Exelixis (EXEL) Q3 FY2023 earnings: revenue $472 million, up 14.6% on the year

Exelixis, Inc. (EXEL) reported revenue of $472 million for Q3 FY2023, the quarter ended 29 September 2023, up 14.6% on the same quarter a year earlier. Net income was $1 million, down 98.6% on the year, and diluted earnings per share $0.00. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$472 millionup 14.6%

Net income$1 milliondown 98.6%

Diluted EPS$0.00

QuarterQ3 FY2023ended 29 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	472	n/a	n/a	n/a
Cost of revenue	18.8	n/a	n/a	n/a
Gross profit	453	n/a	n/a	n/a
Gross margin	96.0%	n/a	n/a
Research and development	333	n/a	n/a	n/a
Selling, general and administrative	138	n/a	n/a	n/a
Operating income	-17.6	n/a	n/a	n/a
Operating margin	-3.7%	n/a	n/a
Income tax	4.8	n/a	n/a	n/a
Net income	1.0	n/a	n/a	n/a
Net margin	0.2%	n/a	n/a
Diluted EPS	$0.00	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	117	n/a	n/a	n/a
Capital expenditure	9.4	n/a	n/a	n/a
Free cash flow	108	n/a	n/a	n/a
Free cash flow margin	22.9%	n/a	n/a
Cash from investing	34.7	n/a	n/a	n/a
Cash from financing	-220	n/a	n/a	n/a
Depreciation and amortisation	6.3	n/a	n/a	n/a
Share-based compensation	40.5	n/a	n/a	n/a
Buybacks	217	n/a	n/a	n/a
Diluted shares, weighted	319m	n/a	n/a	n/a
Shares outstanding at period end	311m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,348	n/a	n/a	n/a
Operating lease liabilities	191	n/a	n/a	n/a
Other liabilities	438	n/a	n/a	n/a
Total liabilities and equity	2,977	n/a	n/a	n/a
Fixed assets	121	n/a	n/a	n/a
Goodwill	63.7	n/a	n/a	n/a
Investments	1,518	n/a	n/a	n/a
Cash and equivalents	397	n/a	n/a	n/a
Receivables	248	n/a	n/a	n/a
Inventory	25.0	n/a	n/a	n/a
Other assets	604	n/a	n/a	n/a
Total assets	2,977	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	472	480	425	637	540	567	555	568	598	599	611	629
Cost of revenue	18.8	21.8	21.3	17.7	17.3	20.0	19.2	19.5	18.6	26.5	20.0	20.7
Gross profit	453	458	404	620	522	547	536	549	579	572	591	608
Gross margin	96%	95%	95%	97%	97%	96%	97%	97%	97%	96%	97%	97%
R&D	333	245	228	211	223	249	212	200	199	213	200	212
SG&A	138	131	114	132	112	134	137	135	124	123	140	148
Operating income	-17.6	81.8	29.5	276	136	163	187	214	237	235	251	248
Operating margin	-4%	17%	7%	43%	25%	29%	34%	38%	40%	39%	41%	40%
Net income	1.0	85.5	37.3	226	118	140	160	185	194	245	210	212
Net margin	0%	18%	9%	35%	22%	25%	29%	33%	32%	41%	34%	34%
Diluted EPS	$0.00	$0.27	$0.12	$0.77	$0.40	$0.48	$0.55	$0.65	$0.69	$0.88	$0.79	$0.82
Operating cash flow	117	10.6	68.8	120	271	240	211	49.0	290	334	252	308
Capital expenditure	9.4	13.1	9.7	6.6	8.2	4.0	3.0	2.8	1.5	1.2	1.5	6.8
Free cash flow	108	-2.6	59.1	113	263	236	208	46.2	289	332	250	301
Buybacks	217	209	185	264	11.9	190	284	302	104	258	430	323
Shares outstanding	311m	303m	295m	285m	286m	282m	275m	270m	268m	262m	254m	249m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 September 2023, filed 1 November 2023, accession 0000939767-23-000114: the filing on EDGAR. All of Exelixis, Inc.'s filings: EDGAR company page.

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