Ranking firms in order based on findings in Excel

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MSFT Q1

FINANCIAL STATEMENTS
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
Three Months Ended September 30, 2017 2016
Revenue:
Product $ 14,298 $ 14,968
Service and other 10,240 6,960
Total revenue 24,538 21,928
Cost of revenue:
Product 2,980 3,581
Service and other 5,298 4,263
Total cost of revenue 8,278 7,844
Gross margin 16,260 14,084
Research and development 3,574 3,106
Sales and marketing 3,812 3,218
General and administrative 1,166 1,045
Operating income 7,708 6,715
Other income, net 276 112
Income before income taxes 7,984 6,827
Provision for income taxes 1,408 1,160
Net income $ 6,576 $ 5,667
Earnings per share:
Basic $ 0.85 $ 0.73
Diluted $ 0.84 $ 0.72
Weighted average shares outstanding:
Basic 7,708 7,789
Diluted 7,799 7,876
Cash dividends declared per common share $ 0.42 $ 0.39
COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited)
Three Months Ended September 30, 2017 2016
Net income $ 6,576 $ 5,667
Other comprehensive income (loss), net of tax:
Net change related to derivatives (106 ) (37 )
Net change related to investments (288 ) 83
Translation adjustments and other 293 118
Other comprehensive income (loss) (101 ) 164
Comprehensive income $ 6,475 $ 5,831
BALANCE SHEETS
(In millions) (Unaudited)
September 30, 2017 June 30, 2017
Assets
Current assets:
Cash and cash equivalents $ 6,884 $ 7,663
Short-term investments (including securities loaned of $4,774 and $3,694) 131,587 125,318
Total cash, cash equivalents, and short-term investments 138,471 132,981
Accounts receivable, net of allowance for doubtful accounts of $285 and $345 14,561 22,431
Inventories 3,211 2,181
Other 4,788 5,103
Total current assets 161,031 162,696
Property and equipment, net of accumulated depreciation of $25,523 and $24,179 24,809 23,734
Operating lease right-of-use assets 6,844 6,555
Equity and other investments 5,343 6,023
Goodwill 35,389 35,122
Intangible assets, net 9,598 10,106
Other long-term assets 6,083 6,076
Total assets $ 249,097 $ 250,312
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 6,866 $ 7,390
Short-term debt 8,170 9,072
Current portion of long-term debt 1,050 1,049
Accrued compensation 4,108 5,819
Income taxes 920 718
Short-term unearned revenue 22,778 24,013
Securities lending payable 203 97
Other 7,520 7,587
Total current liabilities 51,615 55,745
Long-term debt 76,255 76,073
Long-term unearned revenue 2,126 2,643
Deferred income taxes 5,513 5,734
Operating lease liabilities 5,768 5,372
Other long-term liabilities 18,173 17,034
Total liabilities 159,450 162,601
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,720 and 7,708 69,419 69,315
Retained earnings 19,702 17,769
Accumulated other comprehensive income 526 627
Total stockholders’ equity 89,647 87,711
Total liabilities and stockholders’ equity $ 249,097 $ 250,312
CASH FLOWS STATEMENTS
(In millions) (Unaudited)
Three Months Ended September 30, 2017 2016
Operations
Net income $ 6,576 $ 5,667
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other 2,499 1,816
Stock-based compensation expense 973 703
Net recognized gains on investments and derivatives (523 ) (311 )
Deferred income taxes (53 ) 540
Changes in operating assets and liabilities:
Accounts receivable 7,949 7,187
Inventories (1,023 ) (867 )
Other current assets (318 ) (965 )
Other long-term assets (278 ) (93 )
Accounts payable (407 ) (443 )
Unearned revenue (1,806 ) (1,807 )
Other current liabilities (1,962 ) (321 )
Other long-term liabilities 813 443
Net cash from operations 12,440 11,549
Financing
Repayments of short-term debt, maturities of 90 days or less, net (3,710 ) (3,390 )
Proceeds from issuance of debt 3,954 24,977
Repayments of debt (1,169 ) (225 )
Common stock issued 307 241
Common stock repurchased (2,570 ) (4,362 )
Common stock cash dividends paid (3,003 ) (2,800 )
Other, net (150 ) (112 )
Net cash from (used in) financing (6,341 ) 14,329
Investing
Additions to property and equipment (2,132 ) (2,163 )
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (179 ) (24 )
Purchases of investments (32,961 ) (57,181 )
Maturities of investments 5,226 8,659
Sales of investments 23,036 32,323
Securities lending payable 106 (84 )
Net cash used in investing (6,904 ) (18,470 )
Effect of foreign exchange rates on cash and cash equivalents 26 10
Net change in cash and cash equivalents (779 ) 7,418
Cash and cash equivalents, beginning of period 7,663 6,510
Cash and cash equivalents, end of period $ 6,884 $ 13,928

MSFT Q2

MICROSOFT CORPORATION
For the Quarter Ended December 31, 2017
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited) Six Months Ended December 31,
Three Months Ended December 31,
2017 2016 2017 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 ) $ 0.8 $ 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
COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
2017 2016 2017 2016
Net income (loss) $ (6,302 ) $ 6,267 $ 274 $ 11,934
Other comprehensive income (loss), net of tax:
Net change related to derivatives (7 ) 280 (113 ) 243
Net change related to investments (878 ) (994 ) (1,166 ) (911 )
Translation adjustments and other (40 ) (592 ) 253 (474 )
Other comprehensive loss (925 ) (1,306 ) (1,026 ) (1,142 )
Comprehensive income (loss) $ (7,227 ) $ 4,961 $ (752 ) $ 10,792
BALANCE SHEETS
(In millions) (Unaudited)
December 31, 2017 June 30, 2017
Assets
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
Liabilities and stockholders’ equity
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
CASH FLOWS STATEMENTS
(In millions) (Unaudited) Three Months Ended December 31, Six Months Ended December 31 ,
2017 2016 2017 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

MSFT Q3

MICROSOFT CORPORATION
FORM 10-Q
For the Quarter Ended March 31, 2018
ITEM 1. FINANCIAL STATEMENTS
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
2018 2017 2018 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 $ 2.25
Diluted $ 0.95 $ 0.7 $ 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
COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
2018 2017 2018 2017
Net income $ 7,424 $ 5,486 $ 7,698 $ 17,420
Other comprehensive income (loss), net of tax:
Net change related to derivatives 7 (225 ) (106 ) 18
Net change related to investments (1,016 ) 65 (2,182 ) (846 )
Translation adjustments and other 255 349 508 (125 )
Other comprehensive income (loss) (754 ) 189 (1,780 ) (953 )
Comprehensive income $ 6,670 $ 5,675 $ 5,918 $ 16,467
BALANCE SHEETS
(In millions) (Unaudited)
March 31, 2018 June 30, 2017
Assets
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
Liabilities and stockholders’ equity
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
CASH FLOWS STATEMENTS
(In millions) (Unaudited) Three Months Ended March 31, Nine Months Ended March 31 ,
2018 2017 2018 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

MSFT 4Q

MICROSOFT CORPORATION
FORM 10-Q
For the Quarter Ended September 30, 2018
INDEX
ITEM 1. FINANCIAL STATEMENTS
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
Three Months Ended September 30, 2018 2017
Revenue:
Product $ 17,299 $ 14,298
Service and other 11,785 10,240
Total revenue 29,084 24,538
Cost of revenue:
Product 3,649 2,980
Service and other 6,256 5,298
Total cost of revenue 9,905 8,278
Gross margin 19,179 16,260
Research and development 3,977 3,574
Sales and marketing 4,098 3,812
General and administrative 1,149 1,166
Operating income 9,955 7,708
Other income, net 266 276
Income before income taxes 10,221 7,984
Provision for income taxes 1,397 1,408
Net income $ 8,824 $ 6,576
Earnings per share:
Basic $ 1.15 $ 0.85
Diluted $ 1.14 $ 0.84
Weighted average shares outstanding:
Basic 7,673 7,708
Diluted 7,766 7,799
Cash dividends declared per common share $ 0.46 $ 0.42
COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited)
Three Months Ended September 30, 2018 2017
Net income $ 8,824 $ 6,576
Other comprehensive income (loss), net of tax:
Net change related to derivatives (45 ) (106 )
Net change related to investments (261 ) (288 )
Translation adjustments and other (55 ) 293
Other comprehensive loss (361 ) (101 )
Comprehensive income $ 8,463 $ 6,475
BALANCE SHEETS
(In millions) (Unaudited)
September 30, 2018 June 30, 2018
Assets
Current assets:
Cash and cash equivalents $ 15,137 $ 11,946
Short-term investments 120,743 121,822
Total cash, cash equivalents, and short-term investments 135,880 133,768
Accounts receivable, net of allowance for doubtful accounts of $319 and $377 17,390 26,481
Inventories 3,614 2,662
Other 7,311 6,751
Total current assets 164,195 169,662
Property and equipment, net of accumulated depreciation of $30,953 and $29,223 31,430 29,460
Operating lease right-of-use assets 6,734 6,686
Equity investments 2,034 1,862
Goodwill 35,855 35,683
Intangible assets, net 7,579 8,053
Other long-term assets 9,792 7,442
Total assets $ 257,619 $ 258,848
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 8,511 $ 8,617
Current portion of long-term debt 6,497 3,998
Accrued compensation 4,271 6,103
Short-term income taxes 2,341 2,121
Short-term unearned revenue 26,704 28,905
Other 7,953 8,744
Total current liabilities 56,277 58,488
Long-term debt 69,733 72,242
Long-term income taxes 28,936 30,265
Long-term unearned revenue 3,538 3,815
Deferred income taxes 1,977 541
Operating lease liabilities 5,652 5,568
Other long-term liabilities 5,539 5,211
Total liabilities 171,652 176,130
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,680 and 7,677 71,303 71,223
Retained earnings 17,279 13,682
Accumulated other comprehensive loss (2,615 ) (2,187 )
Total stockholders’ equity 85,967 82,718
Total liabilities and stockholders’ equity $ 257,619 $ 258,848
CASH FLOWS STATEMENTS
(In millions) (Unaudited)
Three Months Ended September 30, 2018 2017
Operations
Net income $ 8,824 $ 6,576
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other 2,837 2,499
Stock-based compensation expense 1,107 973
Net recognized gains on investments and derivatives (240 ) (523 )
Deferred income taxes (247 ) (53 )
Changes in operating assets and liabilities:
Accounts receivable 9,194 7,949
Inventories (956 ) (1,023 )
Other current assets (677 ) (318 )
Other long-term assets 21 (278 )
Accounts payable (395 ) (407 )
Unearned revenue (2,441 ) (1,806 )
Income taxes (1,091 ) 661
Other current liabilities (2,322 ) (2,164 )
Other long-term liabilities 43 354
Net cash from operations 13,657 12,440
Financing
Repayments of short-term debt, maturities of 90 days or less, net 0 (3,710 )
Proceeds from issuance of debt 0 3,954
Repayments of debt 0 (1,169 )
Common stock issued 360 307
Common stock repurchased (3,744 ) (2,570 )
Common stock cash dividends paid (3,220 ) (3,003 )
Other, net (780 ) (150 )
Net cash used in financing (7,384 ) (6,341 )
Investing
Additions to property and equipment (3,602 ) (2,132 )
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (245 ) (179 )
Purchases of investments (19,551 ) (32,961 )
Maturities of investments 5,214 5,226
Sales of investments 15,231 23,036
Securities lending payable 0 106
Net cash used in investing (2,953 ) (6,904 )
Effect of foreign exchange rates on cash and cash equivalents (129 ) 26
Net change in cash and cash equivalents 3,191 (779 )
Cash and cash equivalents, beginning of period 11,946 7,663
Cash and cash equivalents, end of period $ 15,137 $ 6,884

MSFT Q5

MICROSOFT CORPORATION
FORM 10-Q
For the Quarter Ended December 31, 2018
INDEX
ITEM 1. FINANCIAL STATEMENTS
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
2018 2017 2018 2017
Revenue:
Product $ 16,219 $ 17,926 $ 33,518 $ 32,224
Service and other 16,252 10,992 28,037 21,232
Total revenue 32,471 28,918 61,555 53,456
Cost of revenue:
Product 5,885 5,498 9,534 8,478
Service and other 6,538 5,566 12,794 10,864
Total cost of revenue 12,423 11,064 22,328 19,342
Gross margin 20,048 17,854 39,227 34,114
Research and development 4,070 3,504 8,047 7,078
Sales and marketing 4,588 4,562 8,686 8,374
General and administrative 1,132 1,109 2,281 2,275
Operating income 10,258 8,679 20,213 16,387
Other income, net 127 490 393 766
Income before income taxes 10,385 9,169 20,606 17,153
Provision for income taxes 1,965 15,471 3,362 16,879
Net income (loss) $ 8,420 $ (6,302 ) $ 17,244 $ 274
Earnings (loss) per share:
Basic $ 1.09 $ (0.82 ) $ 2.24 $ 0.04
Diluted $ 1.08 $ (0.82 ) $ 2.22 $ 0.04
Weighted average shares outstanding:
Basic 7,692 7,710 7,683 7,709
Diluted 7,768 7,710 7,767 7,799
COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
2018 2017 2018 2017
Net income (loss) $ 8,420 $ (6,302 ) $ 17,244 $ 274
Other comprehensive income (loss), net of tax:
Net change related to derivatives (15 ) (7 ) (60 ) (113 )
Net change related to investments 881 (878 ) 620 (1,166 )
Translation adjustments and other (264 ) (40 ) (319 ) 253
Other comprehensive income (loss) 602 (925 ) 241 (1,026 )
Comprehensive income (loss) $ 9,022 $ (7,227 ) $ 17,485 $ (752 )
BALANCE SHEETS
(In millions) (Unaudited)
December 31, 2018 June 30, 2018
Assets
Current assets:
Cash and cash equivalents $ 6,638 $ 11,946
Short-term investments 121,024 121,822
Total cash, cash equivalents, and short-term investments 127,662 133,768
Accounts receivable, net of allowance for doubtful accounts of $354 and $377 19,680 26,481
Inventories 1,961 2,662
Other 7,571 6,751
Total current assets 156,874 169,662
Property and equipment, net of accumulated depreciation of $33,082 and $29,223 32,717 29,460
Operating lease right-of-use assets 6,806 6,686
Equity investments 2,274 1,862
Goodwill 41,577 35,683
Intangible assets, net 8,482 8,053
Other long-term assets 10,129 7,442
Total assets $ 258,859 $ 258,848
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 7,563 $ 8,617
Current portion of long-term debt 3,516 3,998
Accrued compensation 4,624 6,103
Short-term income taxes 2,033 2,121
Short-term unearned revenue 24,285 28,905
Other 8,297 8,744
Total current liabilities 50,318 58,488
Long-term debt 69,653 72,242
Long-term income taxes 29,161 30,265
Long-term unearned revenue 3,799 3,815
Deferred income taxes 2,062 541
Operating lease liabilities 5,683 5,568
Other long-term liabilities 6,055 5,211
Total liabilities 166,731 176,130
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,683 and 7,677 77,556 71,223
Retained earnings 16,585 13,682
Accumulated other comprehensive loss (2,013 ) (2,187 )
Total stockholders’ equity 92,128 82,718
Total liabilities and stockholders’ equity $ 258,859 $ 258,848
CASH FLOWS STATEMENTS
(In millions) (Unaudited) Three Months Ended December 31, Six Months Ended December 31 ,
2018 2017 2018 2017
Operations
Net income (loss) $ 8,420 $ (6,302 ) $ 17,244 $ 274
Adjustments to reconcile net income (loss) to net cash from operations:
Depreciation, amortization, and other 2,995 2,536 5,832 5,035
Stock-based compensation expense 1,183 986 2,290 1,959
Net recognized gains on investments and derivatives (135 ) (684 ) (375 ) (1,207 )
Deferred income taxes (173 ) (2,305 ) (420 ) (2,358 )
Changes in operating assets and liabilities:
Accounts receivable (2,396 ) (3,908 ) 6,798 4,041
Inventories 1,654 1,205 698 182
Other current assets (173 ) 354 (850 ) 36
Other long-term assets (473 ) (344 ) (452 ) (622 )
Accounts payable (440 ) 938 (835 ) 531
Unearned revenue (2,122 ) (1,065 ) (4,563 ) (2,871 )
Income taxes (64 ) 15,974 (1,155 ) 16,635
Other current liabilities 656 643 (1,666 ) (1,521 )
Other long-term liabilities (32 ) (153 ) 11 201
Net cash from operations 8,900 7,875 22,557 20,315
Financing
Proceeds from issuance of short-term debt, maturities of 90 days or less, net 0 3,759 0 49
Proceeds from issuance of debt 0 3,229 0 7,183
Repayments of debt (3,000 ) (3,327 ) (3,000 ) (4,496 )
Common stock issued 200 189 560 496
Common stock repurchased (6,413 ) (2,008 ) (10,157 ) (4,578 )
Common stock cash dividends paid (3,544 ) (3,238 ) (6,764 ) (6,241 )
Other, net (459 ) (156 ) (1,239 ) (306 )
Net cash used in financing (13,216 ) (1,552 ) (20,600 ) (7,893 )
Investing
Additions to property and equipment (3,707 ) (2,586 ) (7,309 ) (4,718 )
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (1,593 ) (27 ) (1,838 ) (206 )
Purchases of investments (16,858 ) (45,154 ) (36,409 ) (78,115 )
Maturities of investments 3,782 6,352 8,996 11,578
Sales of investments 14,176 41,261 29,407 64,297
Securities lending payable 0 (177 ) 0 (71 )
Net cash used in investing (4,200 ) (331 ) (7,153 ) (7,235 )
Effect of foreign exchange rates on cash and cash equivalents 17 (17 ) (112 ) 9
Net change in cash and cash equivalents (8,499 ) 5,975 (5,308 ) 5,196
Cash and cash equivalents, beginning of period 15,137 6,884 11,946 7,663
Cash and cash equivalents, end of period $ 6,638 $ 12,859 $ 6,638 $ 12,859

MSFT Q6

MICROSOFT CORPORATION
FORM 10-Q
For the Quarter Ended March 31, 2019
INDEX
ITEM 1. FINANCIAL STATEMENTS
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
2019 2018 2019 2018
Revenue:
Product $ 15,448 $ 15,114 $ 48,966 $ 47,338
Service and other 15,123 11,705 43,160 32,937
Total revenue 30,571 26,819 92,126 80,275
Cost of revenue:
Product 3,441 3,425 12,975 11,903
Service and other 6,729 5,844 19,523 16,708
Total cost of revenue 10,170 9,269 32,498 28,611
Gross margin 20,401 17,550 59,628 51,664
Research and development 4,316 3,715 12,363 10,793
Sales and marketing 4,565 4,335 13,251 12,709
General and administrative 1,179 1,208 3,460 3,483
Operating income 10,341 8,292 30,554 24,679
Other income, net 145 349 538 1,115
Income before income taxes 10,486 8,641 31,092 25,794
Provision for income taxes 1,677 1,217 5,039 18,096
Net income $ 8,809 $ 7,424 $ 26,053 $ 7,698
Earnings per share:
Basic $ 1.15 $ 0.96 $ 3.39 $ 1
Diluted $ 1.14 $ 0.95 $ 3.36 $ 0.99
Weighted average shares outstanding:
Basic 7,672 7,698 7,679 7,706
Diluted 7,744 7,794 7,759 7,798
COMPREHENSIVE IN COME STATEMENTS
(In millions) (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
2019 2018 2019 2018
Net income $ 8,809 $ 7,424 $ 26,053 $ 7,698
Other comprehensive income (loss), net of tax:
Net change related to derivatives (33 ) 7 (93 ) (106 )
Net change related to investments 714 (1,016 ) 1,334 (2,182 )
Translation adjustments and other 67 255 (252 ) 508
Other comprehensive income (loss) 748 (754 ) 989 (1,780 )
Comprehensive income $ 9,557 $ 6,670 $ 27,042 $ 5,918
BALANCE SHEETS
(In millions) (Unaudited)
March 31, 2019 June 30, 2018
Assets
Current assets:
Cash and cash equivalents $ 11,212 $ 11,946
Short-term investments 120,406 121,822
Total cash, cash equivalents, and short-term investments 131,618 133,768
Accounts receivable, net of allowance for doubtful accounts of $336 and $377 19,269 26,481
Inventories 1,951 2,662
Other 7,049 6,751
Total current assets 159,887 169,662
Property and equipment, net of accumulated depreciation of $35,431 and $29,223 33,648 29,460
Operating lease right-of-use assets 7,121 6,686
Equity investments 2,403 1,862
Goodwill 41,861 35,683
Intangible assets, net 8,103 8,053
Other long-term assets 10,258 7,442
Total assets $ 263,281 $ 258,848
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 7,544 $ 8,617
Current portion of long-term debt 6,515 3,998
Accrued compensation 5,764 6,103
Short-term income taxes 1,950 2,121
Short-term unearned revenue 24,251 28,905
Other 7,837 8,744
Total current liabilities 53,861 58,488
Long-term debt 66,585 72,242
Long-term income taxes 29,514 30,265
Long-term unearned revenue 3,884 3,815
Deferred income taxes 1,838 541
Operating lease liabilities 5,972 5,568
Other long-term liabilities 6,763 5,211
Total liabilities 168,417 176,130
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,666 and 7,677 77,791 71,223
Retained earnings 18,338 13,682
Accumulated other comprehensive loss (1,265 ) (2,187 )
Total stockholders’ equity 94,864 82,718
Total liabilities and stockholders’ equity $ 263,281 $ 258,848
CASH FLOWS STATEMENTS
(In millions) (Unaudited) Three Months Ended March 31, Nine Months Ended March 31 ,
2019 2018 2019 2018
Operations
Net income $ 8,809 $ 7,424 $ 26,053 $ 7,698
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other 2,926 2,710 8,758 7,745
Stock-based compensation expense 1,172 969 3,462 2,928
Net recognized gains on investments and derivatives (95 ) (438 ) (470 ) (1,645 )
Deferred income taxes (320 ) (396 ) (740 ) (2,754 )
Changes in operating assets and liabilities:
Accounts receivable 460 1,285 7,258 5,326
Inventories 12 (75 ) 710 107
Other current assets (14 ) (149 ) (864 ) (113 )
Other long-term assets (517 ) (213 ) (969 ) (835 )
Accounts payable (197 ) (393 ) (1,032 ) 138
Unearned revenue 20 91 (4,543 ) (2,780 )
Income taxes 276 645 (879 ) 17,280
Other current liabilities 649 546 (1,017 ) (975 )
Other long-term liabilities 339 145 350 346
Net cash from operations 13,520 12,151 36,077 32,466
Financing
Repayments of short-term debt, maturities of 90 days or less, net 0 (7,373 ) 0 (7,324 )
Proceeds from issuance of debt 0 0 0 7,183
Repayments of debt 0 (4,883 ) (3,000 ) (9,379 )
Common stock issued 274 251 834 747
Common stock repurchased (4,753 ) (3,781 ) (14,910 ) (8,359 )
Common stock cash dividends paid (3,526 ) (3,232 ) (10,290 ) (9,473 )
Other, net 404 (640 ) (835 ) (946 )
Net cash used in financing (7,601 ) (19,658 ) (28,201 ) (27,551 )
Investing
Additions to property and equipment (2,565 ) (2,934 ) (9,874 ) (7,652 )
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (269 ) (248 ) (2,107 ) (454 )
Purchases of investments (5,846 ) (26,885 ) (42,255 ) (105,000 )
Maturities of investments 5,893 7,674 14,889 19,252
Sales of investments 1,424 26,256 30,831 90,553
Securities lending payable 0 (19 ) 0 (90 )
Net cash from (used in) investing (1,363 ) 3,844 (8,516 ) (3,391 )
Effect of foreign exchange rates on cash and cash equivalents 18 25 (94 ) 34
Net change in cash and cash equivalents 4,574 (3,638 ) (734 ) 1,558
Cash and cash equivalents, beginning of period 6,638 12,859 11,946 7,663
Cash and cash equivalents, end of period $ 11,212 $ 9,221 $ 11,212 $ 9,221

MSFT Q7

MICROSOFT CORPORATION
FORM 10-Q
For the Quarter Ended September 30, 2019
INDEX
ITEM 1. FINANCIAL STATEMENTS
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
Three Months Ended September 30, 2019 2018
Revenue:
Product $ 15,768 $ 17,299
Service and other 17,287 11,785
Total revenue 33,055 29,084
Cost of revenue:
Product 3,305 3,649
Service and other 7,101 6,256
Total cost of revenue 10,406 9,905
Gross margin 22,649 19,179
Research and development 4,565 3,977
Sales and marketing 4,337 4,098
General and administrative 1,061 1,149
Operating income 12,686 9,955
Other income, net 0 266
Income before income taxes 12,686 10,221
Provision for income taxes 2,008 1,397
Net income $ 10,678 $ 8,824
Earnings per share:
Basic $ 1.4 $ 1.15
Diluted $ 1.38 $ 1.14
Weighted average shares outstanding:
Basic 7,634 7,673
Diluted 7,710 7,766
COMPREHENSIVE INCOME STATEMENTS
(In millions) (Unaudited)
Three Months Ended September 30, 2019 2018
Net income $ 10,678 $ 8,824
Other comprehensive income (loss), net of tax:
Net change related to derivatives (2 ) (45 )
Net change related to investments 577 (261 )
Translation adjustments and other (296 ) (55 )
Other comprehensive income (loss) 279 (361 )
Comprehensive income $ 10,957 $ 8,463
BALANCE SHEETS
(In millions) (Unaudited)
September 30, 2019 June 30, 2019
Assets
Current assets:
Cash and cash equivalents $ 13,117 $ 11,356
Short-term investments 123,519 122,463
Total cash, cash equivalents, and short-term investments 136,636 133,819
Accounts receivable, net of allowance for doubtful accounts of $303 and $411 19,087 29,524
Inventories 2,622 2,063
Other current assets 7,551 10,146
Total current assets 165,896 175,552
Property and equipment, net of accumulated depreciation of $36,971 and $35,330 38,409 36,477
Operating lease right-of-use assets 7,890 7,379
Equity investments 2,684 2,649
Goodwill 42,113 42,026
Intangible assets, net 7,508 7,750
Other long-term assets 14,455 14,723
Total assets $ 278,955 $ 286,556
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 8,574 $ 9,382
Current portion of long-term debt 3,017 5,516
Accrued compensation 4,676 6,830
Short-term income taxes 3,440 5,665
Short-term unearned revenue 29,904 32,676
Other current liabilities 8,507 9,351
Total current liabilities 58,118 69,420
Long-term debt 66,478 66,662
Long-term income taxes 28,457 29,612
Long-term unearned revenue 4,122 4,530
Deferred income taxes 234 233
Operating lease liabilities 6,659 6,188
Other long-term liabilities 8,826 7,581
Total liabilities 172,894 184,226
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,634 and 7,643 78,882 78,520
Retained earnings 27,240 24,150
Accumulated other comprehensive loss (61 ) (340 )
Total stockholders’ equity 106,061 102,330
Total liabilities and stockholders’ equity $ 278,955 $ 286,556
CASH FLOWS STATEMENTS
(In millions) (Unaudited)
Three Months Ended September 30, 2019 2018
Operations
Net income $ 10,678 $ 8,824
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other 2,971 2,837
Stock-based compensation expense 1,262 1,107
Net recognized losses (gains) on investments and derivatives 11 (240 )
Deferred income taxes (177 ) (247 )
Changes in operating assets and liabilities:
Accounts receivable 10,090 9,194
Inventories (561 ) (956 )
Other current assets (438 ) (677 )
Other long-term assets (333 ) 21
Accounts payable (547 ) (395 )
Unearned revenue (2,892 ) (2,441 )
Income taxes (3,336 ) (1,091 )
Other current liabilities (3,320 ) (2,322 )
Other long-term liabilities 410 43
Net cash from operations 13,818 13,657
Financing
Repayments of debt (2,500 ) 0
Common stock issued 427 360
Common stock repurchased (4,912 ) (3,744 )
Common stock cash dividends paid (3,510 ) (3,220 )
Other, net 286 (780 )
Net cash used in financing (10,209 ) (7,384 )
Investing
Additions to property and equipment (3,385 ) (3,602 )
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (462 ) (245 )
Purchases of investments (23,390 ) (19,551 )
Maturities of investments 19,082 5,214
Sales of investments 6,379 15,231
Net cash used in investing (1,776 ) (2,953 )
Effect of foreign exchange rates on cash and cash equivalents (72 ) (129 )
Net change in cash and cash equivalents 1,761 3,191
Cash and cash equivalents, beginning of period 11,356 11,946
Cash and cash equivalents, end of period $ 13,117 $ 15,137

MSFT Q8

MICROSOFT CORPORATION
FORM 10-Q
For the Quarter Ended December 31, 2019
INDEX
ITEM 1. FINANCIAL STATEMENTS
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
2019 2018 2019 2018
Revenue:
Product $ 18,255 $ 16,219 $ 34,023 $ 33,518
Service and other 18,651 16,252 35,938 28,037
Total revenue 36,906 32,471 69,961 61,555
Cost of revenue:
Product 4,966 5,885 8,271 9,534
Service and other 7,392 6,538 14,493 12,794
Total cost of revenue 12,358 12,423 22,764 22,328
Gross margin 24,548 20,048 47,197 39,227
Research and development 4,603 4,070 9,168 8,047
Sales and marketing 4,933 4,588 9,270 8,686
General and administrative 1,121 1,132 2,182 2,281
Operating income 13,891 10,258 26,577 20,213
Other income, net 194 127 194 393
Income before income taxes 14,085 10,385 26,771 20,606
Provision for income taxes 2,436 1,965 4,444 3,362
Net income $ 11,649 $ 8,420 $ 22,327 $ 17,244
Earnings per share:
Basic $ 1.53 $ 1.09 $ 2.93 $ 2.24
Diluted $ 1.51 $ 1.08 $ 2.9 $ 2.22
Weighted average shares outstanding:
Basic 7,621 7,692 7,628 7,683
Diluted 7,691 7,768 7,701 7,767
COMPREHENSIVE INCOME STATEMENTS
(In millions) (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
2019 2018 2019 2018
Net income $ 11,649 $ 8,420 $ 22,327 $ 17,244
Other comprehensive income (loss), net of tax:
Net change related to derivatives (4 ) (15 ) (6 ) (60 )
Net change related to investments (420 ) 881 157 620
Translation adjustments and other 230 (264 ) (66 ) (319 )
Other comprehensive income (loss) (194 ) 602 85 241
Comprehensive income $ 11,455 $ 9,022 $ 22,412 $ 17,485
BALANCE SHEETS
(In millions) (Unaudited)
December 31, 2019 June 30, 2019
Assets
Current assets:
Cash and cash equivalents $ 8,864 $ 11,356
Short-term investments 125,389 122,463
Total cash, cash equivalents, and short-term investments 134,253 133,819
Accounts receivable, net of allowance for doubtful accounts of $384 and $411 23,525 29,524
Inventories 1,823 2,063
Other current assets 7,473 10,146
Total current assets 167,074 175,552
Property and equipment, net of accumulated depreciation of $39,597 and $35,330 40,522 36,477
Operating lease right-of-use assets 8,439 7,379
Equity investments 2,755 2,649
Goodwill 42,248 42,026
Intangible assets, net 7,126 7,750
Other long-term assets 14,630 14,723
Total assets $ 282,794 $ 286,556
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 8,811 $ 9,382
Current portion of long-term debt 6,247 5,516
Accrued compensation 5,421 6,830
Short-term income taxes 2,687 5,665
Short-term unearned revenue 27,343 32,676
Other current liabilities 9,131 9,351
Total current liabilities 59,640 69,420
Long-term debt 63,361 66,662
Long-term income taxes 28,754 29,612
Long-term unearned revenue 3,878 4,530
Deferred income taxes 222 233
Operating lease liabilities 7,172 6,188
Other long-term liabilities 9,658 7,581
Total liabilities 172,685 184,226
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,611 and 7,643 79,625 78,520
Retained earnings 30,739 24,150
Accumulated other comprehensive loss (255 ) (340 )
Total stockholders’ equity 110,109 102,330
Total liabilities and stockholders’ equity $ 282,794 $ 286,556
CASH FLOWS STATEMENTS
(In millions) (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
2019 2018 2019 2018
Operations
Net income $ 11,649 $ 8,420 $ 22,327 $ 17,244
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other 3,203 2,995 6,174 5,832
Stock-based compensation expense 1,340 1,183 2,602 2,290
Net recognized gains on investments and derivatives (203 ) (135 ) (192 ) (375 )
Deferred income taxes (53 ) (173 ) (230 ) (420 )
Changes in operating assets and liabilities:
Accounts receivable (4,203 ) (2,396 ) 5,887 6,798
Inventories 799 1,654 238 698
Other current assets 165 (173 ) (273 ) (850 )
Other long-term assets (517 ) (473 ) (850 ) (452 )
Accounts payable (7 ) (440 ) (554 ) (835 )
Unearned revenue (2,936 ) (2,122 ) (5,828 ) (4,563 )
Income taxes (471 ) (64 ) (3,807 ) (1,155 )
Other current liabilities 1,489 656 (1,831 ) (1,666 )
Other long-term liabilities 425 (32 ) 835 11
Net cash from operations 10,680 8,900 24,498 22,557
Financing
Repayments of debt (18 ) (3,000 ) (2,518 ) (3,000 )
Common stock issued 234 200 661 560
Common stock repurchased (5,206 ) (6,413 ) (10,118 ) (10,157 )
Common stock cash dividends paid (3,886 ) (3,544 ) (7,396 ) (6,764 )
Other, net (39 ) (459 ) 247 (1,239 )
Net cash used in financing (8,915 ) (13,216 ) (19,124 ) (20,600 )
Investing
Additions to property and equipment (3,545 ) (3,707 ) (6,930 ) (7,309 )
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (80 ) (1,593 ) (542 ) (1,838 )
Purchases of investments (19,011 ) (16,858 ) (42,401 ) (36,409 )
Maturities of investments 11,230 3,782 30,312 8,996
Sales of investments 5,370 14,176 11,749 29,407
Net cash used in investing (6,036 ) (4,200 ) (7,812 ) (7,153 )
Effect of foreign exchange rates on cash and cash equivalents 18 17 (54 ) (112 )
Net change in cash and cash equivalents (4,253 ) (8,499 ) (2,492 ) (5,308 )
Cash and cash equivalents, beginning of period 13,117 15,137 11,356 11,946
Cash and cash equivalents, end of period $ 8,864 $ 6,638 $ 8,864 $ 6,638

MSFT SUMMARY

MSFT Current Assets Current Liabilities Inventories Accounts Receivable MSFT Current Ratio Acid Test Total Sales Operating Income Account Receivable Turn over Average Collection Period Inventory Turnover Ratio Total Assets OI-ROI Operating Profit Margins Total Asset Turnover Total Current Assets MSFT Current Ratio
Q1 [$$]161,031.00 [$$]51,615.00 [$$]3,211.00 [$$]7,949.00 3.12 [$$]34.08 [$$]14,298.00 [$$]7,708.00 1.80 202.92 4.45 [$$]249,097.00 [$$]0.03 0.54 0.057 [$$]161,031.00 3.12
Q2 [$$]167,633.00 [$$]58,099.00 [$$]2,003.00 [$$]3,908.00 2.89 [$$]54.68 [$$]17,926.00 [$$]8,679.00 4.59 79.57 8.95 [$$]256,003.00 [$$]0.03 0.48 0.070 [$$]167,633.00 2.89
Q3 [$$]156,659.00 [$$]46,133.00 [$$]2,084.00 [$$]1,285.00 3.40 [$$]53.04 [$$]15,114.00 [$$]8,292.00 11.76 31.03 7.25 [$$]245,497.00 [$$]0.03 0.55 0.062 [$$]156,659.00 3.40
Q4 [$$]164,195.00 [$$]56,277.00 [$$]3,614.00 [$$]9,194.00 2.92 [$$]29.86 [$$]17,299.00 [$$]9,955.00 1.88 193.99 4.79 [$$]257,619.00 [$$]0.04 0.58 0.067 [$$]164,195.00 2.92
Q5 [$$]156,874.00 [$$]50,318.00 [$$]1,961.00 [$$]2,396.00 3.12 [$$]54.34 [$$]16,219.00 [$$]10,258.00 6.77 53.92 8.27 [$$]258,859.00 [$$]0.04 0.63 0.063 [$$]156,874.00 3.12
Q6 [$$]159,887.00 [$$]53,861.00 [$$]1,951.00 [$$]460.00 2.97 [$$]54.34 [$$]15,448.00 [$$]10,341.00 33.58 10.87 7.92 [$$]263,281.00 [$$]0.04 0.67 0.059 [$$]159,887.00 2.97
Q7 [$$]165,896.00 [$$]58,118.00 [$$]2,622.00 [$$]10,090.00 2.85 [$$]41.11 [$$]15,768.00 [$$]12,686.00 1.56 233.56 6.01 [$$]278,955.00 [$$]0.05 0.80 0.057 [$$]165,896.00 2.85
Q8 [$$]167,074.00 [$$]59,640.00 [$$]1,823.00 [$$]4,203.00 2.80 [$$]58.93 [$$]18,255.00 [$$]13,891.00 4.34 84.04 10.01 [$$]282,794.00 [$$]0.05 0.76 0.065 [$$]167,074.00 2.80

MSFT Current Ratio

MSFT Current Ratio

Acid Test

Acid Test

INTC Q1

INTEL CORPORATION
FORM 10-Q
FOR THE FISCAL QUARTER ENDED JULY 1, 2017
INDEX
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Six Months Ended
(In Millions, Except Per Share Amounts) Jul 1, 2017 Jul 2, 2016 Jul 1, 2017 Jul 2, 2016
Net revenue $ 14,763 $ 13,533 $ 29,559 $ 27,235
Cost of sales 5,665 5,560 11,314 11,132
Gross margin 9,098 7,973 18,245 16,103
Research and development 3,275 3,145 6,601 6,391
Marketing, general and administrative 1,854 2,007 3,958 4,233
Restructuring and other charges 105 1,414 185 1,414
Amortization of acquisition-related intangibles 37 89 75 179
Operating expenses 5,271 6,655 10,819 12,217
Operating income 3,827 1,318 7,426 3,886
Gains (losses) on equity investments, net 342 478 594 500
Interest and other, net 403 (126 ) 367 (208 )
Income before taxes 4,572 1,670 8,387 4,178
Provision for taxes 1,764 340 2,615 802
Net income $ 2,808 $ 1,330 $ 5,772 $ 3,376
Basic earnings per share of common stock $ 0.6 $ 0.28 $ 1.22 $ 0.71
Diluted earnings per share of common stock $ 0.58 $ 0.27 $ 1.19 $ 0.69
Cash dividends declared per share of common stock $ — $ — $ 0.5325 $ 0.52
Weighted average shares of common stock outstanding:
Basic 4,710 4,729 4,717 4,725
Diluted 4,845 4,866 4,864 4,870
INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended Six Months Ended
(In Millions) Jul 1, 2017 Jul 2, 2016 Jul 1, 2017 Jul 2, 2016
Net income $ 2,808 $ 1,330 $ 5,772 $ 3,376
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on available-for-sale investments (534 ) (346 ) 9 (55 )
Deferred tax asset valuation allowance — (2 ) — (3 )
Net unrealized holding gains (losses) on derivatives 136 26 331 213
Net prior service (costs) credits (12 ) 1 (10 ) 3
Actuarial valuation 214 (318 ) 230 (299 )
Net foreign currency translation adjustment 507 (1 ) 508 1
Other comprehensive income (loss) 311 (640 ) 1,068 (140 )
Total comprehensive income $ 3,119 $ 690 $ 6,840 $ 3,236
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
(In Millions) Jul 1, 2017 Dec 31, 2016
Assets
Current assets:
Cash and cash equivalents $ 11,687 $ 5,560
Short-term investments 3,158 3,225
Trading assets 11,084 8,314
Accounts receivable, net 5,397 4,690
Inventories 6,324 5,553
Assets held for sale — 5,210
Other current assets 2,967 2,956
Total current assets 40,617 35,508
Property, plant and equipment, net of accumulated depreciation of $56,520 ($53,934 as of December 31, 2016) 38,130 36,171
Marketable equity securities 5,904 6,180
Other long-term investments 4,481 4,716
Goodwill 14,102 14,099
Identified intangible assets, net 8,867 9,494
Other long-term assets 10,006 7,159
Total assets $ 122,107 $ 113,327
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 4,130 $ 4,634
Accounts payable 3,671 2,475
Accrued compensation and benefits 2,332 3,465
Accrued advertising 835 810
Deferred income 1,587 1,718
Liabilities held for sale — 1,920
Other accrued liabilities 6,227 5,280
Total current liabilities 18,782 20,302
Long-term debt 27,855 20,649
Long-term deferred tax liabilities 2,502 1,730
Other long-term liabilities 3,469 3,538
Contingencies (Note 17)
Temporary equity 874 882
Stockholders’ equity:
Preferred stock — —
Common stock and capital in excess of par value, 4,699 issued and outstanding (4,730 issued and outstanding as of December 31, 2016) 25,781 25,373
Accumulated other comprehensive income (loss) 1,174 106
Retained earnings 41,670 40,747
Total stockholders’ equity 68,625 66,226
Total liabilities, temporary equity, and stockholders’ equity $ 122,107 $ 113,327
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended
(In Millions) Jul 1, 2017 Jul 2, 2016
Cash and cash equivalents, beginning of period $ 5,560 $ 15,308
Cash flows provided by (used for) operating activities:
Net income 5,772 3,376
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 3,300 3,141
Share-based compensation 725 812
Restructuring and other charges 185 1,414
Amortization of intangibles 634 791
(Gains) losses on equity investments, net (526 ) (426 )
(Gains) losses on divestitures (387 ) —
Deferred taxes 807 71
Changes in assets and liabilities: 1
Accounts receivable (618 ) 734
Inventories (760 ) (104 )
Accounts payable 425 375
Accrued compensation and benefits (1,102 ) (1,659 )
Income taxes payable and receivable 563 (79 )
Other assets and liabilities (413 ) (546 )
Total adjustments 2,833 4,524
Net cash provided by operating activities 8,605 7,900
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (4,730 ) (3,632 )
Acquisitions, net of cash acquired (3 ) (14,619 )
Purchases of available-for-sale investments (1,894 ) (5,693 )
Sales of available-for-sale investments 1,698 3,685
Maturities of available-for-sale investments 2,197 2,393
Purchases of trading assets (7,961 ) (7,205 )
Maturities and sales of trading assets 5,977 5,313
Investments in loans receivable and reverse repurchase agreements — (223 )
Collection of loans receivable and reverse repurchase agreements — 650
Investments in non-marketable equity investments (625 ) (663 )
Proceeds from divestitures 924 —
Other investing 201 304
Net cash used for investing activities (4,216 ) (19,690 )
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net (12 ) 1,416
Issuance of long-term debt, net of issuance costs 7,078 2,734
Repayment of debt (500 ) —
Proceeds from sales of common stock through employee equity incentive plans 406 527
Repurchase of common stock (2,518 ) (1,597 )
Restricted stock unit withholdings (404 ) (394 )
Payment of dividends to stockholders (2,516 ) (2,461 )
Other financing 204 142
Net cash provided by (used for) financing activities 1,738 367
Net increase (decrease) in cash and cash equivalents 6,127 (11,423 )
Cash and cash equivalents, end of period $ 11,687 $ 3,885
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 1,686 $ 1,479
Loan receivable from McAfee and TPG $ 2,200 $ —
Non-marketable equity investment in McAfee $ 1,078 $ —
Cash paid during the period for:
Interest, net of capitalized interest and interest rate swap payments/receipts $ 280 $ 348
Income taxes, net of refunds $ 1,139 $ 689

INTC Q2

INTEL CORPORATION
FORM 10-Q
FOR THE FISCAL QUARTER ENDED SEPTEMBER 30, 2017
INTEL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Nine Months Ended
(In Millions, Except Per Share Amounts) Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016
Net revenue $ 16,149 $ 15,778 $ 45,708 $ 43,013
Cost of sales 6,092 5,795 17,406 16,927
Gross margin 10,057 9,983 28,302 26,086
Research and development 3,223 3,069 9,824 9,460
Marketing, general and administrative 1,666 2,006 5,624 6,239
Restructuring and other charges 4 372 189 1,786
Amortization of acquisition-related intangibles 49 74 124 253
Operating expenses 4,942 5,521 15,761 17,738
Operating income 5,115 4,462 12,541 8,348
Gains (losses) on equity investments, net 846 (12 ) 1,440 488
Interest and other, net (31 ) (132 ) 336 (340 )
Income before taxes 5,930 4,318 14,317 8,496
Provision for taxes 1,414 940 4,029 1,742
Net income $ 4,516 $ 3,378 $ 10,288 $ 6,754
Basic earnings per share of common stock $ 0.96 $ 0.71 $ 2.19 $ 1.43
Diluted earnings per share of common stock $ 0.94 $ 0.69 $ 2.12 $ 1.39
Cash dividends declared per share of common stock $ 0.545 $ 0.52 $ 1.0775 $ 1.04
Weighted average shares of common stock outstanding:
Basic 4,688 4,734 4,707 4,728
Diluted 4,821 4,877 4,849 4,872
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended Nine Months Ended
(In Millions) Sep 30, 2017 Oct 1, 2016 Sep 30, 2017 Oct 1, 2016
Net income $ 4,516 $ 3,378 $ 10,288 $ 6,754
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on available-for-sale investments 399 412 408 357
Deferred tax asset valuation allowance — (2 ) — (5 )
Net unrealized holding gains (losses) on derivatives 19 61 350 274
Net prior service (costs) credits 2 1 (8 ) 4
Actuarial valuation 11 10 241 (289 )
Net foreign currency translation adjustment 5 (2 ) 513 (1 )
Other comprehensive income (loss) 436 480 1,504 340
Total comprehensive income $ 4,952 $ 3,858 $ 11,792 $ 7,094
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
(In Millions) Sep 30, 2017 Dec 31, 2016
Assets
Current assets:
Cash and cash equivalents $ 9,075 $ 5,560
Short-term investments 1,446 3,225
Trading assets 6,983 8,314
Accounts receivable, net 5,954 4,690
Inventories 6,929 5,553
Assets held for sale — 5,210
Other current assets 2,767 2,956
Total current assets 33,154 35,508
Property, plant and equipment, net of accumulated depreciation of $58,048 ($53,934 as of December 31, 2016) 39,472 36,171
Marketable equity securities 6,059 6,180
Other long-term investments 3,844 4,716
Goodwill 24,389 14,099
Identified intangible assets, net 13,058 9,494
Other long-term assets 7,112 7,159
Total assets $ 127,088 $ 113,327
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 4,142 $ 4,634
Accounts payable 3,554 2,475
Accrued compensation and benefits 2,805 3,465
Accrued advertising 892 810
Deferred income 1,706 1,718
Liabilities held for sale — 1,920
Other accrued liabilities 7,590 5,280
Total current liabilities 20,689 20,302
Long-term debt 27,498 20,649
Long-term deferred tax liabilities 2,943 1,730
Other long-term liabilities 4,152 3,538
Contingencies (Note 18)
Temporary equity 870 882
Stockholders’ equity:
Preferred stock — —
Common stock and capital in excess of par value, 4,680 issued and outstanding (4,730 issued and outstanding as of December 31, 2016) 26,547 25,373
Accumulated other comprehensive income (loss) 1,610 106
Retained earnings 42,779 40,747
Total stockholders’ equity 70,936 66,226
Total liabilities, temporary equity, and stockholders’ equity $ 127,088 $ 113,327
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
(In Millions) Sep 30, 2017 Oct 1, 2016
Cash and cash equivalents, beginning of period $ 5,560 $ 15,308
Cash flows provided by (used for) operating activities:
Net income 10,288 6,754
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 4,990 4,684
Share-based compensation 1,051 1,136
Restructuring and other charges 189 1,786
Amortization of intangibles 999 1,176
(Gains) losses on equity investments, net (1,372 ) (414 )
(Gains) losses on divestitures (387 ) —
Deferred taxes 570 (188 )
Changes in assets and liabilities: 1
Accounts receivable (1,128 ) (100 )
Inventories (1,245 ) (118 )
Accounts payable 171 188
Accrued compensation and benefits (551 ) (1,874 )
Income taxes payable and receivable 979 961
Other assets and liabilities 315 (333 )
Total adjustments 4,581 6,904
Net cash provided by operating activities 14,869 13,658
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (7,709 ) (6,095 )
Acquisitions, net of cash acquired (14,499 ) (15,151 )
Purchases of available-for-sale investments (1,977 ) (7,962 )
Sales of available-for-sale investments 4,610 3,793
Maturities of available-for-sale investments 3,488 4,928
Purchases of trading assets (9,792 ) (9,953 )
Maturities and sales of trading assets 11,806 7,867
Investments in loans receivable and reverse repurchase agreements — (223 )
Collection of loans receivable and reverse repurchase agreements 250 911
Investments in non-marketable equity investments (726 ) (893 )
Proceeds from divestitures 3,124 —
Other investing 893 405
Net cash used for investing activities (10,532 ) (22,373 )
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net (5 ) 426
Issuance of long-term debt, net of issuance costs 7,716 2,734
Repayment of debt (1,502 ) —
Proceeds from sales of common stock through employee equity incentive plans 637 1,024
Repurchase of common stock (3,611 ) (2,054 )
Restricted stock unit withholdings (424 ) (434 )
Payment of dividends to stockholders (3,794 ) (3,692 )
Other financing 161 155
Net cash provided by (used for) financing activities (822 ) (1,841 )
Net increase (decrease) in cash and cash equivalents 3,515 (10,556 )
Cash and cash equivalents, end of period $ 9,075 $ 4,752
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 1,736 $ 1,505
Non-marketable equity investment in McAfee from divestiture $ 1,078 $ —
Cash paid during the period for:
Interest, net of capitalized interest and interest rate swap payments/receipts $ 386 $ 472
Income taxes, net of refunds $ 2,328 $ 843

INTC Q3

INTEL CORPORATION
FORM 10-Q
FOR THE FISCAL QUARTER ENDED March 31, 2018
INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Three Months Ended
(In Millions, Except Per Share Amounts; Unaudited) Mar 31, 2018 Apr 1, 2017
Net revenue $ 16,066 $ 14,796
Cost of sales 6,335 5,636
Gross margin 9,731 9,160
Research and development 3,311 3,311
Marketing, general and administrative 1,900 2,099
Restructuring and other charges — 80
Amortization of acquisition-related intangibles 50 38
Operating expenses 5,261 5,528
Operating income 4,470 3,632
Gains (losses) on equity investments, net 643 252
Interest and other, net (102 ) (69 )
Income before taxes 5,011 3,815
Provision for taxes 557 851
Net income $ 4,454 $ 2,964
Earnings per share – Basic $ 0.95 $ 0.63
Earnings per share – Diluted $ 0.93 $ 0.61
Cash dividends declared per share of common stock $ 0.6 $ 0.5325
Weighted average shares of common stock outstanding:
Basic 4,674 4,723
Diluted 4,790 4,881
INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended
(In Millions; Unaudited) Mar 31, 2018 Apr 1, 2017
Net income $ 4,454 $ 2,964
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on available-for-sale equity investments — 543
Net unrealized holding gains (losses) on derivatives 119 195
Actuarial valuation and other pension benefits (expenses), net 148 18
Translation adjustments and other (22 ) 1
Other comprehensive income (loss) 245 757
Total comprehensive income $ 4,699 $ 3,721
NTEL CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions) Mar 31, 2018 Dec 30, 2017
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 3,554 $ 3,433
Short-term investments 2,020 1,814
Trading assets 10,623 8,755
Accounts receivable 4,879 5,607
Inventories 7,146 6,983
Other current assets 3,408 2,908
Total current assets 31,630 29,500
Property, plant and equipment, net of accumulated depreciation of $60,665 ($59,286 as of December 30, 2017) 43,735 41,109
Equity investments 9,481 8,579
Other long-term investments 3,435 3,712
Goodwill 24,346 24,389
Identified intangible assets, net 12,355 12,745
Other long-term assets 3,614 3,215
Total assets $ 128,596 $ 123,249
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 3,842 $ 1,776
Accounts payable 4,415 2,928
Accrued compensation and benefits 2,118 3,526
Deferred income — 1,656
Other accrued liabilities 9,586 7,535
Total current liabilities 19,961 17,421
Debt 24,770 25,037
Contract liabilities 2,479 —
Income taxes payable, non-current 5,774 4,069
Deferred income taxes 1,564 3,046
Other long-term liabilities 3,082 3,791
Contingencies (Note 15)
Temporary equity 801 866
Stockholders’ equity:
Preferred stock — —
Common stock and capital in excess of par value, 4,660 issued and outstanding (4,687 issued and outstanding as of December 30, 2017) 26,430 26,074
Accumulated other comprehensive income (loss) (683 ) 862
Retained earnings 44,418 42,083
Total stockholders’ equity 70,165 69,019
Total liabilities, temporary equity, and stockholders’ equity $ 128,596 $ 123,249
INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Three Months Ended
(In Millions; Unaudited) Mar 31, 2018 Apr 1, 2017
Cash and cash equivalents, beginning of period $ 3,433 $ 5,560
Cash flows provided by (used for) operating activities:
Net income 4,454 2,964
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 1,806 1,625
Share-based compensation 433 397
Restructuring and other charges — 80
Amortization of intangibles 390 321
(Gains) losses on equity investments, net (643 ) (250 )
Deferred taxes 1 212
Changes in assets and liabilities:
Accounts receivable 102 (105 )
Inventories (96 ) (232 )
Accounts payable 73 188
Accrued compensation and benefits (1,307 ) (1,277 )
Customer deposits and prepaid supply agreements 1,599 —
Income taxes payable and receivable 294 427
Other assets and liabilities (822 ) (452 )
Total adjustments 1,830 934
Net cash provided by operating activities 6,284 3,898
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (2,910 ) (1,952 )
Purchases of available-for-sale debt investments (859 ) (1,746 )
Maturities of available-for-sale debt investments 893 1,508
Purchases of trading assets (5,398 ) (3,075 )
Maturities and sales of trading assets 3,760 2,433
Other investing (277 ) 54
Net cash used for investing activities (4,791 ) (2,778 )
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net 2,142 435
Repayment of debt and debt conversion (327 ) —
Proceeds from sales of common stock through employee equity incentive plans 289 329
Repurchase of common stock (1,914 ) (1,242 )
Payment of dividends to stockholders (1,400 ) (1,229 )
Other financing (162 ) (39 )
Net cash provided by (used for) financing activities (1,372 ) (1,746 )
Net increase (decrease) in cash and cash equivalents 121 (626 )
Cash and cash equivalents, end of period $ 3,554 $ 4,934
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 2,904 $ 1,448
Cash paid during the period for:
Interest, net of capitalized interest and interest rate swap payments/receipts $ 60 $ 97
Income taxes, net of refunds $ 228 $ 171

INTC Q4

INTEL CORPORATION
FORM 10-Q
FOR THE FISCAL QUARTER ENDED June 30, 2018
INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Three Months Ended Six Months Ended
(In Millions, Except Per Share Amounts; Unaudited) Jun 30, 2018 Jul 1, 2017 Jun 30, 2018 Jul 1, 2017
Net revenue $ 16,962 $ 14,763 $ 33,028 $ 29,559
Cost of sales 6,543 5,667 12,878 11,303
Gross margin 10,419 9,096 20,150 18,256
Research and development 3,371 3,262 6,682 6,573
Marketing, general and administrative 1,725 1,850 3,625 3,949
Restructuring and other charges — 105 — 185
Amortization of acquisition-related intangibles 50 37 100 75
Operating expenses 5,146 5,254 10,407 10,782
Operating income 5,273 3,842 9,743 7,474
Gains (losses) on equity investments, net (203 ) 342 440 594
Interest and other, net 459 388 357 319
Income before taxes 5,529 4,572 10,540 8,387
Provision for taxes 523 1,764 1,080 2,615
Net income $ 5,006 $ 2,808 $ 9,460 $ 5,772
Earnings per share – Basic $ 1.08 $ 0.6 $ 2.03 $ 1.22
Earnings per share – Diluted $ 1.05 $ 0.58 $ 1.98 $ 1.19
Cash dividends declared per share of common stock $ — $ — $ 0.6 $ 0.5325
Weighted average shares of common stock outstanding:
Basic 4,649 4,710 4,661 4,717
Diluted 4,747 4,845 4,768 4,864
INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended Six Months Ended
(In Millions; Unaudited) Jun 30, 2018 Jul 1, 2017 Jun 30, 2018 Jul 1, 2017
Net income $ 5,006 $ 2,808 $ 9,460 $ 5,772
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on available-for-sale equity investments — (534 ) — 9
Net unrealized holding gains (losses) on derivatives (293 ) 136 (174 ) 331
Actuarial valuation and other pension benefits (expenses), net (122 ) 202 26 220
Translation adjustments and other 9 507 (13 ) 508
Other comprehensive income (loss) (406 ) 311 (161 ) 1,068
Total comprehensive income $ 4,600 $ 3,119 $ 9,299 $ 6,840
INTEL CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions) Jun 30, 2018 Dec 30, 2017
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 2,614 $ 3,433
Short-term investments 2,263 1,814
Trading assets 7,348 8,755
Accounts receivable 4,636 5,607
Inventories 7,344 6,983
Other current assets 3,398 2,908
Total current assets 27,603 29,500
Property, plant and equipment, net of accumulated depreciation of $62,071 ($59,286 as of December 30, 2017) 45,914 41,109
Equity investments 9,245 8,579
Other long-term investments 3,071 3,712
Goodwill 24,351 24,389
Identified intangible assets, net 12,098 12,745
Other long-term assets 3,690 3,215
Total assets $ 125,972 $ 123,249
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 3,510 $ 1,776
Accounts payable 4,143 2,928
Accrued compensation and benefits 2,601 3,526
Deferred income — 1,656
Other accrued liabilities 7,317 7,535
Total current liabilities 17,571 17,421
Debt 24,632 25,037
Contract liabilities 2,393 —
Income taxes payable, non-current 5,618 4,069
Deferred income taxes 1,666 3,046
Other long-term liabilities 3,391 3,791
Contingencies (Note 15)
Temporary equity 654 866
Stockholders’ equity:
Preferred stock — —
Common stock and capital in excess of par value, 4,611 issued and outstanding (4,687 issued and outstanding as of December 30, 2017) 25,470 26,074
Accumulated other comprehensive income (loss) (1,089 ) 862
Retained earnings 45,666 42,083
Total stockholders’ equity 70,047 69,019
Total liabilities, temporary equity, and stockholders’ equity $ 125,972 $ 123,249
INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended
(In Millions; Unaudited) Jun 30, 2018 Jul 1, 2017
Cash and cash equivalents, beginning of period $ 3,433 $ 5,560
Cash flows provided by (used for) operating activities:
Net income 9,460 5,772
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 3,536 3,300
Share-based compensation 820 725
Restructuring and other charges — 185
Amortization of intangibles 782 634
(Gains) losses on equity investments, net (401 ) (526 )
(Gains) losses on divestitures (497 ) (387 )
Deferred taxes 93 807
Changes in assets and liabilities:
Accounts receivable 369 (618 )
Inventories (303 ) (760 )
Accounts payable 274 425
Accrued compensation and benefits (884 ) (1,102 )
Customer deposits and prepaid supply agreements 1,580 —
Income taxes payable and receivable (1,226 ) 563
Other assets and liabilities 94 (413 )
Total adjustments 4,237 2,833
Net cash provided by operating activities 13,697 8,605
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (7,440 ) (4,730 )
Purchases of available-for-sale debt investments (1,578 ) (1,876 )
Maturities of available-for-sale debt investments 1,720 2,197
Purchases of trading assets (6,501 ) (7,961 )
Maturities and sales of trading assets 7,691 5,977
Purchases of equity investments (594 ) (643 )
Sales of equity investments 215 1,751
Proceeds from divestitures 548 924
Other investing (45 ) 145
Net cash used for investing activities (5,984 ) (4,216 )
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net 1,991 (12 )
Issuance of long-term debt, net of issuance costs — 7,078
Repayment of debt and debt conversion (1,169 ) (500 )
Proceeds from sales of common stock through employee equity incentive plans 320 406
Repurchase of common stock (5,807 ) (2,518 )
Restricted stock unit withholdings (465 ) (404 )
Payment of dividends to stockholders (2,800 ) (2,516 )
Other financing (602 ) 204
Net cash provided by (used for) financing activities (8,532 ) 1,738
Net increase (decrease) in cash and cash equivalents (819 ) 6,127
Cash and cash equivalents, end of period $ 2,614 $ 11,687
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 2,789 $ 1,686
Loan receivable from McAfee and TPG $ — $ 2,200
Non-marketable equity investment in McAfee from divestiture $ — $ 1,078
Cash paid during the period for:
Interest, net of capitalized interest and interest rate swap payments/receipts $ 209 $ 280
Income taxes, net of refunds $ 2,196 $ 1,139

INTC Q5

INTEL CORPORATION
FORM 10-Q
FOR THE FISCAL QUARTER ENDED September 29, 2018
INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
(In Millions, Except Per Share Amounts; Unaudited) Sep 29, 2018 Sep 30, 2017 Sep 29, 2018 Sep 30, 2017
Net revenue $ 19,163 $ 16,149 $ 52,191 $ 45,708
Cost of sales 6,803 6,085 19,681 17,388
Gross margin 12,360 10,064 32,510 28,320
Research and development 3,428 3,209 10,110 9,782
Marketing, general and administrative 1,605 1,661 5,230 5,610
Restructuring and other charges (72 ) 4 (72 ) 189
Amortization of acquisition-related intangibles 50 49 150 124
Operating expenses 5,011 4,923 15,418 15,705
Operating income 7,349 5,141 17,092 12,615
Gains (losses) on equity investments, net (75 ) 846 365 1,440
Interest and other, net (132 ) (57 ) 225 262
Income before taxes 7,142 5,930 17,682 14,317
Provision for taxes 744 1,414 1,824 4,029
Net income $ 6,398 $ 4,516 $ 15,858 $ 10,288
Earnings per share – Basic $ 1.4 $ 0.96 $ 3.42 $ 2.19
Earnings per share – Diluted $ 1.38 $ 0.94 $ 3.35 $ 2.12
Cash dividends declared per share of common stock $ 0.6 $ 0.545 $ 1.2 $ 1.0775
Weighted average shares of common stock outstanding:
Basic 4,574 4,688 4,632 4,707
Diluted 4,648 4,821 4,728 4,849
INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended Nine Months Ended
(In Millions; Unaudited) Sep 29, 2018 Sep 30, 2017 Sep 29, 2018 Sep 30, 2017
Net income $ 6,398 $ 4,516 $ 15,858 $ 10,288
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on available-for-sale equity investments — 399 — 408
Net unrealized holding gains (losses) on derivatives (25 ) 19 (199 ) 350
Actuarial valuation and other pension benefits (expenses), net 13 13 39 233
Translation adjustments and other (2 ) 5 (15 ) 513
Other comprehensive income (loss) (14 ) 436 (175 ) 1,504
Total comprehensive income $ 6,384 $ 4,952 $ 15,683 $ 11,792
INTEL CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions) Sep 29, 2018 Dec 30, 2017
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 3,407 $ 3,433
Short-term investments 2,641 1,814
Trading assets 7,138 8,755
Accounts receivable 5,457 5,607
Inventories 7,401 6,983
Other current assets 3,546 2,908
Total current assets 29,590 29,500
Property, plant and equipment, net of accumulated depreciation of $63,684 ($59,286 as of December 30, 2017) 47,071 41,109
Equity investments 7,551 8,579
Other long-term investments 3,562 3,712
Goodwill 24,506 24,389
Identified intangible assets, net 12,007 12,745
Other long-term assets 3,955 3,215
Total assets $ 128,242 $ 123,249
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 3,051 $ 1,776
Accounts payable 3,593 2,928
Accrued compensation and benefits 3,095 3,526
Deferred income — 1,656
Other accrued liabilities 9,835 7,535
Total current liabilities 19,574 17,421
Debt 24,823 25,037
Contract liabilities 2,220 —
Income taxes payable, non-current 4,879 4,069
Deferred income taxes 1,485 3,046
Other long-term liabilities 3,263 3,791
Contingencies (Note 16)
Temporary equity 515 866
Stockholders’ equity:
Preferred stock — —
Common stock and capital in excess of par value, 4,564 issued and outstanding (4,687 issued and outstanding as of December 30, 2017) 25,492 26,074
Accumulated other comprehensive income (loss) (1,103 ) 862
Retained earnings 47,094 42,083
Total stockholders’ equity 71,483 69,019
Total liabilities, temporary equity, and stockholders’ equity $ 128,242 $ 123,249
INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended
(In Millions; Unaudited) Sep 29, 2018 Sep 30, 2017
Cash and cash equivalents, beginning of period $ 3,433 $ 5,560
Cash flows provided by (used for) operating activities:
Net income 15,858 10,288
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 5,420 4,990
Share-based compensation 1,203 1,051
Amortization of intangibles 1,172 999
(Gains) losses on equity investments, net (329 ) (1,372 )
(Gains) losses on divestitures (497 ) (387 )
Loss on debt conversion and extinguishment 211 —
Deferred taxes 18 570
Changes in assets and liabilities:
Accounts receivable (449 ) (1,128 )
Inventories (362 ) (1,245 )
Accounts payable 430 171
Accrued compensation and benefits (801 ) (362 )
Customer deposits and prepaid supply agreements 1,472 —
Income taxes payable and receivable (1,075 ) 979
Other assets and liabilities 261 315
Total adjustments 6,674 4,581
Net cash provided by operating activities 22,532 14,869
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (11,291 ) (7,709 )
Acquisitions, net of cash acquired (183 ) (14,499 )
Purchases of available-for-sale debt investments (3,090 ) (1,959 )
Sales of available-for-sale debt investments 135 1,511
Maturities of available-for-sale debt investments 2,232 3,488
Purchases of trading assets (8,316 ) (9,792 )
Maturities and sales of trading assets 9,705 11,806
Purchases of equity investments (667 ) (744 )
Sales of equity investments 1,646 3,173
Proceeds from divestitures 548 3,124
Other investing (138 ) 1,069
Net cash used for investing activities (9,419 ) (10,532 )
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net 1,707 (5 )
Issuance of long-term debt, net of issuance costs 423 7,716
Repayment of debt and debt conversion (1,928 ) (1,502 )
Proceeds from sales of common stock through employee equity incentive plans 545 637
Repurchase of common stock (8,464 ) (3,611 )
Restricted stock unit withholdings (492 ) (424 )
Payment of dividends to stockholders (4,173 ) (3,794 )
Other financing (757 ) 161
Net cash provided by (used for) financing activities (13,139 ) (822 )
Net increase (decrease) in cash and cash equivalents (26 ) 3,515
Cash and cash equivalents, end of period $ 3,407 $ 9,075
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 1,988 $ 1,736
Non-marketable equity investment in McAfee from divestiture $ — $ 1,078
Cash paid during the period for:
Interest, net of capitalized interest $ 316 $ 386
Income taxes, net of refunds $ 2,854 $ 2,328

INTC Q6

INTEL CORPORATION
FORM 10-Q
FOR THE FISCAL QUARTER ENDED March 30, 2019
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Three Months Ended
(In Millions, Except Per Share Amounts; Unaudited) Mar 30, 2019 Mar 31, 2018
Net revenue $ 16,061 $ 16,066
Cost of sales 6,972 6,335
Gross margin 9,089 9,731
Research and development 3,332 3,311
Marketing, general and administrative 1,533 1,900
Amortization of acquisition-related intangibles 50 50
Operating expenses 4,915 5,261
Operating income 4,174 4,470
Gains (losses) on equity investments, net 434 643
Interest and other, net (61 ) (102 )
Income before taxes 4,547 5,011
Provision for taxes 573 557
Net income $ 3,974 $ 4,454
Earnings per share – basic $ 0.88 $ 0.95
Earnings per share – diluted $ 0.87 $ 0.93
Weighted average shares of common stock outstanding:
Basic 4,492 4,674
Diluted 4,564 4,790
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended
(In Millions; Unaudited) Mar 30, 2019 Mar 31, 2018
Net income $ 3,974 $ 4,454
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on derivatives 102 119
Actuarial valuation and other pension benefits (expenses), net 9 148
Translation adjustments and other 50 (22 )
Other comprehensive income (loss) 161 245
Total comprehensive income $ 4,135 $ 4,699
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions) Mar 30, 2019 Dec 29, 2018
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 3,154 $ 3,019
Short-term investments 2,698 2,788
Trading assets 6,181 5,843
Accounts receivable 6,957 6,722
Inventories 7,765 7,253
Other current assets 2,305 3,162
Total current assets 29,060 28,787
Property, plant and equipment, net of accumulated depreciation of $67,438 ($65,342 as of December 29, 2018) 50,040 48,976
Equity investments 5,254 6,042
Other long-term investments 3,465 3,388
Goodwill 24,521 24,513
Identified intangible assets, net 11,457 11,836
Other long-term assets 5,661 4,421
Total assets $ 129,458 $ 127,963
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 2,750 $ 1,261
Accounts payable 4,059 3,824
Accrued compensation and benefits 1,984 3,622
Other accrued liabilities 10,118 7,919
Total current liabilities 18,911 16,626
Debt 25,737 25,098
Contract liabilities 1,775 2,049
Income taxes payable, non-current 4,781 4,897
Deferred income taxes 1,521 1,665
Other long-term liabilities 2,797 2,646
Contingencies (Note 10)
Temporary equity 275 419
Stockholders’ equity:
Preferred stock — —
Common stock and capital in excess of par value, 4,477 issued and outstanding (4,516 issued and outstanding as of December 29, 2018) 25,346 25,365
Accumulated other comprehensive income (loss) (813 ) (974 )
Retained earnings 49,128 50,172
Total stockholders’ equity 73,661 74,563
Total liabilities, temporary equity, and stockholders’ equity $ 129,458 $ 127,963
See accompanying notes.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Three Months Ended
(In Millions; Unaudited) Mar 30, 2019 Mar 31, 2018
Cash and cash equivalents, beginning of period $ 3,019 $ 3,433
Cash flows provided by (used for) operating activities:
Net income 3,974 4,454
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 2,229 1,806
Share-based compensation 389 433
Amortization of intangibles 396 390
(Gains) losses on equity investments, net (274 ) (643 )
Changes in assets and liabilities:
Accounts receivable (235 ) 102
Inventories (512 ) (96 )
Accounts payable 196 73
Accrued compensation and benefits (1,620 ) (1,307 )
Customer deposits and prepaid supply agreements (228 ) 1,599
Income taxes 440 295
Other assets and liabilities 204 (822 )
Total adjustments 985 1,830
Net cash provided by operating activities 4,959 6,284
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (3,321 ) (2,910 )
Purchases of available-for-sale debt investments (872 ) (859 )
Maturities of available-for-sale debt investments 940 893
Purchases of trading assets (1,869 ) (5,398 )
Maturities and sales of trading assets 1,554 3,760
Sales of equity investments 1,077 163
Other investing (231 ) (440 )
Net cash used for investing activities (2,722 ) (4,791 )
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net 1,682 2,142
Repayment of debt and debt conversion (861 ) (327 )
Proceeds from sales of common stock through employee equity incentive plans 290 289
Repurchase of common stock (2,530 ) (1,914 )
Payment of dividends to stockholders (1,414 ) (1,400 )
Other financing 731 (162 )
Net cash provided by (used for) financing activities (2,102 ) (1,372 )
Net increase (decrease) in cash and cash equivalents 135 121
Cash and cash equivalents, end of period $ 3,154 $ 3,554
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 2,259 $ 2,904
Cash paid during the period for:
Interest, net of capitalized interest $ 109 $ 60
Income taxes, net of refunds $ 125 $ 228

INTC Q7

INTEL CORPORATION
FORM 10-Q
FOR THE FISCAL QUARTER ENDED June 29, 2019
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Three Months Ended Six Months Ended
(In Millions, Except Per Share Amounts; Unaudited) Jun 29, 2019 Jun 30, 2018 Jun 29, 2019 Jun 30, 2018
Net revenue $ 16,505 $ 16,962 $ 32,566 $ 33,028
Cost of sales 6,627 6,543 13,599 12,878
Gross margin 9,878 10,419 18,967 20,150
Research and development 3,438 3,371 6,770 6,682
Marketing, general and administrative 1,589 1,725 3,122 3,625
Restructuring and other charges 184 — 184 —
Amortization of acquisition-related intangibles 50 50 100 100
Operating expenses 5,261 5,146 10,176 10,407
Operating income 4,617 5,273 8,791 9,743
Gains (losses) on equity investments, net 170 (203 ) 604 440
Interest and other, net (63 ) 459 (124 ) 357
Income before taxes 4,724 5,529 9,271 10,540
Provision for taxes 545 523 1,118 1,080
Net income $ 4,179 $ 5,006 $ 8,153 $ 9,460
Earnings per share – basic $ 0.94 $ 1.08 $ 1.82 $ 2.03
Earnings per share – diluted $ 0.92 $ 1.05 $ 1.79 $ 1.98
Weighted average shares of common stock outstanding:
Basic 4,466 4,649 4,479 4,661
Diluted 4,523 4,747 4,543 4,768
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended Six Months Ended
(In Millions; Unaudited) Jun 29, 2019 Jun 30, 2018 Jun 29, 2019 Jun 30, 2018
Net income $ 4,179 $ 5,006 $ 8,153 $ 9,460
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on derivatives 151 (293 ) 253 (174 )
Actuarial valuation and other pension benefits (expenses), net 8 (122 ) 17 26
Translation adjustments and other 32 9 82 (13 )
Other comprehensive income (loss) 191 (406 ) 352 (161 )
Total comprehensive income $ 4,370 $ 4,600 $ 8,505 $ 9,299
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions) Jun 29, 2019 Dec 29, 2018
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 2,867 $ 3,019
Short-term investments 2,414 2,788
Trading assets 6,663 5,843
Accounts receivable 6,233 6,722
Inventories 8,696 7,253
Other current assets 2,366 3,162
Total current assets 29,239 28,787
Property, plant and equipment, net of accumulated depreciation of $69,227 ($65,342 as of December 29, 2018) 51,377 48,976
Equity investments 4,629 6,042
Other long-term investments 3,577 3,388
Goodwill 24,583 24,513
Identified intangible assets, net 11,249 11,836
Other long-term assets 6,105 4,421
Total assets $ 130,759 $ 127,963
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 3,726 $ 1,261
Accounts payable 4,682 3,824
Accrued compensation and benefits 2,554 3,622
Other accrued liabilities 8,743 7,919
Total current liabilities 19,705 16,626
Debt 25,089 25,098
Contract liabilities 1,558 2,049
Income taxes payable, non-current 4,847 4,897
Deferred income taxes 1,783 1,665
Other long-term liabilities 2,583 2,646
Contingencies (Note 12)
Temporary equity 247 419
Stockholders’ equity:
Preferred stock — —
Common stock and capital in excess of par value, 4,430 issued and outstanding (4,516 issued and outstanding as of December 29, 2018) 25,140 25,365
Accumulated other comprehensive income (loss) (622 ) (974 )
Retained earnings 50,429 50,172
Total stockholders’ equity 74,947 74,563
Total liabilities, temporary equity, and stockholders’ equity $ 130,759 $ 127,963
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended
(In Millions; Unaudited) Jun 29, 2019 Jun 30, 2018
Cash and cash equivalents, beginning of period $ 3,019 $ 3,433
Cash flows provided by (used for) operating activities:
Net income 8,153 9,460
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 4,379 3,536
Share-based compensation 859 820
Amortization of intangibles 800 782
(Gains) losses on equity investments, net (100 ) (401 )
Changes in assets and liabilities:
Accounts receivable 490 369
Inventories (1,443 ) (303 )
Accounts payable 431 274
Accrued compensation and benefits (1,012 ) (884 )
Customer deposits and prepaid supply agreements (444 ) 1,580
Income taxes (15 ) (1,133 )
Other assets and liabilities 448 (403 )
Total adjustments 4,393 4,237
Net cash provided by operating activities 12,546 13,697
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (6,875 ) (7,440 )
Purchases of available-for-sale debt investments (1,721 ) (1,578 )
Maturities of available-for-sale debt investments 1,903 1,720
Purchases of trading assets (4,498 ) (6,501 )
Maturities and sales of trading assets 3,808 7,691
Sales of equity investments 1,331 215
Other investing 42 (91 )
Net cash used for investing activities (6,010 ) (5,984 )
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net 996 1,991
Issuance of long-term debt, net of issuance costs 601 —
Repayment of debt and debt conversion (1,033 ) (1,169 )
Proceeds from sales of common stock through employee equity incentive plans 305 320
Repurchase of common stock (5,579 ) (5,807 )
Payment of dividends to stockholders (2,828 ) (2,800 )
Other financing 850 (1,067 )
Net cash provided by (used for) financing activities (6,688 ) (8,532 )
Net increase (decrease) in cash and cash equivalents (152 ) (819 )
Cash and cash equivalents, end of period $ 2,867 $ 2,614
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 2,678 $ 2,789
Cash paid during the period for:
Interest, net of capitalized interest $ 243 $ 209
Income taxes, net of refunds $ 1,112 $ 2,196

INTC Q8

INTEL CORPORATION
FORM 10-Q
FOR THE FISCAL QUARTER ENDED September 28, 2019
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
(In Millions, Except Per Share Amounts; Unaudited) Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018
Net revenue $ 19,190 $ 19,163 $ 51,756 $ 52,191
Cost of sales 7,895 6,803 21,494 19,681
Gross margin 11,295 12,360 30,262 32,510
Research and development 3,208 3,428 9,978 10,110
Marketing, general and administrative 1,486 1,605 4,608 5,230
Restructuring and other charges 104 (72 ) 288 (72 )
Amortization of acquisition-related intangibles 50 50 150 150
Operating expenses 4,848 5,011 15,024 15,418
Operating income 6,447 7,349 15,238 17,092
Gains (losses) on equity investments, net 318 (75 ) 922 365
Interest and other, net (46 ) (132 ) (170 ) 225
Income before taxes 6,719 7,142 15,990 17,682
Provision for taxes 729 744 1,847 1,824
Net income $ 5,990 $ 6,398 $ 14,143 $ 15,858
Earnings per share – basic $ 1.36 $ 1.4 $ 3.18 $ 3.42
Earnings per share – diluted $ 1.35 $ 1.38 $ 3.14 $ 3.35
Weighted average shares of common stock outstanding:
Basic 4,391 4,574 4,450 4,632
Diluted 4,433 4,648 4,507 4,728
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended Nine Months Ended
(In Millions; Unaudited) Sep 28, 2019 Sep 29, 2018 Sep 28, 2019 Sep 29, 2018
Net income $ 5,990 $ 6,398 $ 14,143 $ 15,858
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on derivatives (115 ) (25 ) 138 (199 )
Actuarial valuation and other pension benefits (expenses), net 9 13 26 39
Translation adjustments and other 6 (2 ) 88 (15 )
Other comprehensive income (loss) (100 ) (14 ) 252 (175 )
Total comprehensive income $ 5,890 $ 6,384 $ 14,395 $ 15,683
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions) Sep 28, 2019 Dec 29, 2018
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 3,935 $ 3,019
Short-term investments 1,849 2,788
Trading assets 6,241 5,843
Accounts receivable 6,880 6,722
Inventories 8,638 7,253
Other current assets 2,414 3,162
Total current assets 29,957 28,787
Property, plant and equipment, net of accumulated depreciation of $71,183 ($65,342 as of December 29, 2018) 53,563 48,976
Equity investments 4,819 6,042
Other long-term investments 3,428 3,388
Goodwill 24,727 24,513
Identified intangible assets, net 11,019 11,836
Other long-term assets 6,255 4,421
Total assets $ 133,768 $ 127,963
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 5,200 $ 1,261
Accounts payable 4,809 3,824
Accrued compensation and benefits 3,220 3,622
Other accrued liabilities 11,835 7,919
Total current liabilities 25,064 16,626
Debt 23,707 25,098
Contract liabilities 1,413 2,049
Income taxes payable, non-current 4,974 4,897
Deferred income taxes 1,696 1,665
Other long-term liabilities 2,506 2,646
Contingencies (Note 12)
Temporary equity 166 419
Stockholders’ equity:
Preferred stock — —
Common stock and capital in excess of par value, 4,350 issued and outstanding (4,516 issued and outstanding as of December 29, 2018) 25,290 25,365
Accumulated other comprehensive income (loss) (722 ) (974 )
Retained earnings 49,674 50,172
Total stockholders’ equity 74,242 74,563
Total liabilities, temporary equity, and stockholders’ equity $ 133,768 $ 127,963
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Nine Months Ended
(In Millions; Unaudited) Sep 28, 2019 Sep 29, 2018
Cash and cash equivalents, beginning of period $ 3,019 $ 3,433
Cash flows provided by (used for) operating activities:
Net income 14,143 15,858
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 6,647 5,420
Share-based compensation 1,290 1,203
Amortization of intangibles 1,211 1,172
(Gains) losses on equity investments, net (395 ) (329 )
Changes in assets and liabilities:
Accounts receivable (156 ) (449 )
Inventories (1,376 ) (362 )
Accounts payable 728 430
Accrued compensation and benefits (365 ) (801 )
Customer deposits and prepaid supply agreements (674 ) 1,472
Income taxes 435 (1,057 )
Other assets and liabilities 1,769 (25 )
Total adjustments 9,114 6,674
Net cash provided by operating activities 23,257 22,532
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (11,547 ) (11,291 )
Purchases of available-for-sale debt investments (2,028 ) (3,090 )
Sales of available-for-sale debt investments 1,198 135
Maturities of available-for-sale debt investments 1,920 2,232
Purchases of trading assets (5,769 ) (8,316 )
Maturities and sales of trading assets 5,467 9,705
Sales of equity investments 1,414 1,646
Other investing (575 ) (440 )
Net cash used for investing activities (9,920 ) (9,419 )
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net 835 1,707
Issuance of long-term debt, net of issuance costs 650 423
Repayment of debt and debt conversion (1,478 ) (1,928 )
Proceeds from sales of common stock through employee equity incentive plans 797 545
Repurchase of common stock (10,100 ) (8,464 )
Payment of dividends to stockholders (4,214 ) (4,173 )
Other financing 1,089 (1,249 )
Net cash provided by (used for) financing activities (12,421 ) (13,139 )
Net increase (decrease) in cash and cash equivalents 916 (26 )
Cash and cash equivalents, end of period $ 3,935 $ 3,407
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities $ 2,376 $ 1,988
Cash paid during the period for:
Interest, net of capitalized interest $ 312 $ 316
Income taxes, net of refunds $ 1,334 $ 2,854

INTC SUMMARY

INTC Current Assets Current Liabilities Inventories Accounts Receivable INTC Current Ratio Acid Test Total Sales Operating Income Account Receivable Turn over Average Collection Period Inventory Turnover Ratio Total Assets OI-ROI Operating Profit Margins Total Asset Turnover Total Current Assets INTC Current Ratio
Q1 [$$]40,617.00 [$$]18,782.00 [$$]6,324.00 [$$]618.00 [$$]2.16 1.83 [$$]14,763.00 [$$]3,827.00 [$$]23.89 15.28 2.33 [$$]122,107.00 0.0313413645 0.26 0.12 [$$]40,617.00 2.16
Q2 [$$]33,154.00 [$$]20,689.00 [$$]6,926.00 [$$]1,128.00 [$$]1.60 1.27 [$$]16,149.00 [$$]5,115.00 [$$]14.32 25.50 2.33 [$$]127,088.00 0.0402477024 0.32 0.13 [$$]33,154.00 1.60
Q3 [$$]31,630.00 [$$]19,961.00 [$$]7,146.00 [$$]4,879.00 [$$]1.58 1.23 [$$]16,066.00 [$$]4,470.00 [$$]3.29 110.84 2.25 [$$]128,596.00 0.0347600236 0.28 0.12 [$$]31,630.00 1.58
Q4 [$$]27,603.00 [$$]17,571.00 [$$]7,344.00 [$$]4,636.00 [$$]1.57 1.15 [$$]16,962.00 [$$]5,273.00 [$$]3.66 99.76 2.31 [$$]125,972.00 0.0418585082 0.31 0.13 [$$]27,603.00 1.57
Q5 [$$]29,590.00 [$$]19,574.00 [$$]7,401.00 [$$]5,457.00 [$$]1.51 1.13 [$$]19,163.00 [$$]7,349.00 [$$]3.51 103.94 2.59 [$$]128,242.00 0.0573057189 0.38 0.15 [$$]29,590.00 1.51
Q6 [$$]29,060.00 [$$]18,911.00 [$$]7,765.00 [$$]6,957.00 [$$]1.54 1.13 [$$]16,061.00 [$$]4,174.00 [$$]2.31 158.10 2.07 [$$]129,458.00 0.0322421171 0.26 0.12 [$$]29,060.00 1.54
Q7 [$$]29,239.00 [$$]19,705.00 [$$]8,696.00 [$$]6,233.00 [$$]1.48 1.04 [$$]16,505.00 [$$]4,617.00 [$$]2.65 137.84 1.90 [$$]130,759.00 0.035309233 0.28 0.13 [$$]29,239.00 1.48
Q8 [$$]29,957.00 [$$]25,064.00 [$$]8,638.00 [$$]6,880.00 [$$]1.20 0.85 [$$]19,190.00 [$$]6,447.00 [$$]2.79 130.86 2.22 [$$]133,768.00 0.048195383 0.34 0.14 [$$]29,957.00 1.20

INTC Current Ratio

INTC Current Ratio

Acid Test

Acid Test