beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

INCOME STATEMENTS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Revenue
Product	$ 15,114	$ 14,513	$ 47,338	$ 47,754
Service and other	11,705	8,699	32,937	23,212
Total revenue	26,819	23,212	80,275	70,966
Cost of revenue
Product	3,425	3,075	11,903	12,034
Service and other	5,844	4,985	16,708	13,771
Total cost of revenue	9,269	8,060	28,611	25,805
Gross margin	17,550	15,152	51,664	45,161
Research and development	3,715	3,355	10,793	9,523
Sales and marketing	4,335	3,872	12,709	11,169
General and administrative	1,208	1,202	3,483	3,126
Operating income	8,292	6,723	24,679	21,343
Other income, net	349	371	1,115	600
Income before income taxes	8,641	7,094	25,794	21,943
Provision for income taxes	1,217	1,608	18,096	4,523
Net income	$ 7,424	$ 5,486	$ 7,698	$ 17,420
Earnings per share:
Basic	$ 0.96	$ 0.71	$ 1.00	$ 2.25
Diluted	$ 0.95	$ 0.70	$ 0.99	$ 2.22
Weighted average shares outstanding:
Basic	7,698	7,725	7,706	7,756
Diluted	7,794	7,813	7,798	7,840
Cash dividends declared per common share	$ 0.42	$ 0.39	$ 1.26	$ 1.17

CASH FLOWS STATEMENTS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
CASH FLOWS STATEMENTS - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Operations
Net income	$ 7,424	$ 5,486	$ 7,698	$ 17,420
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other	2,710	2,453	7,745	6,435
Stock-based compensation expense	969	883	2,928	2,353
Net recognized gains on investments and derivatives	(438)	(590)	(1,645)	(1,553)
Deferred income taxes	(396)	(284)	(2,754)	261
Changes in operating assets and liabilities:
Accounts receivable	1,285	1,415	5,326	5,813
Inventories	(75)	(16)	107	249
Other current assets	(149)	(31)	(113)	304
Other long-term assets	(213)	(387)	(835)	(680)
Accounts payable	(393)	(425)	138	(769)
Unearned revenue	91	(45)	(2,780)	(2,929)
Income taxes	645	1,247	17,280	2,654
Other current liabilities	546	671	(975)	(1,057)
Other long-term liabilities	145	283	346	1
Net cash from operations	12,151	10,660	32,466	28,502
Financing
Repayments of short-term debt, maturities of 90 days or less, net	(7,373)	(1,302)	(7,324)	(8,447)
Proceeds from issuance of debt	0	547	7,183	42,593
Repayments of debt	(4,883)	(211)	(9,379)	(4,554)
Common stock issued	251	179	747	551
Common stock repurchased	(3,781)	(2,062)	(8,359)	(10,023)
Common stock cash dividends paid	(3,232)	(3,012)	(9,473)	(8,836)
Other, net	(640)	(375)	(946)	(175)
Net cash from (used in) financing	(19,658)	(6,236)	(27,551)	11,109
Investing
Additions to property and equipment	(2,934)	(1,695)	(7,652)	(5,846)
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(248)	(802)	(454)	(25,586)
Purchases of investments	(26,885)	(43,918)	(105,000)	(147,874)
Maturities of investments	7,674	4,860	19,252	22,234
Sales of investments	26,256	36,444	90,553	117,754
Securities lending payable	(19)	(1,080)	(90)	(94)
Net cash from (used in) investing	3,844	(6,191)	(3,391)	(39,412)
Effect of foreign exchange rates on cash and cash equivalents	25	12	34	4
Net change in cash and cash equivalents	(3,638)	(1,755)	1,558	203
Cash and cash equivalents, beginning of period	12,859	8,468	7,663	6,510
Cash and cash equivalents, end of period	$ 9,221	$ 6,713	$ 9,221	$ 6,713

BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2018	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 9,221	$ 7,663
Short-term investments	123,049	125,318
Total cash, cash equivalents, and short-term investments	132,270	132,981
Accounts receivable, net of allowance for doubtful accounts of $311 and $345	17,208	22,431
Inventories	2,084	2,181
Other	5,097	5,103
Total current assets	156,659	162,696
Property and equipment, net of accumulated depreciation of $28,377 and $24,179	27,929	23,734
Operating lease right-of-use assets	6,859	6,555
Equity and other investments	2,818	6,023
Goodwill	35,582	35,122
Intangible assets, net	8,544	10,106
Other long-term assets	7,106	6,076
Total assets	245,497	250,312
Current liabilities:
Accounts payable	7,623	7,390
Short-term debt	230	9,072
Current portion of long-term debt	3,447	1,049
Accrued compensation	5,149	5,819
Short-term income taxes	814	718
Short-term unearned revenue	21,370	24,013
Other	7,500	7,684
Total current liabilities	46,133	55,745
Long-term debt	73,480	76,073
Long-term income taxes	30,669	13,485
Long-term unearned revenue	2,585	2,643
Deferred income taxes	2,417	5,734
Operating lease liabilities	5,751	5,372
Other long-term liabilities	5,223	3,549
Total liabilities	166,258	162,601
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,690 and 7,708	70,418	69,315
Retained earnings	9,974	17,769
Accumulated other comprehensive income (loss)	(1,153)	627
Total stockholders’ equity	79,239	87,711
Total liabilities and stockholders' equity	$ 245,497	$ 250,312