Question: What is the Operating Cash Flow Ratio for Coca-Cola for the six months ended June 28, 2024?

Operating Cash Flow Ratio = Operating Cash Flow / Current Liabilities = $4,113 million / $29,263 million = 0.14

COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 4:
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4

, COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 5:
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

 	Six Months Ended

 	June 28,2024	June 30,2023

Operating Activities

Consolidated net income	$	5,586 		$	5,634

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation and amortization	531 		567

Stock-based compensation expense	140 		120

Deferred income taxes	(202)		(211)

Equity (income) loss - net of dividends	(274)		(467)

Foreign currency adjustments	(87)		34

Significant (gains) losses - net	(1,398)		(442)

Other operating charges	2,867 		1,375

Other items	(66)		(225)

Net change in operating assets and liabilities	(2,984)		(1,756)

Net Cash Provided by Operating Activities	4,113 		4,629

Investing Activities

Purchases of investments	(3,827)		(2,103)

Proceeds from disposals of investments	2,662 		1,608

Acquisitions of businesses, equity method investments and nonmarketable securities	(25)		(43)

Proceeds from disposals of businesses, equity method investments and nonmarketable securities	2,907 		320

Purchases of property, plant and equipment	(792)		(615)

Proceeds from disposals of property, plant and equipment	21 		38

Collateral (paid) received associated with hedging activities - net	(76)		(15)

Other investing activities	127 		44

Net Cash Provided by (Used in) Investing Activities	997 		(766)

Financing Activities

Issuances of loans, notes payable and long-term debt	6,832 		4,638

Payments of loans, notes payable and long-term debt	(4,734)		(2,366)

Issuances of stock	437 		359

Purchases of stock for treasury	(874)		(1,084)

Dividends	(2,184)		(2,089)

Other financing activities	(9)		(456)

Net Cash Provided by (Used in) Financing Activities	(532)		(998)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(357)		162

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	4,221 		3,027

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	9,692 		9,825

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period	13,913 		12,852

Less: Restricted cash and restricted cash equivalents at end of period	205 		288

Cash and Cash Equivalents at End of Period	$	13,708 		$	12,564

Refer to Notes to Consolidated Financial Statements.

5

THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4

,
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

 	Six Months Ended

 	June 28,2024	June 30,2023

Operating Activities

Consolidated net income	$	5,586 		$	5,634

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation and amortization	531 		567

Stock-based compensation expense	140 		120

Deferred income taxes	(202)		(211)

Equity (income) loss - net of dividends	(274)		(467)

Foreign currency adjustments	(87)		34

Significant (gains) losses - net	(1,398)		(442)

Other operating charges	2,867 		1,375

Other items	(66)		(225)

Net change in operating assets and liabilities	(2,984)		(1,756)

Net Cash Provided by Operating Activities	4,113 		4,629

Investing Activities

Purchases of investments	(3,827)		(2,103)

Proceeds from disposals of investments	2,662 		1,608

Acquisitions of businesses, equity method investments and nonmarketable securities	(25)		(43)

Proceeds from disposals of businesses, equity method investments and nonmarketable securities	2,907 		320

Purchases of property, plant and equipment	(792)		(615)

Proceeds from disposals of property, plant and equipment	21 		38

Collateral (paid) received associated with hedging activities - net	(76)		(15)

Other investing activities	127 		44

Net Cash Provided by (Used in) Investing Activities	997 		(766)

Financing Activities

Issuances of loans, notes payable and long-term debt	6,832 		4,638

Payments of loans, notes payable and long-term debt	(4,734)		(2,366)

Issuances of stock	437 		359

Purchases of stock for treasury	(874)		(1,084)

Dividends	(2,184)		(2,089)

Other financing activities	(9)		(456)

Net Cash Provided by (Used in) Financing Activities	(532)		(998)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(357)		162

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	4,221 		3,027

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	9,692 		9,825

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period	13,913 		12,852

Less: Restricted cash and restricted cash equivalents at end of period	205 		288

Cash and Cash Equivalents at End of Period	$	13,708 		$	12,564

Refer to Notes to Consolidated Financial Statements.

5


Question: What is the Cash Flow to Debt Ratio for Coca-Cola for the six months ended June 28, 2024?

Cash Flow to Debt Ratio = Operating Cash Flow / Total Debt = 4,113 / (3,793 + 1,939 + 38,085) = 0.09

COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 4:
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4

, COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 5:
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

 	Six Months Ended

 	June 28,2024	June 30,2023

Operating Activities

Consolidated net income	$	5,586 		$	5,634

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation and amortization	531 		567

Stock-based compensation expense	140 		120

Deferred income taxes	(202)		(211)

Equity (income) loss - net of dividends	(274)		(467)

Foreign currency adjustments	(87)		34

Significant (gains) losses - net	(1,398)		(442)

Other operating charges	2,867 		1,375

Other items	(66)		(225)

Net change in operating assets and liabilities	(2,984)		(1,756)

Net Cash Provided by Operating Activities	4,113 		4,629

Investing Activities

Purchases of investments	(3,827)		(2,103)

Proceeds from disposals of investments	2,662 		1,608

Acquisitions of businesses, equity method investments and nonmarketable securities	(25)		(43)

Proceeds from disposals of businesses, equity method investments and nonmarketable securities	2,907 		320

Purchases of property, plant and equipment	(792)		(615)

Proceeds from disposals of property, plant and equipment	21 		38

Collateral (paid) received associated with hedging activities - net	(76)		(15)

Other investing activities	127 		44

Net Cash Provided by (Used in) Investing Activities	997 		(766)

Financing Activities

Issuances of loans, notes payable and long-term debt	6,832 		4,638

Payments of loans, notes payable and long-term debt	(4,734)		(2,366)

Issuances of stock	437 		359

Purchases of stock for treasury	(874)		(1,084)

Dividends	(2,184)		(2,089)

Other financing activities	(9)		(456)

Net Cash Provided by (Used in) Financing Activities	(532)		(998)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(357)		162

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	4,221 		3,027

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	9,692 		9,825

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period	13,913 		12,852

Less: Restricted cash and restricted cash equivalents at end of period	205 		288

Cash and Cash Equivalents at End of Period	$	13,708 		$	12,564

Refer to Notes to Consolidated Financial Statements.

5

THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4

,
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

 	Six Months Ended

 	June 28,2024	June 30,2023

Operating Activities

Consolidated net income	$	5,586 		$	5,634

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation and amortization	531 		567

Stock-based compensation expense	140 		120

Deferred income taxes	(202)		(211)

Equity (income) loss - net of dividends	(274)		(467)

Foreign currency adjustments	(87)		34

Significant (gains) losses - net	(1,398)		(442)

Other operating charges	2,867 		1,375

Other items	(66)		(225)

Net change in operating assets and liabilities	(2,984)		(1,756)

Net Cash Provided by Operating Activities	4,113 		4,629

Investing Activities

Purchases of investments	(3,827)		(2,103)

Proceeds from disposals of investments	2,662 		1,608

Acquisitions of businesses, equity method investments and nonmarketable securities	(25)		(43)

Proceeds from disposals of businesses, equity method investments and nonmarketable securities	2,907 		320

Purchases of property, plant and equipment	(792)		(615)

Proceeds from disposals of property, plant and equipment	21 		38

Collateral (paid) received associated with hedging activities - net	(76)		(15)

Other investing activities	127 		44

Net Cash Provided by (Used in) Investing Activities	997 		(766)

Financing Activities

Issuances of loans, notes payable and long-term debt	6,832 		4,638

Payments of loans, notes payable and long-term debt	(4,734)		(2,366)

Issuances of stock	437 		359

Purchases of stock for treasury	(874)		(1,084)

Dividends	(2,184)		(2,089)

Other financing activities	(9)		(456)

Net Cash Provided by (Used in) Financing Activities	(532)		(998)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(357)		162

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period	4,221 		3,027

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	9,692 		9,825

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Period	13,913 		12,852

Less: Restricted cash and restricted cash equivalents at end of period	205 		288

Cash and Cash Equivalents at End of Period	$	13,708 		$	12,564

Refer to Notes to Consolidated Financial Statements.

5


Question: What is the Payables Turnover for Coca-Cola for the six months ended June 28, 2024?

Payables Turnover = Cost of Goods Sold / Average Accounts Payable = $9,047 million / (($21,909 million + $15,485 million) / 2) = 0.49

COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 2:
Item 1. Financial Statements

THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In millions except per share data)

	Three Months Ended		Six Months Ended

	June 28,2024	June 30,2023		June 28,2024	June 30,2023

Net Operating Revenues	$	12,363 		$	11,972 			$	23,663 		$	22,952

Cost of goods sold	4,812 		4,912 			9,047 		9,229

Gross Profit	7,551 		7,060 			14,616 		13,723

Selling, general and administrative expenses	3,549 		3,321 			6,900 		6,506

Other operating charges	1,370 		1,338 			2,943 		1,449

Operating Income	2,632 		2,401 			4,773 		5,768

Interest income	275 		224 			521 		392

Interest expense	418 		374 			800 		746

Equity income (loss) - net	537 		538 			891 		813

Other income (loss) - net	2 		91 			1,515 		706

Income Before Income Taxes	3,028 		2,880 			6,900 		6,933

Income taxes 	627 		359 			1,314 		1,299

Consolidated Net Income	2,401 		2,521 			5,586 		5,634

Less: Net income (loss) attributable to noncontrolling interests	(10)		(26)			(2)		(20)

Net Income Attributable to Shareowners of The Coca-Cola Company	$	2,411 		$	2,547 			$	5,588 		$	5,654

Basic Net Income Per Share1	$	0.56 		$	0.59 			$	1.30 		$	1.31

Diluted Net Income Per Share1	$	0.56 		$	0.59 			$	1.29 		$	1.30

Average Shares Outstanding - Basic	4,309 		4,325 			4,309 		4,325

Effect of dilutive securities	10 		16 			12 		18

Average Shares Outstanding - Diluted	4,319 		4,341 			4,321 		4,343

1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.

Refer to Notes to Consolidated Financial Statements.

2

, COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 4:
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4

Item 1. Financial Statements

THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In millions except per share data)

	Three Months Ended		Six Months Ended

	June 28,2024	June 30,2023		June 28,2024	June 30,2023

Net Operating Revenues	$	12,363 		$	11,972 			$	23,663 		$	22,952

Cost of goods sold	4,812 		4,912 			9,047 		9,229

Gross Profit	7,551 		7,060 			14,616 		13,723

Selling, general and administrative expenses	3,549 		3,321 			6,900 		6,506

Other operating charges	1,370 		1,338 			2,943 		1,449

Operating Income	2,632 		2,401 			4,773 		5,768

Interest income	275 		224 			521 		392

Interest expense	418 		374 			800 		746

Equity income (loss) - net	537 		538 			891 		813

Other income (loss) - net	2 		91 			1,515 		706

Income Before Income Taxes	3,028 		2,880 			6,900 		6,933

Income taxes 	627 		359 			1,314 		1,299

Consolidated Net Income	2,401 		2,521 			5,586 		5,634

Less: Net income (loss) attributable to noncontrolling interests	(10)		(26)			(2)		(20)

Net Income Attributable to Shareowners of The Coca-Cola Company	$	2,411 		$	2,547 			$	5,588 		$	5,654

Basic Net Income Per Share1	$	0.56 		$	0.59 			$	1.30 		$	1.31

Diluted Net Income Per Share1	$	0.56 		$	0.59 			$	1.29 		$	1.30

Average Shares Outstanding - Basic	4,309 		4,325 			4,309 		4,325

Effect of dilutive securities	10 		16 			12 		18

Average Shares Outstanding - Diluted	4,319 		4,341 			4,321 		4,343

1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.

Refer to Notes to Consolidated Financial Statements.

2

,
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4


Question: What is the Days Payable Outstanding (DPO) for Coca-Cola for the six months ended June 28, 2024?

DPO = (Accounts Payable / Cost of Goods Sold) * Number of Days = ((21,909 + 15,485) / 2) / 9,047 * 180 = 360.00 days

COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 2:
Item 1. Financial Statements

THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In millions except per share data)

	Three Months Ended		Six Months Ended

	June 28,2024	June 30,2023		June 28,2024	June 30,2023

Net Operating Revenues	$	12,363 		$	11,972 			$	23,663 		$	22,952

Cost of goods sold	4,812 		4,912 			9,047 		9,229

Gross Profit	7,551 		7,060 			14,616 		13,723

Selling, general and administrative expenses	3,549 		3,321 			6,900 		6,506

Other operating charges	1,370 		1,338 			2,943 		1,449

Operating Income	2,632 		2,401 			4,773 		5,768

Interest income	275 		224 			521 		392

Interest expense	418 		374 			800 		746

Equity income (loss) - net	537 		538 			891 		813

Other income (loss) - net	2 		91 			1,515 		706

Income Before Income Taxes	3,028 		2,880 			6,900 		6,933

Income taxes 	627 		359 			1,314 		1,299

Consolidated Net Income	2,401 		2,521 			5,586 		5,634

Less: Net income (loss) attributable to noncontrolling interests	(10)		(26)			(2)		(20)

Net Income Attributable to Shareowners of The Coca-Cola Company	$	2,411 		$	2,547 			$	5,588 		$	5,654

Basic Net Income Per Share1	$	0.56 		$	0.59 			$	1.30 		$	1.31

Diluted Net Income Per Share1	$	0.56 		$	0.59 			$	1.29 		$	1.30

Average Shares Outstanding - Basic	4,309 		4,325 			4,309 		4,325

Effect of dilutive securities	10 		16 			12 		18

Average Shares Outstanding - Diluted	4,319 		4,341 			4,321 		4,343

1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.

Refer to Notes to Consolidated Financial Statements.

2

, COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 4:
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4

Item 1. Financial Statements

THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In millions except per share data)

	Three Months Ended		Six Months Ended

	June 28,2024	June 30,2023		June 28,2024	June 30,2023

Net Operating Revenues	$	12,363 		$	11,972 			$	23,663 		$	22,952

Cost of goods sold	4,812 		4,912 			9,047 		9,229

Gross Profit	7,551 		7,060 			14,616 		13,723

Selling, general and administrative expenses	3,549 		3,321 			6,900 		6,506

Other operating charges	1,370 		1,338 			2,943 		1,449

Operating Income	2,632 		2,401 			4,773 		5,768

Interest income	275 		224 			521 		392

Interest expense	418 		374 			800 		746

Equity income (loss) - net	537 		538 			891 		813

Other income (loss) - net	2 		91 			1,515 		706

Income Before Income Taxes	3,028 		2,880 			6,900 		6,933

Income taxes 	627 		359 			1,314 		1,299

Consolidated Net Income	2,401 		2,521 			5,586 		5,634

Less: Net income (loss) attributable to noncontrolling interests	(10)		(26)			(2)		(20)

Net Income Attributable to Shareowners of The Coca-Cola Company	$	2,411 		$	2,547 			$	5,588 		$	5,654

Basic Net Income Per Share1	$	0.56 		$	0.59 			$	1.30 		$	1.31

Diluted Net Income Per Share1	$	0.56 		$	0.59 			$	1.29 		$	1.30

Average Shares Outstanding - Basic	4,309 		4,325 			4,309 		4,325

Effect of dilutive securities	10 		16 			12 		18

Average Shares Outstanding - Diluted	4,319 		4,341 			4,321 		4,343

1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.

Refer to Notes to Consolidated Financial Statements.

2

,
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4


Question: How does Coca-Cola's Inventory Turnover for the six months ended June 28, 2024, compare to the same period in 2023?

Inventory Turnover for 2024 = 2.00, Inventory Turnover for 2023 = 9,229 / ((4,424 + 4,424) / 2) = 2.09. The Inventory Turnover decreased from 2.09 in 2023 to 2.00 in 2024.

COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 2:
Item 1. Financial Statements

THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In millions except per share data)

	Three Months Ended		Six Months Ended

	June 28,2024	June 30,2023		June 28,2024	June 30,2023

Net Operating Revenues	$	12,363 		$	11,972 			$	23,663 		$	22,952

Cost of goods sold	4,812 		4,912 			9,047 		9,229

Gross Profit	7,551 		7,060 			14,616 		13,723

Selling, general and administrative expenses	3,549 		3,321 			6,900 		6,506

Other operating charges	1,370 		1,338 			2,943 		1,449

Operating Income	2,632 		2,401 			4,773 		5,768

Interest income	275 		224 			521 		392

Interest expense	418 		374 			800 		746

Equity income (loss) - net	537 		538 			891 		813

Other income (loss) - net	2 		91 			1,515 		706

Income Before Income Taxes	3,028 		2,880 			6,900 		6,933

Income taxes 	627 		359 			1,314 		1,299

Consolidated Net Income	2,401 		2,521 			5,586 		5,634

Less: Net income (loss) attributable to noncontrolling interests	(10)		(26)			(2)		(20)

Net Income Attributable to Shareowners of The Coca-Cola Company	$	2,411 		$	2,547 			$	5,588 		$	5,654

Basic Net Income Per Share1	$	0.56 		$	0.59 			$	1.30 		$	1.31

Diluted Net Income Per Share1	$	0.56 		$	0.59 			$	1.29 		$	1.30

Average Shares Outstanding - Basic	4,309 		4,325 			4,309 		4,325

Effect of dilutive securities	10 		16 			12 		18

Average Shares Outstanding - Diluted	4,319 		4,341 			4,321 		4,343

1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.

Refer to Notes to Consolidated Financial Statements.

2

, COCA COLA CO 10-Q form for quarterly period ended 2024-06-28, page 4:
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4

Item 1. Financial Statements

THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In millions except per share data)

	Three Months Ended		Six Months Ended

	June 28,2024	June 30,2023		June 28,2024	June 30,2023

Net Operating Revenues	$	12,363 		$	11,972 			$	23,663 		$	22,952

Cost of goods sold	4,812 		4,912 			9,047 		9,229

Gross Profit	7,551 		7,060 			14,616 		13,723

Selling, general and administrative expenses	3,549 		3,321 			6,900 		6,506

Other operating charges	1,370 		1,338 			2,943 		1,449

Operating Income	2,632 		2,401 			4,773 		5,768

Interest income	275 		224 			521 		392

Interest expense	418 		374 			800 		746

Equity income (loss) - net	537 		538 			891 		813

Other income (loss) - net	2 		91 			1,515 		706

Income Before Income Taxes	3,028 		2,880 			6,900 		6,933

Income taxes 	627 		359 			1,314 		1,299

Consolidated Net Income	2,401 		2,521 			5,586 		5,634

Less: Net income (loss) attributable to noncontrolling interests	(10)		(26)			(2)		(20)

Net Income Attributable to Shareowners of The Coca-Cola Company	$	2,411 		$	2,547 			$	5,588 		$	5,654

Basic Net Income Per Share1	$	0.56 		$	0.59 			$	1.30 		$	1.31

Diluted Net Income Per Share1	$	0.56 		$	0.59 			$	1.29 		$	1.30

Average Shares Outstanding - Basic	4,309 		4,325 			4,309 		4,325

Effect of dilutive securities	10 		16 			12 		18

Average Shares Outstanding - Diluted	4,319 		4,341 			4,321 		4,343

1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.

Refer to Notes to Consolidated Financial Statements.

2

,
THE COCA-COLA COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions except par value)

	June 28,2024	December 31,2023

ASSETS

Current Assets

Cash and cash equivalents	$	13,708 		$	9,366

Short-term investments	3,691 		2,997

Total Cash, Cash Equivalents and Short-Term Investments	17,399 		12,363

Marketable securities	1,594 		1,300

Trade accounts receivable, less allowances of $502 and $502, respectively	4,545 		3,410

Inventories	4,763 		4,424

Prepaid expenses and other current assets	3,298 		5,235

Total Current Assets	31,599 		26,732

Equity method investments	18,940 		19,671

Other investments	167 		118

Other noncurrent assets	7,274 		7,162

Deferred income tax assets	1,409 		1,561

Property, plant and equipment, less accumulated depreciation of $9,492 and $9,233, respectively	9,508 		9,236

Trademarks with indefinite lives	13,510 		14,349

Goodwill	18,324 		18,358

Other intangible assets	471 		516

Total Assets	$	101,202 		$	97,703

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses	$	21,909 		$	15,485

Loans and notes payable	3,793 		4,557

Current maturities of long-term debt	1,939 		1,960

Accrued income taxes	1,622 		1,569

Total Current Liabilities	29,263 		23,571

Long-term debt	38,085 		35,547

Other noncurrent liabilities	4,077 		8,466

Deferred income tax liabilities	2,366 		2,639

The Coca-Cola Company Shareowners' Equity

Common stock, $0.25 par value; authorized - 11,200 shares; issued - 7,040 shares	1,760 		1,760

Capital surplus	19,468 		19,209

Reinvested earnings	75,189 		73,782

Accumulated other comprehensive income (loss)	(15,458)		(14,275)

Treasury stock, at cost - 2,731 and 2,732 shares, respectively	(55,106)		(54,535)

Equity Attributable to Shareowners of The Coca-Cola Company	25,853 		25,941

Equity attributable to noncontrolling interests	1,558 		1,539

Total Equity	27,411 		27,480

Total Liabilities and Equity	$	101,202 		$	97,703

Refer to Notes to Consolidated Financial Statements.

4


Question: How much did Tesla's net income increase from 2022 to 2023?

Tesla's net income increased from $12,587 million in 2022 to $14,974 million in 2023, which is an increase of approximately 18.95%.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 50: Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

	Year Ended December 31,

	2023		2022		2021

Revenues

Automotive sales	$	78,509 			$	67,210 			$	44,125

Automotive regulatory credits	1,790 			1,776 			1,465

Automotive leasing	2,120 			2,476 			1,642

Total automotive revenues	82,419 			71,462 			47,232

Energy generation and storage	6,035 			3,909 			2,789

Services and other	8,319 			6,091 			3,802

Total revenues	96,773 			81,462 			53,823

Cost of revenues

Automotive sales	65,121 			49,599 			32,415

Automotive leasing	1,268 			1,509 			978

Total automotive cost of revenues	66,389 			51,108 			33,393

Energy generation and storage	4,894 			3,621 			2,918

Services and other	7,830 			5,880 			3,906

Total cost of revenues	79,113 			60,609 			40,217

Gross profit	17,660 			20,853 			13,606

Operating expenses

Research and development	3,969 			3,075 			2,593

Selling, general and administrative	4,800 			3,946 			4,517

Restructuring and other	- 			176 			(27)

Total operating expenses	8,769 			7,197 			7,083

Income from operations	8,891 			13,656 			6,523

Interest income	1,066 			297 			56

Interest expense	(156)			(191)			(371)

Other income (expense), net	172 			(43)			135

Income before income taxes	9,973 			13,719 			6,343

(Benefit from) provision for income taxes	(5,001)			1,132 			699

Net income	14,974 			12,587 			5,644

Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(23)			31 			125

Net income attributable to common stockholders	$	14,997 			$	12,556 			$	5,519

Net income per share of common stock attributable to common stockholders

Basic	$	4.73 			$	4.02 			$	1.87

Diluted	$	4.30 			$	3.62 			$	1.63

Weighted average shares used in computing net income per share of common stock

Basic	3,174		3,130		2,959

Diluted	3,485		3,475		3,386

The accompanying notes are an integral part of these consolidated financial statements.
50


Question: Compare Tesla's gross profit in 2022 and 2023.

Tesla's gross profit decreased from $20,853 million in 2022 to $17,660 million in 2023, which is a decrease of approximately 15.3%.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 50: Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

	Year Ended December 31,

	2023		2022		2021

Revenues

Automotive sales	$	78,509 			$	67,210 			$	44,125

Automotive regulatory credits	1,790 			1,776 			1,465

Automotive leasing	2,120 			2,476 			1,642

Total automotive revenues	82,419 			71,462 			47,232

Energy generation and storage	6,035 			3,909 			2,789

Services and other	8,319 			6,091 			3,802

Total revenues	96,773 			81,462 			53,823

Cost of revenues

Automotive sales	65,121 			49,599 			32,415

Automotive leasing	1,268 			1,509 			978

Total automotive cost of revenues	66,389 			51,108 			33,393

Energy generation and storage	4,894 			3,621 			2,918

Services and other	7,830 			5,880 			3,906

Total cost of revenues	79,113 			60,609 			40,217

Gross profit	17,660 			20,853 			13,606

Operating expenses

Research and development	3,969 			3,075 			2,593

Selling, general and administrative	4,800 			3,946 			4,517

Restructuring and other	- 			176 			(27)

Total operating expenses	8,769 			7,197 			7,083

Income from operations	8,891 			13,656 			6,523

Interest income	1,066 			297 			56

Interest expense	(156)			(191)			(371)

Other income (expense), net	172 			(43)			135

Income before income taxes	9,973 			13,719 			6,343

(Benefit from) provision for income taxes	(5,001)			1,132 			699

Net income	14,974 			12,587 			5,644

Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(23)			31 			125

Net income attributable to common stockholders	$	14,997 			$	12,556 			$	5,519

Net income per share of common stock attributable to common stockholders

Basic	$	4.73 			$	4.02 			$	1.87

Diluted	$	4.30 			$	3.62 			$	1.63

Weighted average shares used in computing net income per share of common stock

Basic	3,174		3,130		2,959

Diluted	3,485		3,475		3,386

The accompanying notes are an integral part of these consolidated financial statements.
50


Question: What was Tesla's return on equity (ROE) for the year 2023?

To calculate Tesla's ROE for 2023, we use the formula: ROE = Net Income / Total Stockholders' Equity. For 2023, ROE = $14,974 million / $62,634 million = 23.9%.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 49: Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

	December 31,2023		December 31,2022

Assets

Current assets

Cash and cash equivalents	$	16,398 			$	16,253

Short-term investments	12,696 			5,932

Accounts receivable, net	3,508 			2,952

Inventory	13,626 			12,839

Prepaid expenses and other current assets	3,388 			2,941

Total current assets	49,616 			40,917

Operating lease vehicles, net	5,989 			5,035

Solar energy systems, net	5,229 			5,489

Property, plant and equipment, net	29,725 			23,548

Operating lease right-of-use assets	4,180 			2,563

Digital assets, net	184 			184

Intangible assets, net	178 			215

Goodwill	253 			194

Deferred tax assets	6,733 			328

Other non-current assets	4,531 			3,865

Total assets	$	106,618 			$	82,338

Liabilities

Current liabilities

Accounts payable	$	14,431 			$	15,255

Accrued liabilities and other	9,080 			8,205

Deferred revenue	2,864 			1,747

Current portion of debt and finance leases	2,373 			1,502

Total current liabilities	28,748 			26,709

Debt and finance leases, net of current portion	2,857 			1,597

Deferred revenue, net of current portion	3,251 			2,804

Other long-term liabilities	8,153 			5,330

Total liabilities	43,009 			36,440

Commitments and contingencies (Note 15)

Redeemable noncontrolling interests in subsidiaries	242 			409

Equity

Stockholders' equity

Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	- 			-

Common stock; $0.001 par value; 6,000 shares authorized; 3,185 and 3,164 shares issued and outstanding as of December 31, 2023 and 2022, respectively	3 			3

Additional paid-in capital	34,892 			32,177

Accumulated other comprehensive loss	(143)			(361)

Retained earnings	27,882 			12,885

Total stockholders' equity	62,634 			44,704

Noncontrolling interests in subsidiaries	733 			785

Total liabilities and equity	$	106,618 			$	82,338

The accompanying notes are an integral part of these consolidated financial statements.
49

, Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 50: Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

	Year Ended December 31,

	2023		2022		2021

Revenues

Automotive sales	$	78,509 			$	67,210 			$	44,125

Automotive regulatory credits	1,790 			1,776 			1,465

Automotive leasing	2,120 			2,476 			1,642

Total automotive revenues	82,419 			71,462 			47,232

Energy generation and storage	6,035 			3,909 			2,789

Services and other	8,319 			6,091 			3,802

Total revenues	96,773 			81,462 			53,823

Cost of revenues

Automotive sales	65,121 			49,599 			32,415

Automotive leasing	1,268 			1,509 			978

Total automotive cost of revenues	66,389 			51,108 			33,393

Energy generation and storage	4,894 			3,621 			2,918

Services and other	7,830 			5,880 			3,906

Total cost of revenues	79,113 			60,609 			40,217

Gross profit	17,660 			20,853 			13,606

Operating expenses

Research and development	3,969 			3,075 			2,593

Selling, general and administrative	4,800 			3,946 			4,517

Restructuring and other	- 			176 			(27)

Total operating expenses	8,769 			7,197 			7,083

Income from operations	8,891 			13,656 			6,523

Interest income	1,066 			297 			56

Interest expense	(156)			(191)			(371)

Other income (expense), net	172 			(43)			135

Income before income taxes	9,973 			13,719 			6,343

(Benefit from) provision for income taxes	(5,001)			1,132 			699

Net income	14,974 			12,587 			5,644

Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(23)			31 			125

Net income attributable to common stockholders	$	14,997 			$	12,556 			$	5,519

Net income per share of common stock attributable to common stockholders

Basic	$	4.73 			$	4.02 			$	1.87

Diluted	$	4.30 			$	3.62 			$	1.63

Weighted average shares used in computing net income per share of common stock

Basic	3,174		3,130		2,959

Diluted	3,485		3,475		3,386

The accompanying notes are an integral part of these consolidated financial statements.
50

Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

	December 31,2023		December 31,2022

Assets

Current assets

Cash and cash equivalents	$	16,398 			$	16,253

Short-term investments	12,696 			5,932

Accounts receivable, net	3,508 			2,952

Inventory	13,626 			12,839

Prepaid expenses and other current assets	3,388 			2,941

Total current assets	49,616 			40,917

Operating lease vehicles, net	5,989 			5,035

Solar energy systems, net	5,229 			5,489

Property, plant and equipment, net	29,725 			23,548

Operating lease right-of-use assets	4,180 			2,563

Digital assets, net	184 			184

Intangible assets, net	178 			215

Goodwill	253 			194

Deferred tax assets	6,733 			328

Other non-current assets	4,531 			3,865

Total assets	$	106,618 			$	82,338

Liabilities

Current liabilities

Accounts payable	$	14,431 			$	15,255

Accrued liabilities and other	9,080 			8,205

Deferred revenue	2,864 			1,747

Current portion of debt and finance leases	2,373 			1,502

Total current liabilities	28,748 			26,709

Debt and finance leases, net of current portion	2,857 			1,597

Deferred revenue, net of current portion	3,251 			2,804

Other long-term liabilities	8,153 			5,330

Total liabilities	43,009 			36,440

Commitments and contingencies (Note 15)

Redeemable noncontrolling interests in subsidiaries	242 			409

Equity

Stockholders' equity

Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	- 			-

Common stock; $0.001 par value; 6,000 shares authorized; 3,185 and 3,164 shares issued and outstanding as of December 31, 2023 and 2022, respectively	3 			3

Additional paid-in capital	34,892 			32,177

Accumulated other comprehensive loss	(143)			(361)

Retained earnings	27,882 			12,885

Total stockholders' equity	62,634 			44,704

Noncontrolling interests in subsidiaries	733 			785

Total liabilities and equity	$	106,618 			$	82,338

The accompanying notes are an integral part of these consolidated financial statements.
49

, Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

	Year Ended December 31,

	2023		2022		2021

Revenues

Automotive sales	$	78,509 			$	67,210 			$	44,125

Automotive regulatory credits	1,790 			1,776 			1,465

Automotive leasing	2,120 			2,476 			1,642

Total automotive revenues	82,419 			71,462 			47,232

Energy generation and storage	6,035 			3,909 			2,789

Services and other	8,319 			6,091 			3,802

Total revenues	96,773 			81,462 			53,823

Cost of revenues

Automotive sales	65,121 			49,599 			32,415

Automotive leasing	1,268 			1,509 			978

Total automotive cost of revenues	66,389 			51,108 			33,393

Energy generation and storage	4,894 			3,621 			2,918

Services and other	7,830 			5,880 			3,906

Total cost of revenues	79,113 			60,609 			40,217

Gross profit	17,660 			20,853 			13,606

Operating expenses

Research and development	3,969 			3,075 			2,593

Selling, general and administrative	4,800 			3,946 			4,517

Restructuring and other	- 			176 			(27)

Total operating expenses	8,769 			7,197 			7,083

Income from operations	8,891 			13,656 			6,523

Interest income	1,066 			297 			56

Interest expense	(156)			(191)			(371)

Other income (expense), net	172 			(43)			135

Income before income taxes	9,973 			13,719 			6,343

(Benefit from) provision for income taxes	(5,001)			1,132 			699

Net income	14,974 			12,587 			5,644

Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(23)			31 			125

Net income attributable to common stockholders	$	14,997 			$	12,556 			$	5,519

Net income per share of common stock attributable to common stockholders

Basic	$	4.73 			$	4.02 			$	1.87

Diluted	$	4.30 			$	3.62 			$	1.63

Weighted average shares used in computing net income per share of common stock

Basic	3,174		3,130		2,959

Diluted	3,485		3,475		3,386

The accompanying notes are an integral part of these consolidated financial statements.
50


Question: What was Tesla's profit margin in 2023?

To calculate Tesla's profit margin for 2023, we use the formula: Profit Margin = Net Income / Total Revenues. For 2023, Profit Margin = $14,974 million / $96,773 million = 15.5%.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 50: Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

	Year Ended December 31,

	2023		2022		2021

Revenues

Automotive sales	$	78,509 			$	67,210 			$	44,125

Automotive regulatory credits	1,790 			1,776 			1,465

Automotive leasing	2,120 			2,476 			1,642

Total automotive revenues	82,419 			71,462 			47,232

Energy generation and storage	6,035 			3,909 			2,789

Services and other	8,319 			6,091 			3,802

Total revenues	96,773 			81,462 			53,823

Cost of revenues

Automotive sales	65,121 			49,599 			32,415

Automotive leasing	1,268 			1,509 			978

Total automotive cost of revenues	66,389 			51,108 			33,393

Energy generation and storage	4,894 			3,621 			2,918

Services and other	7,830 			5,880 			3,906

Total cost of revenues	79,113 			60,609 			40,217

Gross profit	17,660 			20,853 			13,606

Operating expenses

Research and development	3,969 			3,075 			2,593

Selling, general and administrative	4,800 			3,946 			4,517

Restructuring and other	- 			176 			(27)

Total operating expenses	8,769 			7,197 			7,083

Income from operations	8,891 			13,656 			6,523

Interest income	1,066 			297 			56

Interest expense	(156)			(191)			(371)

Other income (expense), net	172 			(43)			135

Income before income taxes	9,973 			13,719 			6,343

(Benefit from) provision for income taxes	(5,001)			1,132 			699

Net income	14,974 			12,587 			5,644

Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(23)			31 			125

Net income attributable to common stockholders	$	14,997 			$	12,556 			$	5,519

Net income per share of common stock attributable to common stockholders

Basic	$	4.73 			$	4.02 			$	1.87

Diluted	$	4.30 			$	3.62 			$	1.63

Weighted average shares used in computing net income per share of common stock

Basic	3,174		3,130		2,959

Diluted	3,485		3,475		3,386

The accompanying notes are an integral part of these consolidated financial statements.
50


Question: What was Tesla's interest coverage ratio in 2023?

To calculate Tesla's interest coverage ratio for 2023, we use the formula: Interest Coverage Ratio = Income from Operations / Interest Expense. For 2023, Interest Coverage Ratio = $8,891 million / $156 million = 57.0.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 50: Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

	Year Ended December 31,

	2023		2022		2021

Revenues

Automotive sales	$	78,509 			$	67,210 			$	44,125

Automotive regulatory credits	1,790 			1,776 			1,465

Automotive leasing	2,120 			2,476 			1,642

Total automotive revenues	82,419 			71,462 			47,232

Energy generation and storage	6,035 			3,909 			2,789

Services and other	8,319 			6,091 			3,802

Total revenues	96,773 			81,462 			53,823

Cost of revenues

Automotive sales	65,121 			49,599 			32,415

Automotive leasing	1,268 			1,509 			978

Total automotive cost of revenues	66,389 			51,108 			33,393

Energy generation and storage	4,894 			3,621 			2,918

Services and other	7,830 			5,880 			3,906

Total cost of revenues	79,113 			60,609 			40,217

Gross profit	17,660 			20,853 			13,606

Operating expenses

Research and development	3,969 			3,075 			2,593

Selling, general and administrative	4,800 			3,946 			4,517

Restructuring and other	- 			176 			(27)

Total operating expenses	8,769 			7,197 			7,083

Income from operations	8,891 			13,656 			6,523

Interest income	1,066 			297 			56

Interest expense	(156)			(191)			(371)

Other income (expense), net	172 			(43)			135

Income before income taxes	9,973 			13,719 			6,343

(Benefit from) provision for income taxes	(5,001)			1,132 			699

Net income	14,974 			12,587 			5,644

Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(23)			31 			125

Net income attributable to common stockholders	$	14,997 			$	12,556 			$	5,519

Net income per share of common stock attributable to common stockholders

Basic	$	4.73 			$	4.02 			$	1.87

Diluted	$	4.30 			$	3.62 			$	1.63

Weighted average shares used in computing net income per share of common stock

Basic	3,174		3,130		2,959

Diluted	3,485		3,475		3,386

The accompanying notes are an integral part of these consolidated financial statements.
50


Question: What was the net change in Tesla's total liabilities from 2022 to 2023?

The net change in Tesla's total liabilities from 2022 to 2023 was an increase of $6,569 million, which is approximately 18.0%.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 49: Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

	December 31,2023		December 31,2022

Assets

Current assets

Cash and cash equivalents	$	16,398 			$	16,253

Short-term investments	12,696 			5,932

Accounts receivable, net	3,508 			2,952

Inventory	13,626 			12,839

Prepaid expenses and other current assets	3,388 			2,941

Total current assets	49,616 			40,917

Operating lease vehicles, net	5,989 			5,035

Solar energy systems, net	5,229 			5,489

Property, plant and equipment, net	29,725 			23,548

Operating lease right-of-use assets	4,180 			2,563

Digital assets, net	184 			184

Intangible assets, net	178 			215

Goodwill	253 			194

Deferred tax assets	6,733 			328

Other non-current assets	4,531 			3,865

Total assets	$	106,618 			$	82,338

Liabilities

Current liabilities

Accounts payable	$	14,431 			$	15,255

Accrued liabilities and other	9,080 			8,205

Deferred revenue	2,864 			1,747

Current portion of debt and finance leases	2,373 			1,502

Total current liabilities	28,748 			26,709

Debt and finance leases, net of current portion	2,857 			1,597

Deferred revenue, net of current portion	3,251 			2,804

Other long-term liabilities	8,153 			5,330

Total liabilities	43,009 			36,440

Commitments and contingencies (Note 15)

Redeemable noncontrolling interests in subsidiaries	242 			409

Equity

Stockholders' equity

Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	- 			-

Common stock; $0.001 par value; 6,000 shares authorized; 3,185 and 3,164 shares issued and outstanding as of December 31, 2023 and 2022, respectively	3 			3

Additional paid-in capital	34,892 			32,177

Accumulated other comprehensive loss	(143)			(361)

Retained earnings	27,882 			12,885

Total stockholders' equity	62,634 			44,704

Noncontrolling interests in subsidiaries	733 			785

Total liabilities and equity	$	106,618 			$	82,338

The accompanying notes are an integral part of these consolidated financial statements.
49


Question: What was Tesla's current ratio in 2023?

To calculate Tesla's current ratio for 2023, we use the formula: Current Ratio = Total Current Assets / Total Current Liabilities. For 2023, Current Ratio = $49,616 million / $28,748 million = 1.73.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 49: Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

	December 31,2023		December 31,2022

Assets

Current assets

Cash and cash equivalents	$	16,398 			$	16,253

Short-term investments	12,696 			5,932

Accounts receivable, net	3,508 			2,952

Inventory	13,626 			12,839

Prepaid expenses and other current assets	3,388 			2,941

Total current assets	49,616 			40,917

Operating lease vehicles, net	5,989 			5,035

Solar energy systems, net	5,229 			5,489

Property, plant and equipment, net	29,725 			23,548

Operating lease right-of-use assets	4,180 			2,563

Digital assets, net	184 			184

Intangible assets, net	178 			215

Goodwill	253 			194

Deferred tax assets	6,733 			328

Other non-current assets	4,531 			3,865

Total assets	$	106,618 			$	82,338

Liabilities

Current liabilities

Accounts payable	$	14,431 			$	15,255

Accrued liabilities and other	9,080 			8,205

Deferred revenue	2,864 			1,747

Current portion of debt and finance leases	2,373 			1,502

Total current liabilities	28,748 			26,709

Debt and finance leases, net of current portion	2,857 			1,597

Deferred revenue, net of current portion	3,251 			2,804

Other long-term liabilities	8,153 			5,330

Total liabilities	43,009 			36,440

Commitments and contingencies (Note 15)

Redeemable noncontrolling interests in subsidiaries	242 			409

Equity

Stockholders' equity

Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	- 			-

Common stock; $0.001 par value; 6,000 shares authorized; 3,185 and 3,164 shares issued and outstanding as of December 31, 2023 and 2022, respectively	3 			3

Additional paid-in capital	34,892 			32,177

Accumulated other comprehensive loss	(143)			(361)

Retained earnings	27,882 			12,885

Total stockholders' equity	62,634 			44,704

Noncontrolling interests in subsidiaries	733 			785

Total liabilities and equity	$	106,618 			$	82,338

The accompanying notes are an integral part of these consolidated financial statements.
49


Question: What was Tesla's quick ratio in 2022?

To calculate Tesla's quick ratio for 2022, we use the formula: Quick Ratio = (Total Current Assets - Inventory) / Total Current Liabilities. For 2022, Quick Ratio = ($40,917 million - $12,839 million) / $26,709 million = 1.05.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 49: Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

	December 31,2023		December 31,2022

Assets

Current assets

Cash and cash equivalents	$	16,398 			$	16,253

Short-term investments	12,696 			5,932

Accounts receivable, net	3,508 			2,952

Inventory	13,626 			12,839

Prepaid expenses and other current assets	3,388 			2,941

Total current assets	49,616 			40,917

Operating lease vehicles, net	5,989 			5,035

Solar energy systems, net	5,229 			5,489

Property, plant and equipment, net	29,725 			23,548

Operating lease right-of-use assets	4,180 			2,563

Digital assets, net	184 			184

Intangible assets, net	178 			215

Goodwill	253 			194

Deferred tax assets	6,733 			328

Other non-current assets	4,531 			3,865

Total assets	$	106,618 			$	82,338

Liabilities

Current liabilities

Accounts payable	$	14,431 			$	15,255

Accrued liabilities and other	9,080 			8,205

Deferred revenue	2,864 			1,747

Current portion of debt and finance leases	2,373 			1,502

Total current liabilities	28,748 			26,709

Debt and finance leases, net of current portion	2,857 			1,597

Deferred revenue, net of current portion	3,251 			2,804

Other long-term liabilities	8,153 			5,330

Total liabilities	43,009 			36,440

Commitments and contingencies (Note 15)

Redeemable noncontrolling interests in subsidiaries	242 			409

Equity

Stockholders' equity

Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	- 			-

Common stock; $0.001 par value; 6,000 shares authorized; 3,185 and 3,164 shares issued and outstanding as of December 31, 2023 and 2022, respectively	3 			3

Additional paid-in capital	34,892 			32,177

Accumulated other comprehensive loss	(143)			(361)

Retained earnings	27,882 			12,885

Total stockholders' equity	62,634 			44,704

Noncontrolling interests in subsidiaries	733 			785

Total liabilities and equity	$	106,618 			$	82,338

The accompanying notes are an integral part of these consolidated financial statements.
49


Question: What was the net change in Tesla's cash and cash equivalents from 2022 to 2023?

The net change in Tesla's cash and cash equivalents from 2022 to 2023 was an increase of $145 million, which is approximately 0.89%.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 49: Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

	December 31,2023		December 31,2022

Assets

Current assets

Cash and cash equivalents	$	16,398 			$	16,253

Short-term investments	12,696 			5,932

Accounts receivable, net	3,508 			2,952

Inventory	13,626 			12,839

Prepaid expenses and other current assets	3,388 			2,941

Total current assets	49,616 			40,917

Operating lease vehicles, net	5,989 			5,035

Solar energy systems, net	5,229 			5,489

Property, plant and equipment, net	29,725 			23,548

Operating lease right-of-use assets	4,180 			2,563

Digital assets, net	184 			184

Intangible assets, net	178 			215

Goodwill	253 			194

Deferred tax assets	6,733 			328

Other non-current assets	4,531 			3,865

Total assets	$	106,618 			$	82,338

Liabilities

Current liabilities

Accounts payable	$	14,431 			$	15,255

Accrued liabilities and other	9,080 			8,205

Deferred revenue	2,864 			1,747

Current portion of debt and finance leases	2,373 			1,502

Total current liabilities	28,748 			26,709

Debt and finance leases, net of current portion	2,857 			1,597

Deferred revenue, net of current portion	3,251 			2,804

Other long-term liabilities	8,153 			5,330

Total liabilities	43,009 			36,440

Commitments and contingencies (Note 15)

Redeemable noncontrolling interests in subsidiaries	242 			409

Equity

Stockholders' equity

Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	- 			-

Common stock; $0.001 par value; 6,000 shares authorized; 3,185 and 3,164 shares issued and outstanding as of December 31, 2023 and 2022, respectively	3 			3

Additional paid-in capital	34,892 			32,177

Accumulated other comprehensive loss	(143)			(361)

Retained earnings	27,882 			12,885

Total stockholders' equity	62,634 			44,704

Noncontrolling interests in subsidiaries	733 			785

Total liabilities and equity	$	106,618 			$	82,338

The accompanying notes are an integral part of these consolidated financial statements.
49


Question: What was Tesla's inventory turnover ratio in 2023?

To calculate Tesla's inventory turnover ratio for 2023, we use the formula: Inventory Turnover Ratio = Cost of Revenues / Average Inventory. For 2023, Inventory Turnover Ratio = $79,113 million / (($13,626 million + $12,839 million) / 2) = 6.0.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 49: Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

	December 31,2023		December 31,2022

Assets

Current assets

Cash and cash equivalents	$	16,398 			$	16,253

Short-term investments	12,696 			5,932

Accounts receivable, net	3,508 			2,952

Inventory	13,626 			12,839

Prepaid expenses and other current assets	3,388 			2,941

Total current assets	49,616 			40,917

Operating lease vehicles, net	5,989 			5,035

Solar energy systems, net	5,229 			5,489

Property, plant and equipment, net	29,725 			23,548

Operating lease right-of-use assets	4,180 			2,563

Digital assets, net	184 			184

Intangible assets, net	178 			215

Goodwill	253 			194

Deferred tax assets	6,733 			328

Other non-current assets	4,531 			3,865

Total assets	$	106,618 			$	82,338

Liabilities

Current liabilities

Accounts payable	$	14,431 			$	15,255

Accrued liabilities and other	9,080 			8,205

Deferred revenue	2,864 			1,747

Current portion of debt and finance leases	2,373 			1,502

Total current liabilities	28,748 			26,709

Debt and finance leases, net of current portion	2,857 			1,597

Deferred revenue, net of current portion	3,251 			2,804

Other long-term liabilities	8,153 			5,330

Total liabilities	43,009 			36,440

Commitments and contingencies (Note 15)

Redeemable noncontrolling interests in subsidiaries	242 			409

Equity

Stockholders' equity

Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	- 			-

Common stock; $0.001 par value; 6,000 shares authorized; 3,185 and 3,164 shares issued and outstanding as of December 31, 2023 and 2022, respectively	3 			3

Additional paid-in capital	34,892 			32,177

Accumulated other comprehensive loss	(143)			(361)

Retained earnings	27,882 			12,885

Total stockholders' equity	62,634 			44,704

Noncontrolling interests in subsidiaries	733 			785

Total liabilities and equity	$	106,618 			$	82,338

The accompanying notes are an integral part of these consolidated financial statements.
49

, Tesla, Inc. 10-K form for the fiscal year ended 2023-12-31, page 50: Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

	Year Ended December 31,

	2023		2022		2021

Revenues

Automotive sales	$	78,509 			$	67,210 			$	44,125

Automotive regulatory credits	1,790 			1,776 			1,465

Automotive leasing	2,120 			2,476 			1,642

Total automotive revenues	82,419 			71,462 			47,232

Energy generation and storage	6,035 			3,909 			2,789

Services and other	8,319 			6,091 			3,802

Total revenues	96,773 			81,462 			53,823

Cost of revenues

Automotive sales	65,121 			49,599 			32,415

Automotive leasing	1,268 			1,509 			978

Total automotive cost of revenues	66,389 			51,108 			33,393

Energy generation and storage	4,894 			3,621 			2,918

Services and other	7,830 			5,880 			3,906

Total cost of revenues	79,113 			60,609 			40,217

Gross profit	17,660 			20,853 			13,606

Operating expenses

Research and development	3,969 			3,075 			2,593

Selling, general and administrative	4,800 			3,946 			4,517

Restructuring and other	- 			176 			(27)

Total operating expenses	8,769 			7,197 			7,083

Income from operations	8,891 			13,656 			6,523

Interest income	1,066 			297 			56

Interest expense	(156)			(191)			(371)

Other income (expense), net	172 			(43)			135

Income before income taxes	9,973 			13,719 			6,343

(Benefit from) provision for income taxes	(5,001)			1,132 			699

Net income	14,974 			12,587 			5,644

Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(23)			31 			125

Net income attributable to common stockholders	$	14,997 			$	12,556 			$	5,519

Net income per share of common stock attributable to common stockholders

Basic	$	4.73 			$	4.02 			$	1.87

Diluted	$	4.30 			$	3.62 			$	1.63

Weighted average shares used in computing net income per share of common stock

Basic	3,174		3,130		2,959

Diluted	3,485		3,475		3,386

The accompanying notes are an integral part of these consolidated financial statements.
50

Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

	December 31,2023		December 31,2022

Assets

Current assets

Cash and cash equivalents	$	16,398 			$	16,253

Short-term investments	12,696 			5,932

Accounts receivable, net	3,508 			2,952

Inventory	13,626 			12,839

Prepaid expenses and other current assets	3,388 			2,941

Total current assets	49,616 			40,917

Operating lease vehicles, net	5,989 			5,035

Solar energy systems, net	5,229 			5,489

Property, plant and equipment, net	29,725 			23,548

Operating lease right-of-use assets	4,180 			2,563

Digital assets, net	184 			184

Intangible assets, net	178 			215

Goodwill	253 			194

Deferred tax assets	6,733 			328

Other non-current assets	4,531 			3,865

Total assets	$	106,618 			$	82,338

Liabilities

Current liabilities

Accounts payable	$	14,431 			$	15,255

Accrued liabilities and other	9,080 			8,205

Deferred revenue	2,864 			1,747

Current portion of debt and finance leases	2,373 			1,502

Total current liabilities	28,748 			26,709

Debt and finance leases, net of current portion	2,857 			1,597

Deferred revenue, net of current portion	3,251 			2,804

Other long-term liabilities	8,153 			5,330

Total liabilities	43,009 			36,440

Commitments and contingencies (Note 15)

Redeemable noncontrolling interests in subsidiaries	242 			409

Equity

Stockholders' equity

Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	- 			-

Common stock; $0.001 par value; 6,000 shares authorized; 3,185 and 3,164 shares issued and outstanding as of December 31, 2023 and 2022, respectively	3 			3

Additional paid-in capital	34,892 			32,177

Accumulated other comprehensive loss	(143)			(361)

Retained earnings	27,882 			12,885

Total stockholders' equity	62,634 			44,704

Noncontrolling interests in subsidiaries	733 			785

Total liabilities and equity	$	106,618 			$	82,338

The accompanying notes are an integral part of these consolidated financial statements.
49

, Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

	Year Ended December 31,

	2023		2022		2021

Revenues

Automotive sales	$	78,509 			$	67,210 			$	44,125

Automotive regulatory credits	1,790 			1,776 			1,465

Automotive leasing	2,120 			2,476 			1,642

Total automotive revenues	82,419 			71,462 			47,232

Energy generation and storage	6,035 			3,909 			2,789

Services and other	8,319 			6,091 			3,802

Total revenues	96,773 			81,462 			53,823

Cost of revenues

Automotive sales	65,121 			49,599 			32,415

Automotive leasing	1,268 			1,509 			978

Total automotive cost of revenues	66,389 			51,108 			33,393

Energy generation and storage	4,894 			3,621 			2,918

Services and other	7,830 			5,880 			3,906

Total cost of revenues	79,113 			60,609 			40,217

Gross profit	17,660 			20,853 			13,606

Operating expenses

Research and development	3,969 			3,075 			2,593

Selling, general and administrative	4,800 			3,946 			4,517

Restructuring and other	- 			176 			(27)

Total operating expenses	8,769 			7,197 			7,083

Income from operations	8,891 			13,656 			6,523

Interest income	1,066 			297 			56

Interest expense	(156)			(191)			(371)

Other income (expense), net	172 			(43)			135

Income before income taxes	9,973 			13,719 			6,343

(Benefit from) provision for income taxes	(5,001)			1,132 			699

Net income	14,974 			12,587 			5,644

Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(23)			31 			125

Net income attributable to common stockholders	$	14,997 			$	12,556 			$	5,519

Net income per share of common stock attributable to common stockholders

Basic	$	4.73 			$	4.02 			$	1.87

Diluted	$	4.30 			$	3.62 			$	1.63

Weighted average shares used in computing net income per share of common stock

Basic	3,174		3,130		2,959

Diluted	3,485		3,475		3,386

The accompanying notes are an integral part of these consolidated financial statements.
50


Question: What is the Return on Assets (ROA) for Nike in fiscal year 2018?

Net Income (Fiscal Year 2018): $1,933 million
Total Assets at the end of Fiscal Year 2018: $22,536 million
Total Assets at the end of Fiscal Year 2017: $23,259 million

To calculate Average Total Assets:
Average Total Assets = (Total Assets at 2018 + Total Assets at 2017) / 2
Average Total Assets = (22,536 + 23,259) / 2 = 22,897.5 million

To calculate ROA (Return on Assets):
ROA = (Net Income / Average Total Assets) × 100
ROA = (1,933 / 22,897.5) × 100 ≈ 8.44%

ITEM 8. Financial Statements and Supplementary Data

NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 44:

NIKE, Inc. Consolidated Statements of Income

 	 	Year Ended May 31,

(In millions, except per share data)	 	2018	 	2017	 	2016

Revenues	 	$	36,397		 	$	34,350		 	$	32,376

Cost of sales	 	20,441		 	19,038		 	17,405

Gross profit	 	15,956		 	15,312		 	14,971

Demand creation expense	 	3,577		 	3,341		 	3,278

Operating overhead expense	 	7,934		 	7,222		 	7,191

Total selling and administrative expense	 	11,511		 	10,563		 	10,469

Interest expense (income), net	 	54		 	59		 	19

Other expense (income), net	 	66		 	(196	)	 	(140	)

Income before income taxes	 	4,325		 	4,886		 	4,623

Income tax expense	 	2,392		 	646		 	863

NET INCOME	 	$	1,933		 	$	4,240		 	$	3,760

Earnings per common share:

Basic	 	$	1.19		 	$	2.56		 	$	2.21

Diluted	 	$	1.17		 	$	2.51		 	$	2.16

Dividends declared per common share	 	$	0.78		 	$	0.70		 	$	0.62

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

44

, NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 46:

NIKE, Inc. Consolidated Balance Sheets

 	 	May 31,

(In millions)	 	2018	 	2017

ASSETS

Current assets:

Cash and equivalents	 	$	4,249		 	$	3,808

Short-term investments	 	996		 	2,371

Accounts receivable, net	 	3,498		 	3,677

Inventories	 	5,261		 	5,055

Prepaid expenses and other current assets	 	1,130		 	1,150

Total current assets	 	15,134		 	16,061

Property, plant and equipment, net	 	4,454		 	3,989

Identifiable intangible assets, net	 	285		 	283

Goodwill	 	154		 	139

Deferred income taxes and other assets	 	2,509		 	2,787

TOTAL ASSETS	 	$	22,536		 	$	23,259

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt	 	$	6		 	$	6

Notes payable	 	336		 	325

Accounts payable	 	2,279		 	2,048

Accrued liabilities	 	3,269		 	3,011

Income taxes payable	 	150		 	84

Total current liabilities	 	6,040		 	5,474

Long-term debt	 	3,468		 	3,471

Deferred income taxes and other liabilities	 	3,216		 	1,907

Commitments and contingencies (Note 15)

Redeemable preferred stock	 	-		 	-

Shareholders' equity:

Common stock at stated value:

Class A convertible - 329 and 329 shares outstanding	 	-		 	-

Class B - 1,272 and 1,314 shares outstanding	 	3		 	3

Capital in excess of stated value	 	6,384		 	5,710

Accumulated other comprehensive loss	 	(92	)	 	(213	)

Retained earnings	 	3,517		 	6,907

Total shareholders' equity	 	9,812		 	12,407

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	22,536		 	$	23,259

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

46

NIKE, Inc. Consolidated Statements of Income

 	 	Year Ended May 31,

(In millions, except per share data)	 	2018	 	2017	 	2016

Revenues	 	$	36,397		 	$	34,350		 	$	32,376

Cost of sales	 	20,441		 	19,038		 	17,405

Gross profit	 	15,956		 	15,312		 	14,971

Demand creation expense	 	3,577		 	3,341		 	3,278

Operating overhead expense	 	7,934		 	7,222		 	7,191

Total selling and administrative expense	 	11,511		 	10,563		 	10,469

Interest expense (income), net	 	54		 	59		 	19

Other expense (income), net	 	66		 	(196	)	 	(140	)

Income before income taxes	 	4,325		 	4,886		 	4,623

Income tax expense	 	2,392		 	646		 	863

NET INCOME	 	$	1,933		 	$	4,240		 	$	3,760

Earnings per common share:

Basic	 	$	1.19		 	$	2.56		 	$	2.21

Diluted	 	$	1.17		 	$	2.51		 	$	2.16

Dividends declared per common share	 	$	0.78		 	$	0.70		 	$	0.62

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

44

,

NIKE, Inc. Consolidated Balance Sheets

 	 	May 31,

(In millions)	 	2018	 	2017

ASSETS

Current assets:

Cash and equivalents	 	$	4,249		 	$	3,808

Short-term investments	 	996		 	2,371

Accounts receivable, net	 	3,498		 	3,677

Inventories	 	5,261		 	5,055

Prepaid expenses and other current assets	 	1,130		 	1,150

Total current assets	 	15,134		 	16,061

Property, plant and equipment, net	 	4,454		 	3,989

Identifiable intangible assets, net	 	285		 	283

Goodwill	 	154		 	139

Deferred income taxes and other assets	 	2,509		 	2,787

TOTAL ASSETS	 	$	22,536		 	$	23,259

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt	 	$	6		 	$	6

Notes payable	 	336		 	325

Accounts payable	 	2,279		 	2,048

Accrued liabilities	 	3,269		 	3,011

Income taxes payable	 	150		 	84

Total current liabilities	 	6,040		 	5,474

Long-term debt	 	3,468		 	3,471

Deferred income taxes and other liabilities	 	3,216		 	1,907

Commitments and contingencies (Note 15)

Redeemable preferred stock	 	-		 	-

Shareholders' equity:

Common stock at stated value:

Class A convertible - 329 and 329 shares outstanding	 	-		 	-

Class B - 1,272 and 1,314 shares outstanding	 	3		 	3

Capital in excess of stated value	 	6,384		 	5,710

Accumulated other comprehensive loss	 	(92	)	 	(213	)

Retained earnings	 	3,517		 	6,907

Total shareholders' equity	 	9,812		 	12,407

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	22,536		 	$	23,259

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

46


Question: What is Nike's Current Ratio for fiscal year 2018, and how is it calculated?

To calculate Nike's current ratio for 2018, we use the formula:
Current Ratio = Total Current Assets / Total Current Liabilities

From the document:
Total Current Assets for 2018 = $15,134 million
Total Current Liabilities for 2018 = $6,040 million

Substituting the values:
Current Ratio = 15,134 / 6,040 ≈ 2.51
Thus, Nike's current ratio for 2018 is approximately 2.51.

ITEM 8. Financial Statements and Supplementary Data

NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 46:

NIKE, Inc. Consolidated Balance Sheets

 	 	May 31,

(In millions)	 	2018	 	2017

ASSETS

Current assets:

Cash and equivalents	 	$	4,249		 	$	3,808

Short-term investments	 	996		 	2,371

Accounts receivable, net	 	3,498		 	3,677

Inventories	 	5,261		 	5,055

Prepaid expenses and other current assets	 	1,130		 	1,150

Total current assets	 	15,134		 	16,061

Property, plant and equipment, net	 	4,454		 	3,989

Identifiable intangible assets, net	 	285		 	283

Goodwill	 	154		 	139

Deferred income taxes and other assets	 	2,509		 	2,787

TOTAL ASSETS	 	$	22,536		 	$	23,259

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt	 	$	6		 	$	6

Notes payable	 	336		 	325

Accounts payable	 	2,279		 	2,048

Accrued liabilities	 	3,269		 	3,011

Income taxes payable	 	150		 	84

Total current liabilities	 	6,040		 	5,474

Long-term debt	 	3,468		 	3,471

Deferred income taxes and other liabilities	 	3,216		 	1,907

Commitments and contingencies (Note 15)

Redeemable preferred stock	 	-		 	-

Shareholders' equity:

Common stock at stated value:

Class A convertible - 329 and 329 shares outstanding	 	-		 	-

Class B - 1,272 and 1,314 shares outstanding	 	3		 	3

Capital in excess of stated value	 	6,384		 	5,710

Accumulated other comprehensive loss	 	(92	)	 	(213	)

Retained earnings	 	3,517		 	6,907

Total shareholders' equity	 	9,812		 	12,407

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	22,536		 	$	23,259

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

46


Question: What is Nike's Quick Ratio for fiscal year 2018?

Method 1: To calculate Nike's Quick Ratio for 2018, we use the formula:
Quick Ratio = (Current Assets - Inventory) / Current Liabilities

Data from the document:
Total Current Assets (2018) = $15,134 million
Inventory (2018) = $5,261 million
Total Current Liabilities (2018) = $6,040 million

Substituting the values:
Quick Ratio = (15,134 - 5,261) / 6,040
Quick Ratio = 9,873 / 6,040 ≈ 1.63

Thus, Nike's Quick Ratio for 2018 is approximately 1.63
Method 2: To calculate Nike's Quick Ratio for fiscal year 2018, we use the formula:
Quick Ratio = (Cash and Equivalents + Short-term Investments + Accounts Receivable) / Total Current Liabilities

Data from the document:

Cash and Equivalents = $4,249 million
Short-term Investments = $996 million
Accounts Receivable, net = $3,498 million
Total Current Liabilities = $6,040 million
Substituting the values:
Quick Ratio = (4,249 + 996 + 3,498) / 6,040
Quick Ratio = 8,743 / 6,040 ≈ 1.45

Thus, Nike's Quick Ratio for fiscal year 2018 is approximately 1.45.

ITEM 8. Financial Statements and Supplementary Data

NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 46:

NIKE, Inc. Consolidated Balance Sheets

 	 	May 31,

(In millions)	 	2018	 	2017

ASSETS

Current assets:

Cash and equivalents	 	$	4,249		 	$	3,808

Short-term investments	 	996		 	2,371

Accounts receivable, net	 	3,498		 	3,677

Inventories	 	5,261		 	5,055

Prepaid expenses and other current assets	 	1,130		 	1,150

Total current assets	 	15,134		 	16,061

Property, plant and equipment, net	 	4,454		 	3,989

Identifiable intangible assets, net	 	285		 	283

Goodwill	 	154		 	139

Deferred income taxes and other assets	 	2,509		 	2,787

TOTAL ASSETS	 	$	22,536		 	$	23,259

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt	 	$	6		 	$	6

Notes payable	 	336		 	325

Accounts payable	 	2,279		 	2,048

Accrued liabilities	 	3,269		 	3,011

Income taxes payable	 	150		 	84

Total current liabilities	 	6,040		 	5,474

Long-term debt	 	3,468		 	3,471

Deferred income taxes and other liabilities	 	3,216		 	1,907

Commitments and contingencies (Note 15)

Redeemable preferred stock	 	-		 	-

Shareholders' equity:

Common stock at stated value:

Class A convertible - 329 and 329 shares outstanding	 	-		 	-

Class B - 1,272 and 1,314 shares outstanding	 	3		 	3

Capital in excess of stated value	 	6,384		 	5,710

Accumulated other comprehensive loss	 	(92	)	 	(213	)

Retained earnings	 	3,517		 	6,907

Total shareholders' equity	 	9,812		 	12,407

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	22,536		 	$	23,259

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

46


Question: What is Nike's Asset Turnover Ratio for fiscal year 2018?

To calculate Nike's Asset Turnover Ratio for 2018, we use the formula:
Asset Turnover Ratio = Total Revenue / Average Total Assets

Data from the document:
Total Revenue (2018) = $36,397 million
Total Assets (2018) = $22,536 million
Total Assets (2017) = $23,259 million

Step 1: Calculate Average Total Assets:
Average Total Assets = (Total Assets in 2018 + Total Assets in 2017) / 2
Average Total Assets = (22,536 + 23,259) / 2 = 22,897.5 million

Step 2: Calculate Asset Turnover Ratio:
Asset Turnover Ratio = 36,397 / 22,897.5 ≈ 1.59

Thus, Nike's Asset Turnover Ratio for 2018 is approximately 1.59.

ITEM 8. Financial Statements and Supplementary Data

NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 44:

NIKE, Inc. Consolidated Statements of Income

 	 	Year Ended May 31,

(In millions, except per share data)	 	2018	 	2017	 	2016

Revenues	 	$	36,397		 	$	34,350		 	$	32,376

Cost of sales	 	20,441		 	19,038		 	17,405

Gross profit	 	15,956		 	15,312		 	14,971

Demand creation expense	 	3,577		 	3,341		 	3,278

Operating overhead expense	 	7,934		 	7,222		 	7,191

Total selling and administrative expense	 	11,511		 	10,563		 	10,469

Interest expense (income), net	 	54		 	59		 	19

Other expense (income), net	 	66		 	(196	)	 	(140	)

Income before income taxes	 	4,325		 	4,886		 	4,623

Income tax expense	 	2,392		 	646		 	863

NET INCOME	 	$	1,933		 	$	4,240		 	$	3,760

Earnings per common share:

Basic	 	$	1.19		 	$	2.56		 	$	2.21

Diluted	 	$	1.17		 	$	2.51		 	$	2.16

Dividends declared per common share	 	$	0.78		 	$	0.70		 	$	0.62

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

44

, NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 46:

NIKE, Inc. Consolidated Balance Sheets

 	 	May 31,

(In millions)	 	2018	 	2017

ASSETS

Current assets:

Cash and equivalents	 	$	4,249		 	$	3,808

Short-term investments	 	996		 	2,371

Accounts receivable, net	 	3,498		 	3,677

Inventories	 	5,261		 	5,055

Prepaid expenses and other current assets	 	1,130		 	1,150

Total current assets	 	15,134		 	16,061

Property, plant and equipment, net	 	4,454		 	3,989

Identifiable intangible assets, net	 	285		 	283

Goodwill	 	154		 	139

Deferred income taxes and other assets	 	2,509		 	2,787

TOTAL ASSETS	 	$	22,536		 	$	23,259

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt	 	$	6		 	$	6

Notes payable	 	336		 	325

Accounts payable	 	2,279		 	2,048

Accrued liabilities	 	3,269		 	3,011

Income taxes payable	 	150		 	84

Total current liabilities	 	6,040		 	5,474

Long-term debt	 	3,468		 	3,471

Deferred income taxes and other liabilities	 	3,216		 	1,907

Commitments and contingencies (Note 15)

Redeemable preferred stock	 	-		 	-

Shareholders' equity:

Common stock at stated value:

Class A convertible - 329 and 329 shares outstanding	 	-		 	-

Class B - 1,272 and 1,314 shares outstanding	 	3		 	3

Capital in excess of stated value	 	6,384		 	5,710

Accumulated other comprehensive loss	 	(92	)	 	(213	)

Retained earnings	 	3,517		 	6,907

Total shareholders' equity	 	9,812		 	12,407

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	22,536		 	$	23,259

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

46

NIKE, Inc. Consolidated Statements of Income

 	 	Year Ended May 31,

(In millions, except per share data)	 	2018	 	2017	 	2016

Revenues	 	$	36,397		 	$	34,350		 	$	32,376

Cost of sales	 	20,441		 	19,038		 	17,405

Gross profit	 	15,956		 	15,312		 	14,971

Demand creation expense	 	3,577		 	3,341		 	3,278

Operating overhead expense	 	7,934		 	7,222		 	7,191

Total selling and administrative expense	 	11,511		 	10,563		 	10,469

Interest expense (income), net	 	54		 	59		 	19

Other expense (income), net	 	66		 	(196	)	 	(140	)

Income before income taxes	 	4,325		 	4,886		 	4,623

Income tax expense	 	2,392		 	646		 	863

NET INCOME	 	$	1,933		 	$	4,240		 	$	3,760

Earnings per common share:

Basic	 	$	1.19		 	$	2.56		 	$	2.21

Diluted	 	$	1.17		 	$	2.51		 	$	2.16

Dividends declared per common share	 	$	0.78		 	$	0.70		 	$	0.62

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

44

,

NIKE, Inc. Consolidated Balance Sheets

 	 	May 31,

(In millions)	 	2018	 	2017

ASSETS

Current assets:

Cash and equivalents	 	$	4,249		 	$	3,808

Short-term investments	 	996		 	2,371

Accounts receivable, net	 	3,498		 	3,677

Inventories	 	5,261		 	5,055

Prepaid expenses and other current assets	 	1,130		 	1,150

Total current assets	 	15,134		 	16,061

Property, plant and equipment, net	 	4,454		 	3,989

Identifiable intangible assets, net	 	285		 	283

Goodwill	 	154		 	139

Deferred income taxes and other assets	 	2,509		 	2,787

TOTAL ASSETS	 	$	22,536		 	$	23,259

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt	 	$	6		 	$	6

Notes payable	 	336		 	325

Accounts payable	 	2,279		 	2,048

Accrued liabilities	 	3,269		 	3,011

Income taxes payable	 	150		 	84

Total current liabilities	 	6,040		 	5,474

Long-term debt	 	3,468		 	3,471

Deferred income taxes and other liabilities	 	3,216		 	1,907

Commitments and contingencies (Note 15)

Redeemable preferred stock	 	-		 	-

Shareholders' equity:

Common stock at stated value:

Class A convertible - 329 and 329 shares outstanding	 	-		 	-

Class B - 1,272 and 1,314 shares outstanding	 	3		 	3

Capital in excess of stated value	 	6,384		 	5,710

Accumulated other comprehensive loss	 	(92	)	 	(213	)

Retained earnings	 	3,517		 	6,907

Total shareholders' equity	 	9,812		 	12,407

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	22,536		 	$	23,259

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

46


Question: What is Nike's Inventory Turnover Ratio for fiscal year 2018

To calculate Nike's Inventory Turnover Ratio for 2018, we use the formula:
Inventory Turnover Ratio = Cost of Goods Sold (COGS) / Average Inventory

Data from the document:
Cost of Goods Sold (COGS) = $20,441 million
Inventory at the end of 2018 = $5,261 million
Inventory at the end of 2017 = $5,055 million

Step 1: Calculate Average Inventory:
Average Inventory = (Inventory at the end of 2018 + Inventory at the end of 2017) / 2
Average Inventory = (5,261 + 5,055) / 2 = 5,158 million

Step 2: Calculate Inventory Turnover Ratio:
Inventory Turnover Ratio = 20,441 / 5,158 ≈ 3.96

Thus, Nike's Inventory Turnover Ratio for 2018 is approximately 3.96

ITEM 8. Financial Statements and Supplementary Data

NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 44:

NIKE, Inc. Consolidated Statements of Income

 	 	Year Ended May 31,

(In millions, except per share data)	 	2018	 	2017	 	2016

Revenues	 	$	36,397		 	$	34,350		 	$	32,376

Cost of sales	 	20,441		 	19,038		 	17,405

Gross profit	 	15,956		 	15,312		 	14,971

Demand creation expense	 	3,577		 	3,341		 	3,278

Operating overhead expense	 	7,934		 	7,222		 	7,191

Total selling and administrative expense	 	11,511		 	10,563		 	10,469

Interest expense (income), net	 	54		 	59		 	19

Other expense (income), net	 	66		 	(196	)	 	(140	)

Income before income taxes	 	4,325		 	4,886		 	4,623

Income tax expense	 	2,392		 	646		 	863

NET INCOME	 	$	1,933		 	$	4,240		 	$	3,760

Earnings per common share:

Basic	 	$	1.19		 	$	2.56		 	$	2.21

Diluted	 	$	1.17		 	$	2.51		 	$	2.16

Dividends declared per common share	 	$	0.78		 	$	0.70		 	$	0.62

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

44

, NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 46:

NIKE, Inc. Consolidated Balance Sheets

 	 	May 31,

(In millions)	 	2018	 	2017

ASSETS

Current assets:

Cash and equivalents	 	$	4,249		 	$	3,808

Short-term investments	 	996		 	2,371

Accounts receivable, net	 	3,498		 	3,677

Inventories	 	5,261		 	5,055

Prepaid expenses and other current assets	 	1,130		 	1,150

Total current assets	 	15,134		 	16,061

Property, plant and equipment, net	 	4,454		 	3,989

Identifiable intangible assets, net	 	285		 	283

Goodwill	 	154		 	139

Deferred income taxes and other assets	 	2,509		 	2,787

TOTAL ASSETS	 	$	22,536		 	$	23,259

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt	 	$	6		 	$	6

Notes payable	 	336		 	325

Accounts payable	 	2,279		 	2,048

Accrued liabilities	 	3,269		 	3,011

Income taxes payable	 	150		 	84

Total current liabilities	 	6,040		 	5,474

Long-term debt	 	3,468		 	3,471

Deferred income taxes and other liabilities	 	3,216		 	1,907

Commitments and contingencies (Note 15)

Redeemable preferred stock	 	-		 	-

Shareholders' equity:

Common stock at stated value:

Class A convertible - 329 and 329 shares outstanding	 	-		 	-

Class B - 1,272 and 1,314 shares outstanding	 	3		 	3

Capital in excess of stated value	 	6,384		 	5,710

Accumulated other comprehensive loss	 	(92	)	 	(213	)

Retained earnings	 	3,517		 	6,907

Total shareholders' equity	 	9,812		 	12,407

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	22,536		 	$	23,259

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

46

NIKE, Inc. Consolidated Statements of Income

 	 	Year Ended May 31,

(In millions, except per share data)	 	2018	 	2017	 	2016

Revenues	 	$	36,397		 	$	34,350		 	$	32,376

Cost of sales	 	20,441		 	19,038		 	17,405

Gross profit	 	15,956		 	15,312		 	14,971

Demand creation expense	 	3,577		 	3,341		 	3,278

Operating overhead expense	 	7,934		 	7,222		 	7,191

Total selling and administrative expense	 	11,511		 	10,563		 	10,469

Interest expense (income), net	 	54		 	59		 	19

Other expense (income), net	 	66		 	(196	)	 	(140	)

Income before income taxes	 	4,325		 	4,886		 	4,623

Income tax expense	 	2,392		 	646		 	863

NET INCOME	 	$	1,933		 	$	4,240		 	$	3,760

Earnings per common share:

Basic	 	$	1.19		 	$	2.56		 	$	2.21

Diluted	 	$	1.17		 	$	2.51		 	$	2.16

Dividends declared per common share	 	$	0.78		 	$	0.70		 	$	0.62

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

44

,

NIKE, Inc. Consolidated Balance Sheets

 	 	May 31,

(In millions)	 	2018	 	2017

ASSETS

Current assets:

Cash and equivalents	 	$	4,249		 	$	3,808

Short-term investments	 	996		 	2,371

Accounts receivable, net	 	3,498		 	3,677

Inventories	 	5,261		 	5,055

Prepaid expenses and other current assets	 	1,130		 	1,150

Total current assets	 	15,134		 	16,061

Property, plant and equipment, net	 	4,454		 	3,989

Identifiable intangible assets, net	 	285		 	283

Goodwill	 	154		 	139

Deferred income taxes and other assets	 	2,509		 	2,787

TOTAL ASSETS	 	$	22,536		 	$	23,259

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt	 	$	6		 	$	6

Notes payable	 	336		 	325

Accounts payable	 	2,279		 	2,048

Accrued liabilities	 	3,269		 	3,011

Income taxes payable	 	150		 	84

Total current liabilities	 	6,040		 	5,474

Long-term debt	 	3,468		 	3,471

Deferred income taxes and other liabilities	 	3,216		 	1,907

Commitments and contingencies (Note 15)

Redeemable preferred stock	 	-		 	-

Shareholders' equity:

Common stock at stated value:

Class A convertible - 329 and 329 shares outstanding	 	-		 	-

Class B - 1,272 and 1,314 shares outstanding	 	3		 	3

Capital in excess of stated value	 	6,384		 	5,710

Accumulated other comprehensive loss	 	(92	)	 	(213	)

Retained earnings	 	3,517		 	6,907

Total shareholders' equity	 	9,812		 	12,407

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	 	$	22,536		 	$	23,259

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

46