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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 7, 2024
Monster Beverage Corporation
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of incorporation)
| 001-18761 |
|
47-1809393 |
| (Commission File Number) |
|
(IRS Employer Identification No.) |
1 Monster Way
Corona, California 92879
(Address of principal executive offices and zip code)
(951) 739 - 6200
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which
registered |
| Common Stock |
|
MNST |
|
Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or
Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On August 7, 2024, Monster
Beverage Corporation (the “Company”) issued a press release relating to its financial results for the second quarter ended
June 30, 2024, a copy of which is furnished as Exhibit 99.1 hereto. The press release did not include certain financial statements, related
footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of the Company’s
Quarterly Report on Form 10-Q.
On August 7, 2024, the Company
will conduct a conference call at 2:00 p.m. Pacific Time. The conference call will be open to all interested investors through a live
audio web broadcast via the internet at www.monsterbevcorp.com in the “Events & Presentations” section. For those
who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
Monster Beverage Corporation |
| |
|
| Date: August 7, 2024 |
/s/ Hilton H. Schlosberg |
| |
Hilton H. Schlosberg |
| |
Vice Chairman of the Board of Directors and Co-Chief Executive Officer |
Exhibit 99.1
 |
PondelWilkinson Inc. |
| |
2945 Townsgate Road, Suite 200 |
| |
Westlake Village, CA 91361 |
| Investor Relations |
T (310) 279 5980 |
| Strategic Public Relations |
W www.pondel.com |
NEWS
RELEASE
| CONTACTS: | Rodney
C. Sacks
Chairman and Co-Chief Executive Officer
(951) 739-6200
Hilton H. Schlosberg
Vice Chairman and Co-Chief Executive Officer
(951) 739-6200
Roger S. Pondel / Judy Lin
PondelWilkinson Inc.
(310) 279-5980
|
MONSTER BEVERAGE REPORTS 2024 SECOND QUARTER
FINANCIAL RESULTS
-- Record Second Quarter Net Sales Rise
2.5 Percent to $1.90 Billion --
-- Net Sales, Excluding
the Alcohol Brands Segment, Adjusted for Adverse Changes in Foreign Currency of $67.7 Million, Rise 7.4 Percent --
-- Second Quarter Diluted EPS Increases 5.0
Percent --
Corona, CA – August 7, 2024
– Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three- and six-months ended
June 30, 2024.
Second Quarter Results
Net sales for the 2024 second quarter increased
2.5 percent to $1.90 billion, from $1.85 billion in the same period last year. Net changes in foreign currency exchange rates had an unfavorable
impact on net sales for the 2024 second quarter of $67.7 million ($34.0 million related to Argentina). Net sales on a foreign currency
adjusted basis increased 6.1 percent (7.4 percent excluding the Alcohol Brands segment) in the 2024 second quarter.
Net sales for the Company’s Monster Energy®
Drinks segment, which primarily includes the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy
drinks, Reign Storm® total wellness energy drinks, Bang Energy® drinks and Monster Tour Water®, increased 3.3 percent to $1.74
billion for the 2024 second quarter, from $1.69 billion for the 2023 second quarter. Net changes in foreign currency exchange rates had
an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $53.6 million for the 2024 second quarter
($34.0 million related to Argentina). Net sales on a foreign currency adjusted basis for the Monster Energy® Drinks segment increased
6.5 percent in the 2024 second quarter (4.5 percent exclusive of Argentina’s impact).
Monster Beverage Corporation
2-2-2
Net sales for the Company’s Strategic Brands
segment, which primarily includes the various energy drink brands acquired from The Coca-Cola Company, as well as the Company’s
affordable energy brands Predator® and Fury®, increased 9.6 percent to $109.2 million for the 2024 second quarter, from $99.7
million in the 2023 second quarter. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Strategic
Brands segment of approximately $14.0 million for the 2024 second quarter. Net sales on a foreign currency adjusted basis for the Strategic
Brands segment increased 23.6 percent in the 2024 second quarter.
Net sales for the Alcohol Brands segment, which
is comprised of The Beast Unleashed®, Nasty Beast™ Hard Tea, as well as various craft beers and hard seltzers, decreased 31.9
percent to $41.6 million for the 2024 second quarter, from $61.1 million in the 2023 second quarter. The decrease in net sales was primarily
due to decreased sales by volume of flavored malt beverages.
Net sales for the Company’s Other segment,
which primarily includes certain products of American Fruits and Flavors, LLC, a wholly owned subsidiary of the Company, sold to independent
third-party customers (the “AFF Third-Party Products”), decreased 4.2 percent to $7.0 million for the 2024 second quarter,
from $7.3 million in the 2023 second quarter.
Net sales to customers outside the United States
increased 4.3 percent to $746.0 million in the 2024 second quarter, from $715.4 million in the 2023 second quarter. Such sales were approximately
39 percent of total net sales in both the 2024 and 2023 second quarters. Net sales to customers outside the United States, on a foreign
currency adjusted basis, increased 13.7 percent in the 2024 second quarter (9.0 percent exclusive of Argentina’s impact).
Gross profit as a percentage of net sales for the
2024 second quarter was 53.6 percent, compared with 52.5 percent in the 2023 second quarter. The increase in gross profit as a percentage
of net sales was primarily the result of decreased freight-in costs, pricing actions in certain markets and lower aluminum can costs,
partially offset by production inefficiencies.
Operating expenses for the 2024 second quarter
were $492.3 million, compared with $450.4 million in the 2023 second quarter. Operating expenses as a percentage of net sales for the
2024 second quarter were 25.9 percent, compared with 24.3 percent in the 2023 second quarter.
Distribution expenses for the 2024 second quarter
were $87.4 million, or 4.6 percent of net sales, compared with $82.0 million, or 4.4 percent of net sales, in the 2023 second quarter.
Selling expenses for the 2024 second quarter were
$192.1 million, or 10.1 percent of net sales, compared with $172.6 million, or 9.3 percent of net sales, in the 2023 second quarter.
General and administrative expenses for the 2024
second quarter were $212.8 million, or 11.2 percent of net sales, compared with $195.8 million, or 10.6 percent of net sales, for the
2023 second quarter. Stock-based compensation was $18.8 million for the 2024 second quarter, compared with $18.6 million in the 2023 second
quarter.
Operating income for the 2024 second quarter was
$527.2 million, compared with $523.8 million in the 2023 second quarter.
The effective tax rate for the 2024 second quarter
was 22.9 percent, compared with 23.2 percent in the 2023 second quarter.
Net income for the 2024 second quarter increased
2.8 percent to $425.4 million, from $413.9 million in the 2023 second quarter. Net income per diluted share for the 2024 second quarter
increased 5.0 percent to $0.41, from $0.39 in the second quarter of 2023.
Monster Beverage Corporation
3-3-3
Hilton H. Schlosberg, Vice Chairman and Co-Chief
Executive Officer, said, “The energy drink category in the United States and in certain other countries experienced lower growth
rates in the second quarter. Retailers have reported a reduction in convenience store foot traffic and we have seen a shift at retail
towards more mass and dollar channels. Other beverage and consumer packaged product companies have also seen a tighter consumer
spending environment and weaker demand in the quarter.
“The energy category globally continues to
grow and has demonstrated resilience, as we believe that consumers view energy drinks as an ‘affordable luxury.’
“Growth opportunities in penetration, per
capita consumption, along with consumers’ growing need for energy are positive trends for the category. We continue to expand our
sales in non-Nielsen measured channels.
“We achieved another quarter of solid revenue
growth, with record second quarter sales. The quarter was again impacted by unfavorable foreign currency exchange rates in certain markets.
“Gross profit margins improved in the
second quarter, compared with the 2023 second quarter. This improvement was primarily the result of decreased freight-in
costs, pricing actions in certain markets and lower aluminum can costs, partially offset by production
inefficiencies. On a sequential quarterly basis, gross margins were 0.5 percent below first quarter margins primarily as a result of
higher allowances, certain of which we believe are non-recurring as well as production
inefficiencies.
“As previously reported, we will be taking
an approximately 5 percent price increase on our core brands and packages in the United States, effective November 1, 2024,”
Schlosberg added.
Rodney C. Sacks, Chairman and Co-Chief Executive
Officer, said, “Innovation continues to play a key role in our strategy and globally, our innovation has been well received by our
bottlers/distributors, wholesalers, retailers and consumers. We are planning to launch Monster Energy® Ultra Vice Guava™ in
the United States in October.
“Response to Predator Energy® Gold Strike,
launched in April 2024 in selected provinces in China, has been positive and plans are underway to continue its rollout into more
markets in China later this year and in 2025.
“The Beast Unleashed® is now available
in all 50 states. Nasty Beast™, our new hard tea line is now available in 49 states. We are currently launching a second variety
pack of the Beast Unleashed® in a 12-pack of slim 12-oz cans, comprising of Mean Green, Pink Poison, Gnarly Grape and Killer Sunrise.
“Our innovation pipeline for both our non-alcoholic
and alcoholic beverages remains robust,” Sacks said.
2024 Six-Months Results
Net sales for the six-months ended June 30,
2024 increased 6.9 percent to $3.80 billion, from $3.55 billion in the comparable period last year. Net changes in foreign currency exchange
rates had an unfavorable impact of $132.0 million on net sales for the six-months ended June 30, 2024. Net sales on a foreign currency
adjusted basis increased 10.6 percent in the six-months ended June 30, 2024.
Gross profit as a percentage of net sales for the
six-months ended June 30, 2024 was 53.9 percent, compared with 52.7 percent in the comparable period last year.
Operating expenses for the six-months ended June 30,
2024 were $977.5 million, compared with $863.2 million in the comparable period last year.
Operating income for the six-months ended June 30,
2024 increased to $1.07 billion, from $1.01 billion in the comparable period last year.
The effective tax rate for the six-months ended
June 30, 2024 was 23.2 percent, compared with 21.7 percent in the comparable period last year.
Monster Beverage Corporation
4-4-4
Net income for the six-months ended June 30,
2024 increased 6.9 percent to $867.4 million, from $811.3 million in the comparable period last year. Net income per diluted share
for the six-months ended June 30, 2024 was $0.83, compared with $0.77 in the comparable period last year.
Tender Offer and Share Repurchases
On June 10, 2024, the Company announced the
final results of its $3.0 billion modified “Dutch auction” tender offer. The Company accepted for purchase approximately 56.6
million shares of common stock at a purchase price of $53.00 per share for an aggregate purchase price of approximately $3.0 billion,
excluding fees and expenses relating to the tender offer. In addition, during the three-months ended June 30, 2024, the Company repurchased
approximately 2.2 million shares of its common stock at an average purchase price of $49.55 per share for total consideration of approximately
$107.7 million, excluding broker commissions. Subsequent to June 30, 2024, the Company repurchased approximately 3.9 million shares
of its common stock at an average purchase price of $49.59 per share for total consideration of approximately $192.2 million, excluding
broker commissions. As of August 6, 2024, approximately $342.4 million remained available for repurchase under the previously authorized
repurchase program.
Investor Conference Call
The Company will host an investor conference call
today, August 7, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The conference call will be open to all interested
investors through a live audio web broadcast via the internet at www.monsterbevcorp.com in the “Events & Presentations”
section. For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website.
Monster Beverage Corporation
Based in Corona, California, Monster Beverage
Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company’s
subsidiaries develop and market energy drinks, including Monster Energy® drinks, Monster Energy Ultra® energy drinks, Juice Monster®
Energy + Juice energy drinks, Java Monster® non-carbonated coffee + energy drinks, Rehab® Monster® non-carbonated energy
drinks, Monster Energy® Nitro energy drinks, Reign® Total Body Fuel high performance energy drinks, Reign Storm® total wellness
energy drinks, NOS® energy drinks, Full Throttle® energy drinks, Bang Energy® drinks, BPM® energy drinks, BU® energy
drinks, Burn® energy drinks, Gladiator® energy drinks, Live+® energy drinks, Mother® energy drinks, Nalu® energy
drinks, Play® and Power Play® (stylized) energy drinks, Relentless® energy drinks, Samurai® energy drinks, Ultra Energy®
drinks, Predator® energy drinks and Fury® energy drinks. The Company’s subsidiaries also develop and market still and sparkling
waters under the Monster Tour Water® brand name. The Company’s subsidiaries also develop and market craft beers, hard seltzers
and flavored malt beverages under a number of brands, including Jai Alai® IPA, Dale’s Pale Ale®, Dallas Blonde®, Wild
Basin® hard seltzers, The Beast Unleashed® and Nasty Beast™ Hard Tea. For more information visit
www.monsterbevcorp.com.
Monster Beverage Corporation
5-5-5
Caution Concerning Forward-Looking Statements
Certain statements made in this announcement
may constitute “forward-looking statements” within the meaning of the U.S. federal securities laws, as amended, regarding
the expectations of management with respect to our future operating results and other future events including revenues and profitability.
The Company cautions that these statements are based on management’s current knowledge and expectations and are subject to certain
risks and uncertainties, many of which are outside of the control of the Company, that could cause actual results and events to differ
materially from the statements made herein. Such risks and uncertainties include, but are not limited to, the following: the impact of
the military conflict in Ukraine, including supply chain disruptions, volatility in commodity prices, increased economic uncertainty and
escalating geopolitical tensions; our extensive commercial arrangements with The Coca-Cola Company (TCCC) and, as a result, our future
performance’s substantial dependence on the success of our relationship with TCCC; our ability to implement our growth strategy,
including expanding our business in existing and new sectors; the inherent operational risks presented by the alcoholic beverage industry
that may not be adequately covered by insurance or lead to litigation relating to the abuse or misuse of our products; our ability to
successfully integrate Bang Energy® businesses and assets, transition the acquired beverages to the Company’s primary distributors,
and retain and increase sales of the acquired beverages; exposure to significant liabilities due to litigation, legal or regulatory proceedings;
intellectual property injunctions; unanticipated litigation concerning the Company’s products; the current uncertainty and volatility
in the national and global economy and changes in demand due to such economic conditions, including a slowdown in consumer spending generally
or reduced demand for consumer goods; changes in consumer preferences; adverse publicity surrounding obesity, alcohol consumption and
other health concerns related to our products, product safety and quality; activities and strategies of competitors, including the introduction
of new products and competitive pricing and/or marketing of similar products; changes in the price and/or availability of raw materials;
other supply issues, including the availability of products and/or suitable production facilities including limitations on co-packing
availability including retort production; disruption to our manufacturing facilities and operations related to climate, labor, production
difficulties, capacity limitations, regulations or other causes; product distribution and placement decisions by retailers; the effects
of retailer and/or bottler/distributor consolidation on our business; unilateral decisions by bottlers/distributors, buying groups, convenience
chains, grocery chains, mass merchandisers, specialty chain stores, e-commerce retailers, e-commerce websites, club stores and other customers
to discontinue carrying all or any of our products that they are carrying at any time, restrict the range of our products they carry,
impose restrictions or limitations on the sale of our products and/or the sizes of containers for our products and/or devote less resources
to the sale of our products; changes in governmental regulation; the imposition of new and/or increased excise sales and/or other taxes
on our products; our ability to adapt to the changing retail landscape with the rapid growth in e-commerce retailers and e-commerce websites;
the impact of proposals to limit or restrict the sale of energy or alcohol drinks to minors and/or persons below a specified age and/or
restrict the venues and/or the size of containers in which energy or alcohol drinks can be sold; possible recalls of our products and/or
the consequences and costs of defective production; or our ability to absorb, reduce or pass on to our bottlers/distributors increases
in commodity costs, including freight costs. For a more detailed discussion of these and other risks that could affect our operating results,
see the Company’s reports filed with the Securities and Exchange Commission, including our annual report on Form 10-K for the
year ended December 31, 2023 and our subsequently filed quarterly report. The Company’s actual results could differ materially
from those contained in the forward-looking statements. The Company assumes no obligation to update any forward-looking statements, whether
as a result of new information, future events or otherwise.
# # #
(tables below)
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER INFORMATION
FOR THE THREE- AND SIX-MONTHS ENDED JUNE 30, 2024 AND 2023
(In Thousands, Except Per Share Amounts) (Unaudited)
| | |
Three-Months Ended | | |
Six-Months Ended | |
| | |
June 30, | | |
June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Net sales¹ | |
$ | 1,900,597 | | |
$ | 1,854,961 | | |
$ | 3,799,695 | | |
$ | 3,553,891 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cost of sales | |
| 881,091 | | |
| 880,739 | | |
| 1,753,061 | | |
| 1,681,820 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross profit¹ | |
| 1,019,506 | | |
| 974,222 | | |
| 2,046,634 | | |
| 1,872,071 | |
| Gross profit as a percentage of net sales | |
| 53.6 | % | |
| 52.5 | % | |
| 53.9 | % | |
| 52.7 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| 492,343 | | |
| 450,417 | | |
| 977,480 | | |
| 863,201 | |
| Operating expenses as a percentage of net sales | |
| 25.9 | % | |
| 24.3 | % | |
| 25.7 | % | |
| 24.3 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Operating income¹ | |
| 527,163 | | |
| 523,805 | | |
| 1,069,154 | | |
| 1,008,870 | |
| Operating income as a percentage of net sales | |
| 27.7 | % | |
| 28.2 | % | |
| 28.1 | % | |
| 28.4 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Interest and other income, net | |
| 24,376 | | |
| 15,159 | | |
| 60,131 | | |
| 27,653 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income before provision for income taxes¹ | |
| 551,539 | | |
| 538,964 | | |
| 1,129,285 | | |
| 1,036,523 | |
| | |
| | | |
| | | |
| | | |
| | |
| Provision for income taxes | |
| 126,170 | | |
| 125,093 | | |
| 261,867 | | |
| 225,208 | |
| Income taxes as a percentage of income before taxes | |
| 22.9 | % | |
| 23.2 | % | |
| 23.2 | % | |
| 21.7 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Net income | |
$ | 425,369 | | |
$ | 413,871 | | |
$ | 867,418 | | |
$ | 811,315 | |
| Net income as a percentage of net sales | |
| 22.4 | % | |
| 22.3 | % | |
| 22.8 | % | |
| 22.8 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Net income per common share: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.41 | | |
$ | 0.40 | | |
$ | 0.84 | | |
$ | 0.78 | |
| Diluted | |
$ | 0.41 | | |
$ | 0.39 | | |
$ | 0.83 | | |
$ | 0.77 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of shares of common stock and common stock equivalents: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1,029,268 | | |
| 1,047,065 | | |
| 1,035,175 | | |
| 1,045,993 | |
| Diluted | |
| 1,037,378 | | |
| 1,060,093 | | |
| 1,044,363 | | |
| 1,059,667 | |
| | |
| | | |
| | | |
| | | |
| | |
| Energy drink case sales (in thousands)
(in 192-ounce case equivalents) | |
| 212,194 | | |
| 198,406 | | |
| 423,624 | | |
| 380,850 | |
| Average net sales per case2 | |
$ | 8.73 | | |
$ | 9.00 | | |
$ | 8.71 | | |
$ | 9.02 | |
¹Includes $10.0 million for both the three-months
ended June 30, 2024 and 2023, related to the recognition of deferred revenue. Includes $19.9 million for both the six-months ended
June 30, 2024 and 2023, related to the recognition of deferred revenue.
2Excludes
Alcohol Brands segment and Other segment net sales.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2024 AND DECEMBER 31, 2023
(In Thousands, Except Par Value)
(Unaudited)
| | |
June 30,
2024 | | |
December 31,
2023 | |
| ASSETS | |
| | | |
| | |
| CURRENT ASSETS: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 1,564,734 | | |
$ | 2,297,675 | |
| Short-term investments | |
| - | | |
| 955,605 | |
| Accounts receivable, net | |
| 1,362,398 | | |
| 1,193,964 | |
| Inventories | |
| 834,404 | | |
| 971,406 | |
| Prepaid expenses and other current assets | |
| 129,303 | | |
| 116,195 | |
| Prepaid income taxes | |
| 63,458 | | |
| 54,151 | |
| Total current assets | |
| 3,954,297 | | |
| 5,588,996 | |
| | |
| | | |
| | |
| INVESTMENTS | |
| - | | |
| 76,431 | |
| PROPERTY AND EQUIPMENT, net | |
| 960,962 | | |
| 890,796 | |
| DEFERRED INCOME TAXES, net | |
| 187,269 | | |
| 175,003 | |
| GOODWILL | |
| 1,417,941 | | |
| 1,417,941 | |
| OTHER INTANGIBLE ASSETS, net | |
| 1,433,326 | | |
| 1,427,139 | |
| OTHER ASSETS | |
| 107,109 | | |
| 110,216 | |
| Total Assets | |
$ | 8,060,904 | | |
$ | 9,686,522 | |
| | |
| | | |
| | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | |
| Accounts payable | |
$ | 511,137 | | |
$ | 564,379 | |
| Accrued liabilities | |
| 213,905 | | |
| 183,988 | |
| Accrued promotional allowances | |
| 319,757 | | |
| 269,061 | |
| Deferred revenue | |
| 44,377 | | |
| 41,914 | |
| Accrued compensation | |
| 60,357 | | |
| 87,392 | |
| Income taxes payable | |
| 10,990 | | |
| 14,955 | |
| Total current liabilities | |
| 1,160,523 | | |
| 1,161,689 | |
| | |
| | | |
| | |
| DEFERRED REVENUE | |
| 192,354 | | |
| 204,251 | |
| DEFERRED INCOME TAXES | |
| 28,896 | | |
| - | |
| OTHER LIABILITIES | |
| 64,068 | | |
| 91,838 | |
| LONG-TERM DEBT | |
| 748,740 | | |
| - | |
| | |
| | | |
| | |
| STOCKHOLDERS' EQUITY: | |
| | | |
| | |
| Common stock - $0.005 par value; 5,000,000 shares authorized; 1,125,330 shares issued and 983,380 shares outstanding as of June 30, 2024; 1,122,592 shares issued and 1,041,571 shares outstanding as of December 31, 2023 | |
| 5,627 | | |
| 5,613 | |
| Additional paid-in capital | |
| 5,068,291 | | |
| 4,975,115 | |
| Retained earnings | |
| 6,807,154 | | |
| 5,939,736 | |
| Accumulated other comprehensive loss | |
| (182,304 | ) | |
| (125,337 | ) |
| Common stock in treasury, at cost; 141,950 shares and 81,021 shares as of June 30, 2024 and December 31, 2023, respectively | |
| (5,832,445 | ) | |
| (2,566,383 | ) |
| Total stockholders' equity | |
| 5,866,323 | | |
| 8,228,744 | |
| Total Liabilities and Stockholders’ Equity | |
$ | 8,060,904 | | |
$ | 9,686,522 | |
v3.24.2.u1
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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