Latest Articles
Written coverage from the Circuit Brief article index.
Tech
Booz Allen's 8-K Discloses a $720 Million Agreement to Acquire Ultra's Mission Solutions Defense-Technology Business
A current report filed by Booz Allen Hamilton Holding Corporation states the company entered a stock purchase agreement on June 19, 2026 to buy Ultra Electronics Advanced Tactical Systems for $720 million, with closing expected in the second quarter of its fiscal 2027.
Cloud
Oracle's FY2026 10-K Reports $638 Billion in Remaining Performance Obligations, Up From $138 Billion a Year Earlier
Oracle's annual report for the fiscal year ended May 31, 2026 discloses a contracted backlog of $638 billion, a roughly 4.6x increase the company attributes to certain significant cloud contracts signed during the period.
Software
What Is Deferred Revenue? How Filers Report Cash Billed Before It Is Earned
Deferred revenue is a liability for goods or services a company has been paid for but has not yet delivered. SEC filings carry it as unearned revenue and recognize it as the obligation is satisfied.
Tech
Non-GAAP Reconciliation Rules: What Regulation S-K Item 10(e) Requires
When a filer discloses a non-GAAP financial measure, SEC rules require it to present the most comparable GAAP measure with equal or greater prominence and to provide a quantitative reconciliation between the two.
Software
Remaining Performance Obligations (RPO): The Backlog Disclosure ASC 606 Requires
Remaining performance obligations represent the total contracted revenue a company has not yet recognized. ASC 606 requires filers to disclose the aggregate amount and when they expect to recognize it.
Tech
8-K vs 10-Q: What Each SEC Filing Reports and When It Is Due
A Form 10-Q is a scheduled quarterly report of financial results; a Form 8-K is an event-driven current report disclosing material developments as they happen. They serve different purposes and different deadlines.
Cloud
Free Cash Flow Definition: A Non-GAAP Measure With SEC Disclosure Rules
Free cash flow is a non-GAAP measure most commonly defined as operating cash flow minus capital expenditures. Because it is non-GAAP, SEC rules require a reconciliation to the comparable GAAP cash-flow figure.
Software
Stock-Based Compensation Expense, Explained: Why a Non-Cash Cost Hits Earnings
Stock-based compensation is a real, recognized operating expense measured at the grant-date fair value of equity awards and recognized over the service period—even though no cash leaves the company.
Tech
Goodwill Impairment, Explained: When Acquirers Write Down the Premium They Paid
Goodwill is the premium an acquirer pays above the fair value of an acquired company’s net assets. It is tested for impairment at least annually, and written down when a reporting unit’s fair value falls below its carrying value.
Chips
Segment Reporting in a 10-K: How Companies Disclose the Business Beneath the Total
Segment reporting breaks a company’s consolidated results into the operating segments management uses to run the business, disclosing revenue and profit for each so investors can see where the money is actually made.
Tech
Verizon Closes Private Note Exchange and Consent Push Across 11 Legacy Series
An Item 8.01 filing details the final results of Verizon's private exchange offers and consent solicitations covering 11 series of subsidiary debt, with covenant amendments cleared on six of them.
Chips
NVIDIA's FY2020 10-K: Data Center Rises as Gaming Softens
NVIDIA's annual report, filed Feb. 20, 2020, shows full-year revenue of $10.92 billion, down from the prior year, even as the data-center business reframes the growth story.
Cloud
Microsoft's Q3 10-Q: Commercial Cloud Holds Through a Pandemic Quarter
Microsoft's quarterly report, filed April 29, 2020, lands in the first full quarter of pandemic disruption and reads as a test of how durable cloud demand is when everything else stops.
Chips
NVIDIA's FY2021 10-K: Revenue Jumps 53% and Data Center Becomes the Story
NVIDIA's annual report, filed Feb. 26, 2021, reports $16.68 billion in full-year revenue, up 53% from the prior year, with data center now central to the thesis.
Platforms
Apple's FY2021 10-K: Revenue Tops $365 Billion as Services Scales
Apple's annual report, filed Oct. 29, 2021, reports $365.8 billion in revenue, up 33%, with the Services line now large enough to reshape how the platform business is valued.
Chips
AMD's FY2021 10-K: A Record Year Frames the Xilinx Bet
AMD's annual report, filed Feb. 3, 2022, caps a record year and sets up the pending Xilinx acquisition as the company's next platform move into data-center and adaptive computing.
Cloud
Amazon's Q2 10-Q: AWS Stays the Profit Engine as Retail Pressure Mounts
Amazon's quarterly report, filed July 29, 2022, shows a familiar split: a consumer business absorbing cost and demand normalization, and AWS carrying the operating profit.
Platforms
Meta's FY2022 10-K: Reality Labs Losses Meet an Efficiency Pivot
Meta's annual report, filed Feb. 2, 2023, shows full-year operating income of $28.9 billion, down from $46.8 billion, as ad softness and Reality Labs spending collide with a new cost focus.