Revenue and profitability:
- Revenue: $1,456,317,000; YoY change: -3.83%; QoQ change: -10.73%
- Gross Profit: $1,147,004,000; YoY: -3.24%; QoQ: -5.06%; Gross margin: 78.76%
- Operating Income: $333,? (rounded) 332,999,000; YoY: -11.49%; QoQ: +8.78% (operating income leveraged by margin despite revenue decline)
- Net Income: $295,683,000; YoY: -34.16%; QoQ: -73.46%
- EPS (GAAP): $1.91; Diluted: $1.89; YoY: -35.25%; QoQ: -73.61%
Cost structure and efficiency:
- R&D Expenses: $553,216,000 (about 38% of revenue)
- SG&A Expenses: $376,285,000 (incl. G&A $167,086,000 and SG&A components)
- EBITDA: $349,734,000; EBITDA margin: ~24.0%
Cash flow and liquidity:
- Net income: $297,411,000 (reconciling to cash from operations)
- Cash flow from operating activities: -$67,455,000
- Capital expenditures: -$40,715,000
- Free cash flow: -$108,170,000
- Net cash provided by/(used in) financing activities: -$141,838,000
- Cash and cash equivalents: $3,653,880,000; Net debt: -$2,988,843,000 (net cash position)
- Cash conversion metrics (CCC): ~197.8 days; DSO ~106.5 days; DIO ~120.8 days; DPO ~29.5 days
Balance sheet and leverage:
- Total assets: $13.041 billion
- Total liabilities: $3.736 billion
- Total stockholders’ equity: $9.304 billion
- Cash and short-term investments: $3.809 billion combined
- Goodwill: $3.433 billion; Intangibles: $181 million
- Short-term debt: $99.31 million; Long-term debt: $565.7 million; Total debt: $665.0 million; Net debt: -$2.989 billion
Valuation and earnings trajectory:
- Price-to-book: 8.83; Price-to-sales: 56.39; Price-to-earnings (GAAP): 69.43
- Free cash flow yield is negative, reflecting working capital dynamics in QQ1 2025