2024 Q1 Form 10-K Financial Statement

#000095017024019211 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $358.9M $488.6M $1.833B
YoY Change -10.85% -2.16% -5.89%
Cost Of Revenue $248.5M $318.6M $1.235B
YoY Change -12.28% -10.03% -11.52%
Gross Profit $110.4M $170.0M $598.3M
YoY Change -7.46% 17.0% 8.33%
Gross Profit Margin 30.76% 34.79% 32.64%
Selling, General & Admin $94.20M $101.7M $393.5M
YoY Change -0.84% 10.06% 4.46%
% of Gross Profit 85.33% 59.82% 65.77%
Research & Development $25.80M
YoY Change -1.9%
% of Gross Profit 4.31%
Depreciation & Amortization $7.400M $18.20M $32.70M
YoY Change -17.78% -5.7% -13.72%
% of Gross Profit 6.7% 10.71% 5.47%
Operating Expenses $104.5M $112.4M $553.6M
YoY Change -4.3% 9.77% 6.98%
Operating Profit $5.900M $57.60M $44.70M
YoY Change -41.58% 34.27% 28.45%
Interest Expense $13.30M -$12.70M $58.60M
YoY Change -4.32% 16.51% 28.51%
% of Operating Profit 225.42% -22.05% 131.1%
Other Income/Expense, Net $600.0K -$7.900M -$4.500M
YoY Change -133.33% -297.5% -134.88%
Pretax Income -$5.300M -$73.40M -$13.10M
YoY Change 60.61% -355.75% -187.92%
Income Tax $1.000M -$14.00M $8.700M
% Of Pretax Income
Net Earnings -$6.300M -$59.40M -$21.80M
YoY Change 70.27% -415.96% 65.15%
Net Earnings / Revenue -1.76% -12.16% -1.19%
Basic Earnings Per Share -$0.07 -$0.23
Diluted Earnings Per Share -$0.07 -$0.62 -$0.23
COMMON SHARES
Basic Shares Outstanding 94.93M 94.93M 95.30M
Diluted Shares Outstanding 95.70M 95.30M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.6M $66.40M $66.40M
YoY Change -1.97% 6.75% 6.75%
Cash & Equivalents $124.6M $66.40M $66.40M
Short-Term Investments
Other Short-Term Assets $49.60M $30.80M $30.80M
YoY Change 20.39% -24.51% -24.51%
Inventory $348.8M $327.5M $327.5M
Prepaid Expenses
Receivables $274.8M $430.7M $430.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $797.8M $855.4M $855.4M
YoY Change -10.82% -3.05% -3.05%
LONG-TERM ASSETS
Property, Plant & Equipment $162.6M $170.1M $261.1M
YoY Change -9.62% -8.1% -4.67%
Goodwill $577.1M $590.0M
YoY Change -14.11% -12.14%
Intangibles $797.9M $815.7M
YoY Change -5.28% -3.7%
Long-Term Investments
YoY Change
Other Assets $17.00M $17.90M $122.6M
YoY Change 10.39% -11.82% 2.17%
Total Long-Term Assets $1.746B $1.789B $1.789B
YoY Change -8.03% -6.43% -6.43%
TOTAL ASSETS
Total Short-Term Assets $797.8M $855.4M $855.4M
Total Long-Term Assets $1.746B $1.789B $1.789B
Total Assets $2.544B $2.645B $2.645B
YoY Change -8.92% -5.36% -5.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $170.1M $183.7M $183.7M
YoY Change -16.82% -23.3% -23.3%
Accrued Expenses $127.3M $177.8M $177.8M
YoY Change 0.08% 9.21% 9.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $200.0K $200.0K
YoY Change -100.0% -98.06% -98.06%
Long-Term Debt Due $57.30M $36.50M $36.50M
YoY Change 21.14% -26.56% -26.56%
Total Short-Term Liabilities $473.3M $542.0M $542.0M
YoY Change -6.17% -7.98% -7.98%
LONG-TERM LIABILITIES
Long-Term Debt $897.5M $882.2M $882.2M
YoY Change -13.29% -5.8% -5.8%
Other Long-Term Liabilities $68.40M $73.60M $308.0M
YoY Change -14.07% -12.69% -2.22%
Total Long-Term Liabilities $965.9M $955.8M $1.190B
YoY Change -13.34% -6.37% -4.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $473.3M $542.0M $542.0M
Total Long-Term Liabilities $965.9M $955.8M $1.190B
Total Liabilities $1.785B $1.858B $1.858B
YoY Change -9.98% -6.39% -6.39%
SHAREHOLDERS EQUITY
Retained Earnings -$569.7M -$556.0M
YoY Change 10.47% 10.23%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $47.00M $45.10M
YoY Change 4.44% 3.92%
Treasury Stock Shares
Shareholders Equity $758.5M $787.0M $787.0M
YoY Change
Total Liabilities & Shareholders Equity $2.544B $2.645B $2.645B
YoY Change -8.92% -5.36% -5.36%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$6.300M -$59.40M -$21.80M
YoY Change 70.27% -415.96% 65.15%
Depreciation, Depletion And Amortization $7.400M $18.20M $32.70M
YoY Change -17.78% -5.7% -13.72%
Cash From Operating Activities $28.20M $58.00M $128.7M
YoY Change -221.55% -33.49% 65.85%
INVESTING ACTIVITIES
Capital Expenditures $2.300M $4.100M $13.80M
YoY Change 15.0% -12.77% -22.03%
Acquisitions $0.00
YoY Change
Other Investing Activities $400.0K $2.600M
YoY Change -94.29% -63.89%
Cash From Investing Activities -$2.300M -$3.700M -$11.20M
YoY Change 15.0% -260.87% 20.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $18.90M $199.2M
YoY Change 89.0% -9.66%
Cash From Financing Activities 33.20M -63.80M -117.7M
YoY Change -62.36% -40.15% 143.69%
NET CHANGE
Cash From Operating Activities 28.20M 58.00M 128.7M
Cash From Investing Activities -2.300M -3.700M -11.20M
Cash From Financing Activities 33.20M -63.80M -117.7M
Net Change In Cash 58.20M -9.500M 4.200M
YoY Change -10.32% -44.44% -80.0%
FREE CASH FLOW
Cash From Operating Activities $28.20M $58.00M $128.7M
Capital Expenditures $2.300M $4.100M $13.80M
Free Cash Flow $25.90M $53.90M $114.9M
YoY Change -202.78% -34.67% 91.82%

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<p style="text-indent:2.507%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.173%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Our financial statements are prepared in conformity with generally accepted accounting principles in the U.S. ("GAAP"). Preparation of our financial statements requires us to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses presented for each reporting period in the financial statements and the related accompanying notes. Actual results could differ significantly from those estimates. We regularly review our assumptions and estimates, which are based on historical experience and, where appropriate, current business trends.</span></p>
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CY2022 us-gaap Lease Cost
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CY2021 us-gaap Lease Cost
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26600000
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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14500000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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157600000
CY2022Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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155500000
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16900000
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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7300000
CY2021 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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11600000
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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13900000
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CY2023Q4 us-gaap Restructuring Reserve
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CY2022 us-gaap Restructuring Charges
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CY2021 us-gaap Restructuring Charges
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95000000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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117000000
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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14900000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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111400000
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
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0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
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0
CY2021 us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
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CY2023 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2022 acco Effective Income Tax Rate Reconciliation Change In Enacted Law Tax Rate Amount
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0
CY2021 acco Effective Income Tax Rate Reconciliation Change In Enacted Law Tax Rate Amount
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CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation Tax Contingencies Foreign
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CY2021 us-gaap Income Tax Reconciliation Tax Contingencies Foreign
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CY2023 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2022 acco Unrecognized Tax Benefits Reductionsfor Tax Positionof Prior Years Netof Intereston Income Taxes Expense
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Income Tax Reconciliation Tax Credits
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CY2021 us-gaap Income Tax Reconciliation Tax Credits
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CY2022 acco Income Tax Reconciliation Deductions Excess Tax Benefits
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CY2021 acco Income Tax Reconciliation Deductions Excess Tax Benefits
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CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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20700000
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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CY2023 acco Income Tax Reconciliation Impact Of Legal Entity Rationalization
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0
CY2022 acco Income Tax Reconciliation Impact Of Legal Entity Rationalization
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CY2021 acco Income Tax Reconciliation Impact Of Legal Entity Rationalization
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CY2022 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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CY2021 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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