2023 Q3 Form 10-Q Financial Statement

#000095017023040293 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $448.0M $493.6M $521.0M
YoY Change -7.74% -5.26% 0.62%
Cost Of Revenue $303.2M $329.4M $371.0M
YoY Change -12.92% -11.21% 4.89%
Gross Profit $144.8M $164.2M $150.0M
YoY Change 5.39% 9.47% -8.59%
Gross Profit Margin 32.32% 33.27% 28.79%
Selling, General & Admin $98.80M $98.00M $91.90M
YoY Change 5.22% 6.64% -5.94%
% of Gross Profit 68.23% 59.68% 61.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.70M $19.30M $20.20M
YoY Change -1.06% -4.46% -6.48%
% of Gross Profit 12.91% 11.75% 13.47%
Operating Expenses $112.6M $109.0M $93.00M
YoY Change -43.81% 17.2% -18.56%
Operating Profit $32.20M $55.20M $57.00M
YoY Change -151.11% -3.16% 14.23%
Interest Expense $15.60M $15.50M -$8.600M
YoY Change 28.93% -280.23% -174.14%
% of Operating Profit 48.45% 28.08% -15.09%
Other Income/Expense, Net $3.600M $300.0K $5.000M
YoY Change -51.35% -94.0% -44.44%
Pretax Income $21.60M $42.00M $51.80M
YoY Change -133.44% -18.92% 2.98%
Income Tax $6.700M $15.60M $12.40M
% Of Pretax Income 31.02% 37.14% 23.94%
Net Earnings $14.90M $26.40M $39.40M
YoY Change -121.69% -32.99% -18.93%
Net Earnings / Revenue 3.33% 5.35% 7.56%
Basic Earnings Per Share $0.16 $0.28 $0.41
Diluted Earnings Per Share $0.15 $0.27 $404.5K
COMMON SHARES
Basic Shares Outstanding 94.92M 94.92M 96.99M
Diluted Shares Outstanding 96.70M 96.30M 97.40M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.70M $82.40M $91.70M
YoY Change -5.51% -10.14% 17.72%
Cash & Equivalents $73.70M $82.40M $91.70M
Short-Term Investments
Other Short-Term Assets $41.10M $47.60M $56.20M
YoY Change -23.75% -15.3% -17.72%
Inventory $368.5M $398.0M $471.5M
Prepaid Expenses
Receivables $351.7M $426.1M $423.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $835.0M $954.1M $1.043B
YoY Change -8.66% -8.55% 11.17%
LONG-TERM ASSETS
Property, Plant & Equipment $168.2M $177.4M $292.8M
YoY Change -9.18% -39.41% 27.14%
Goodwill $664.8M $662.0M
YoY Change -0.31%
Intangibles $814.4M $833.2M
YoY Change -2.87%
Long-Term Investments
YoY Change
Other Assets $22.40M $15.70M $111.0M
YoY Change -40.27% -85.86% 175.43%
Total Long-Term Assets $1.849B $1.872B $2.048B
YoY Change -3.46% -8.59% -8.41%
TOTAL ASSETS
Total Short-Term Assets $835.0M $954.1M $1.043B
Total Long-Term Assets $1.849B $1.872B $2.048B
Total Assets $2.684B $2.826B $3.091B
YoY Change -5.14% -8.58% -2.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $173.0M $194.6M $254.4M
YoY Change -19.31% -23.51% 13.62%
Accrued Expenses $163.3M $161.7M $156.5M
YoY Change 9.45% 3.32% 10.21%
Deferred Revenue
YoY Change
Short-Term Debt $2.900M $7.900M $20.20M
YoY Change 123.08% -60.89% 146.34%
Long-Term Debt Due $67.20M $53.90M $33.90M
YoY Change 146.15% 59.0% -4.24%
Total Short-Term Liabilities $518.9M $534.0M $590.5M
YoY Change 3.04% -9.57% 5.11%
LONG-TERM LIABILITIES
Long-Term Debt $892.2M $1.016B $1.125B
YoY Change -14.62% -9.67% -5.77%
Other Long-Term Liabilities $86.40M $81.20M $355.3M
YoY Change -20.07% -77.15% 214.98%
Total Long-Term Liabilities $978.6M $1.097B $1.480B
YoY Change -15.13% -25.87% 13.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $518.9M $534.0M $590.5M
Total Long-Term Liabilities $978.6M $1.097B $1.480B
Total Liabilities $1.846B $1.995B $2.218B
YoY Change -9.87% -10.04% -7.33%
SHAREHOLDERS EQUITY
Retained Earnings -$488.9M -$496.7M
YoY Change -5.23%
Common Stock $1.000M $1.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $45.10M $45.00M
YoY Change 3.92%
Treasury Stock Shares
Shareholders Equity $838.0M $830.4M $872.9M
YoY Change
Total Liabilities & Shareholders Equity $2.684B $2.826B $3.091B
YoY Change -5.14% -8.58% -2.62%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $14.90M $26.40M $39.40M
YoY Change -121.69% -32.99% -18.93%
Depreciation, Depletion And Amortization $18.70M $19.30M $20.20M
YoY Change -1.06% -4.46% -6.48%
Cash From Operating Activities $110.0M -$16.10M $6.300M
YoY Change 24.58% -355.56% -149.61%
INVESTING ACTIVITIES
Capital Expenditures $3.600M $4.100M -$3.600M
YoY Change -175.0% -213.89% -34.55%
Acquisitions
YoY Change
Other Investing Activities $2.200M $0.00 $200.0K
YoY Change -100.0% -107.14%
Cash From Investing Activities -$1.400M -$4.100M -$3.400M
YoY Change -70.83% 20.59% -59.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -115.3M -26.80M 400.0K
YoY Change 20.61% -6800.0% -98.17%
NET CHANGE
Cash From Operating Activities 110.0M -16.10M 6.300M
Cash From Investing Activities -1.400M -4.100M -3.400M
Cash From Financing Activities -115.3M -26.80M 400.0K
Net Change In Cash -6.700M -47.00M 3.300M
YoY Change -44.63% -1524.24% 266.67%
FREE CASH FLOW
Cash From Operating Activities $110.0M -$16.10M $6.300M
Capital Expenditures $3.600M $4.100M -$3.600M
Free Cash Flow $106.4M -$20.20M $9.900M
YoY Change 14.29% -304.04% -237.5%

Facts In Submission

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RestructuringCharges
1900000
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
8700000
us-gaap Restructuring Charges
RestructuringCharges
3300000
us-gaap Payments For Restructuring
PaymentsForRestructuring
5400000
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-100000
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
6700000
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
4500000
us-gaap Restructuring Charges
RestructuringCharges
2200000
us-gaap Payments For Restructuring
PaymentsForRestructuring
3200000
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
100000
CY2022Q2 us-gaap Restructuring Reserve
RestructuringReserve
3400000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15600000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
42000000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12400000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
51800000
CY2023Q2 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
3200000
CY2023Q2 acco Increase In Tax Expense For Discrete Tax Items That Include Withholding Taxes
IncreaseInTaxExpenseForDiscreteTaxItemsThatIncludeWithholdingTaxes
1500000
CY2023Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
3200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
38700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14100000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
50800000
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
1900000
acco Increase In Tax Expense For Discrete Tax Items That Include Withholding Taxes
IncreaseInTaxExpenseForDiscreteTaxItemsThatIncludeWithholdingTaxes
1500000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
3300000
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
94900000
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
94200000
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
CY2022Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2700000
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2700000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
300000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
300000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95400000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96200000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95100000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96200000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96300000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97400000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96700000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98000000
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10400000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9500000
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10200000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9000000
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
3300000
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
9200000
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
2600000
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
7500000
CY2023Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
1085200000
CY2022Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
1004900000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2800000
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
600000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1800000
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2800000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2400000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
400000
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
493600000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
521000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
896200000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
962600000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
493600000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
521000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
896200000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
962600000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q2 us-gaap Revenues
Revenues
493600000
CY2022Q2 us-gaap Revenues
Revenues
521000000
us-gaap Revenues
Revenues
896200000
us-gaap Revenues
Revenues
962600000
CY2023Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0
CY2022Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-9400000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-6800000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
55200000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
55400000
us-gaap Operating Income Loss
OperatingIncomeLoss
65300000
us-gaap Operating Income Loss
OperatingIncomeLoss
62200000
CY2023Q2 us-gaap Interest Expense
InterestExpense
15500000
CY2022Q2 us-gaap Interest Expense
InterestExpense
10800000
us-gaap Interest Expense
InterestExpense
29400000
us-gaap Interest Expense
InterestExpense
20500000
CY2023Q2 us-gaap Interest Income Other
InterestIncomeOther
2200000
CY2022Q2 us-gaap Interest Income Other
InterestIncomeOther
2200000
us-gaap Interest Income Other
InterestIncomeOther
4600000
us-gaap Interest Income Other
InterestIncomeOther
3600000
CY2023Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
200000
CY2022Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-1300000
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
300000
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-2700000
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
300000
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3700000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1500000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2800000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
42000000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
51800000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
38700000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
50800000

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