
Net earnings $ 1,419 $ 2,454 $ 1,798


Acquisitions
Current Health Ltd.
In fiscal 2022, we acquired all of the outstanding shares of Current Health Ltd. (“Current Health”), a care-at-home technology platform, on November 2, 2021, for
net cash consideration of $389 million. The acquired assets included $351 million of goodwill that was assigned to our Best Buy Health reporting unit and was
deductible for income tax purposes. The acquisition is aligned with our focus in virtual care to enable people in their homes to connect seamlessly with their
health care providers and is included in our Domestic reportable segment and Services revenue category. The acquisition was accounted for using the
acquisition method of accounting for business combinations and was not material to the results of operations.
Two Peaks, LLC d/b/a Yardbird Furniture
In fiscal 2022, we acquired all of the outstanding shares of Two Peaks, LLC d/b/a Yardbird Furniture (“Yardbird”), a direct-to-consumer outdoor furniture company,
on November 4, 2021, for net cash consideration of $79 million. The acquired assets included $47 million of goodwill that was assigned to our Best Buy Domestic
reporting unit and was deductible for income tax purposes. The acquisition expands our assortment in categories like outdoor living, as more and more
consumers look to make over or upgrade their outdoor living spaces. The acquisition was accounted for using the acquisition method of accounting for business
combinations and was not material to the results of our operations.


Consolidated Statements of Cash Flows
$ in millions
Fiscal Years Ended January 28, 2023 January 29, 2022 January 30, 2021
Operating activities
Net earnings $ 1,419 $ 2,454 $ 1,798
Adjustments to reconcile net earnings to total cash provided by operating activities:
Depreciation and amortization 918 869 839
Restructuring charges 147 (34) 254
Stock-based compensation 138 141 135
Deferred income taxes 51 14 (36)
Other, net 12 11 3
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Receivables (103) 17 73
Merchandise inventories 809 (328) (435)
Other assets (21) (14) (51)
Accounts payable (1,099) (201) 1,676
Income taxes 36 (156) 173
Other liabilities (483) 479 498
Total cash provided by operating activities 1,824 3,252 4,927
Investing activities
Additions to property and equipment, net of $35, $46 and $32, respectively, of non-cash
capital expenditures (930) (737) (713)
Purchases of investments (46) (233) (620)
Sales of investments 7 66 546
Acquisitions, net of cash acquired - (468) -
Other, net 7 - (1)
Total cash used in investing activities (962) (1,372) (788)
Financing activities
Repurchase of common stock (1,014) (3,502) (312)
Issuance of common stock 16 29 28
Dividends paid (789) (688) (568)
Borrowings of debt - - 1,892
Repayments of debt (19) (133) (1,916)
Other, net - (3) -
Total cash used in financing activities (1,806) (4,297) (876)
Effect of exchange rate changes on cash (8) (3) 7
Increase (decrease) in cash, cash equivalents and restricted cash (952) (2,420) 3,270
Cash, cash equivalents and restricted cash at beginning of period 3,205 5,625 2,355
Cash, cash equivalents and restricted cash at end of period $ 2,253 $ 3,205 $ 5,625


July 29, 2023 January 28, 2023 July 30, 2022
Cash and cash equivalents $ 1,093 $ 1,874 $ 840


Fiscal 2024 Fiscal 2023
Total Stores at
Beginning of
Second Quarter
Stores
Opened
Stores
Closed
Total Stores at
End of Second
Quarter
Total Stores at
Beginning of
Second Quarter
Stores
Opened
Stores
Closed
Total Stores at
End of Second
Quarter
Best Buy 908 - (1) 907 931 1 (2) 930
Outlet Centers 20 1 (1) 20 16 2 - 18
Pacific Sales 20 - - 20 21 - - 21
Yardbird 18 4 - 22 9 4 - 13
Total 966 5 (2) 969 977 7 (2) 982


Computing and Mobile Phones: The 6.4% comparable sales decline was driven primarily by computing, mobile phones and tablets.
 Consumer Electronics: The 5.7% comparable sales decline was driven primarily by home theater, partially offset by comparable sales growth in
headphones and portable speakers.
 Appliances: The 16.1% comparable sales decline was driven primarily by large appliances.
 Entertainment: The 9.0% comparable sales growth was driven primarily by gaming, partially offset by comparable sales declines in virtual reality and
drones.
 Services: The 7.6% comparable sales growth was driven primarily by the cumulative growth in our paid membership base


SQUARE,�INC.
CONSOLIDATED�BALANCE�SHEETS
(In thousands, except share and per share data)

December�31,

2016

2015
Assets

Current assets:

Cash and cash equivalents
$
452,030   $
461,329
Short-term investments
59,901
—
Restricted cash
22,131
13,537
Settlements receivable
321,102
142,727
Customer funds held
43,574
9,446
Loans held for sale
42,144
604
Merchant cash advance receivable, net
4,212
36,473
Other current assets
56,331
41,447
Total current assets
1,001,425
705,563
Property and equipment, net
88,328
87,222
Goodwill
57,173
56,699
Acquired intangible assets, net
19,292
26,776
Long-term investments
27,366
—
Restricted cash
14,584
14,686
Other assets
3,194
3,826
Total assets
$
1,211,362   $
894,772
Liabilities�and�Stockholders’�Equity

Current liabilities:

Accounts payable
$
12,602   $
18,869
Customers payable
388,058
215,365
Customer funds obligation
43,574
9,446
Accrued transaction losses
20,064
17,176
Accrued expenses
39,543
44,401
Other current liabilities
73,623
28,945
Total current liabilities
577,464
334,202
Debt (Note 11)
—
—
Other liabilities
57,745
52,522
Total liabilities
635,209
386,724
Commitments and contingencies (Note 16)

Stockholders’ equity:

Preferred stock, $0.0000001 par value: 100,000,000 shares authorized at December 31, 2016 and December 31, 2015. None
issued and outstanding at December 31, 2016 and December 31, 2015.
—
—
Class A common stock, $0.0000001 par value: 1,000,000,000 shares authorized at December 31, 2016 and December 31, 2015;
198,746,620 and 31,717,133 issued and outstanding at December 31, 2016 and December 31, 2015, respectively.
—
—
Class B common stock, $0.0000001 par value: 500,000,000 shares authorized at December 31, 2016 and December 31, 2015;
165,800,756 and 303,232,312 issued and outstanding at December 31, 2016 and December 31, 2015, respectively.
—
—
Additional paid-in capital
1,357,381
1,116,882
Accumulated other comprehensive loss
(1,989)
(1,185)
Accumulated deficit
(779,239)
(607,649)
Total stockholders’ equity
576,153
508,048
Total liabilities and stockholders’ equity
$
1,211,362   $
894,772
See accompanying notes to consolidated financial statements.
68


SQUARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31,
2020
2019
2018
Revenue:
Transaction-based revenue
$
3,294,978
$
3,081,074
$
2,471,451
Subscription and services-based revenue
1,539,403
1,031,456
591,706
Hardware revenue
91,654
84,505
68,503
Bitcoin revenue
4,571,543
516,465
166,517
Total net revenue
9,497,578
4,713,500
3,298,177
Cost of revenue:
Transaction-based costs
1,911,848
1,937,971
1,558,562
Subscription and services-based costs
222,712
234,270
169,884
Hardware costs
143,901
136,385
94,114
Bitcoin costs
4,474,534
508,239
164,827
Amortization of acquired technology
11,174
6,950
7,090
Total cost of revenue
6,764,169
2,823,815
1,994,477
Gross profit
2,733,409
1,889,685
1,303,700
Operating expenses:
Product development
881,826
670,606
497,479
Sales and marketing
1,109,670
624,832
411,151
General and administrative
579,203
436,250
339,245
Transaction and loan losses
177,670
126,959
88,077
Amortization of acquired customer assets
3,855
4,481
4,362
Total operating expenses
2,752,224
1,863,128
1,340,314
Operating income (loss)
(18,815)
26,557
(36,614)
Gain on sale of asset group
—
(373,445)
—
Interest expense, net
56,943
21,516
17,982
Other expense (income), net
(291,725)
273
(18,469)
Income (loss) before income tax
215,967
378,213
(36,127)
Provision for income taxes
2,862
2,767
2,326
Net income (loss)
$
213,105
$
375,446
$
(38,453)
Net income (loss) per share:
Basic
$
0.48
$
0.88
$
(0.09)
Diluted
$
0.44
$
0.81
$
(0.09)
Weighted-average shares used to compute net income (loss) per share:
Basic
443,126
424,999
405,731
Diluted
482,167
466,076
405,731
See accompanying notes to consolidated financial statements.
85


SQUARE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2020
2019
2018
Cash flows from operating activities:
Net income (loss)
$
213,105
$
375,446
$
(38,453)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
84,212
75,598
60,961
Non-cash interest and other
76,129
33,478
28,512
Loss on extinguishment of long-term debt
6,651
—
5,047
Non-cash lease expense
70,253
29,696
—
Share-based compensation
397,800
297,863
216,881
Replacement stock awards issued in connection with acquisition
—
—
899
Gain on sale of asset group
—
(373,445)
—
Loss (gain) on revaluation of equity investment
(295,297)
12,326
(20,342)
Transaction and loan losses
177,670
126,959
88,077
Change in deferred income taxes
(8,016)
(1,376)
(646)
Changes in operating assets and liabilities:
Settlements receivable
(473,871)
(248,271)
245,795
Customer funds
(1,151,536)
(204,208)
(131,004)
Purchase of loans held for sale
(1,837,137)
(2,266,738)
(1,609,611)
Sales and principal payments of loans held for sale
1,505,406
2,168,682
1,579,834
Customers payable
1,733,138
523,795
15,597
Settlements payable
143,528
41,697
(60,651)
Charge-offs to accrued transaction losses
(73,613)
(78,325)
(58,192)
Other assets and liabilities
(186,819)
(47,478)
(27,624)
Net cash provided by operating activities
381,603
465,699
295,080
Cash flows from investing activities:
Purchase of marketable debt securities
(1,322,362)
(992,583)
(1,000,346)
Proceeds from maturities of marketable debt securities
607,134
430,888
197,454
Proceeds from sale of marketable debt securities
585,427
548,619
171,992
Purchase of marketable debt securities from customer funds
(642,252)
(311,499)
(148,096)
Proceeds from maturities of marketable debt securities from customer funds
382,887
158,055
—
Proceeds from sale of marketable debt securities from customer funds
51,430
17,493
48,334
Purchase of property and equipment
(138,402)
(62,498)
(61,203)
Purchase of other investments
(51,277)
(15,250)
—
Proceeds from sale of equity investment
—
33,016
—
Purchase of intangible assets
—
—
(1,584)
Proceeds from sale of asset group
—
309,324
—
Business combinations, net of cash acquired
(79,221)
(20,372)
(112,399)
Net cash provided by (used in) investing activities:
(606,636)
95,193
(905,848)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net
2,116,544
—
855,663
Purchase of convertible senior note hedges
(338,145)
—
(172,586)
Proceeds from issuance of warrants
232,095
—
112,125
Principal payment on conversion of senior notes
—
—
(219,384)
Proceeds from PPP Liquidity Facility advances
464,094
—
—
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan, net
161,985
118,514
133,850
Payments for tax withholding related to vesting of restricted stock units
(314,019)
(212,264)
(189,124)
Other financing activities
(7,359)
(5,124)
(4,789)
Net cash provided by (used in) financing activities
2,315,195
(98,874)
515,755
Effect of foreign exchange rate on cash and cash equivalents
12,995
3,841
(7,221)
Net increase (decrease) in cash, cash equivalents and restricted cash
2,103,157
465,859
(102,234)
Cash, cash equivalents and restricted cash, beginning of the year
1,098,706
632,847
735,081
Cash, cash equivalents and restricted cash, end of the year
$
3,201,863
$
1,098,706
$
632,847
See accompanying notes to consolidated financial statements.
89