beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

INCOME STATEMENTS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenue
Product	$ 17,926	$ 18,273	$ 32,224	$ 33,241
Service and other	10,992	7,553	21,232	14,513
Total revenue	28,918	25,826	53,456	47,754
Cost of revenue
Product	5,498	5,378	8,478	8,959
Service and other	5,566	4,523	10,864	8,786
Total cost of revenue	11,064	9,901	19,342	17,745
Gross margin	17,854	15,925	34,114	30,009
Research and development	3,504	3,062	7,078	6,168
Sales and marketing	4,562	4,079	8,374	7,297
General and administrative	1,109	879	2,275	1,924
Operating income	8,679	7,905	16,387	14,620
Other income, net	490	117	766	229
Income before income taxes	9,169	8,022	17,153	14,849
Provision for income taxes	15,471	1,755	16,879	2,915
Net income (loss)	$ (6,302)	$ 6,267	$ 274	$ 11,934
Earnings (loss) per share:
Basic	$ (0.82)	$ 0.81	$ 0.04	$ 1.54
Diluted	$ (0.82)	$ 0.80	$ 0.04	$ 1.52
Weighted average shares outstanding:
Basic	7,710	7,755	7,709	7,772
Diluted	7,710	7,830	7,799	7,853
Cash dividends declared per common share	$ 0.42	$ 0.39	$ 0.84	$ 0.78

CASH FLOWS STATEMENTS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
CASH FLOWS STATEMENTS - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Operations
Net income (loss)	$ (6,302)	$ 6,267	$ 274	$ 11,934
Adjustments to reconcile net income (loss) to net cash from operations:
Depreciation, amortization, and other	2,536	2,166	5,035	3,982
Stock-based compensation expense	986	767	1,959	1,470
Net recognized gains on investments and derivatives	(684)	(652)	(1,207)	(963)
Deferred income taxes	(2,305)	5	(2,358)	545
Changes in operating assets and liabilities:
Accounts receivable	(3,908)	(2,789)	4,041	4,398
Inventories	1,205	1,132	182	265
Other current assets	354	1,300	36	335
Other long-term assets	(344)	(200)	(622)	(293)
Accounts payable	938	99	531	(344)
Unearned revenue	(1,065)	(1,077)	(2,871)	(2,884)
Income taxes	15,974	843	16,635	1,407
Other current liabilities	643	(1,267)	(1,521)	(1,727)
Other long-term liabilities	(153)	(301)	201	(283)
Net cash from operations	7,875	6,293	20,315	17,842
Financing
Proceeds from issuance (repayments) of short-term debt, maturities of 90 days or less, net	3,759	(3,755)	49	(7,145)
Proceeds from issuance of debt	3,229	17,069	7,183	42,046
Repayments of debt	(3,327)	(4,118)	(4,496)	(4,343)
Common stock issued	189	131	496	372
Common stock repurchased	(2,008)	(3,599)	(4,578)	(7,961)
Common stock cash dividends paid	(3,238)	(3,024)	(6,241)	(5,824)
Other, net	(156)	312	(306)	200
Net cash from (used in) financing	(1,552)	3,016	(7,893)	17,345
Investing
Additions to property and equipment	(2,586)	(1,988)	(4,718)	(4,151)
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(27)	(24,760)	(206)	(24,784)
Purchases of investments	(45,154)	(46,775)	(78,115)	(103,956)
Maturities of investments	6,352	8,715	11,578	17,374
Sales of investments	41,261	48,987	64,297	81,310
Securities lending payable	(177)	1,070	(71)	986
Net cash used in investing	(331)	(14,751)	(7,235)	(33,221)
Effect of foreign exchange rates on cash and cash equivalents	(17)	(18)	9	(8)
Net change in cash and cash equivalents	5,975	(5,460)	5,196	1,958
Cash and cash equivalents, beginning of period	6,884	13,928	7,663	6,510
Cash and cash equivalents, end of period	$ 12,859	$ 8,468	$ 12,859	$ 8,468

BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 12,859	$ 7,663
Short-term investments (including securities loaned of $4,247 and $3,694)	129,921	125,318
Total cash, cash equivalents, and short-term investments	142,780	132,981
Accounts receivable, net of allowance for doubtful accounts of $337 and $345	18,428	22,431
Inventories	2,003	2,181
Other	4,422	5,103
Total current assets	167,633	162,696
Property and equipment, net of accumulated depreciation of $26,849 and $24,179	26,304	23,734
Operating lease right-of-use assets	6,749	6,555
Equity and other investments	3,961	6,023
Goodwill	35,355	35,122
Intangible assets, net	9,034	10,106
Other long-term assets	6,967	6,076
Total assets	256,003	250,312
Current liabilities:
Accounts payable	7,850	7,390
Short-term debt	12,466	9,072
Current portion of long-term debt	3,446	1,049
Accrued compensation	4,427	5,819
Short-term income taxes	788	718
Short-term unearned revenue	21,309	24,013
Securities lending payable	26	97
Other	7,787	7,587
Total current liabilities	58,099	55,745
Long-term debt	73,348	76,073
Long-term income taxes	30,050	13,485
Long-term unearned revenue	2,500	2,643
Deferred income taxes	3,186	5,734
Operating lease liabilities	5,640	5,372
Other long-term liabilities	4,820	3,549
Total liabilities	177,643	162,601
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,705 and 7,708	70,192	69,315
Retained earnings	8,567	17,769
Accumulated other comprehensive income (loss)	(399)	627
Total stockholders’ equity	78,360	87,711
Total liabilities and stockholders' equity	$ 256,003	$ 250,312