2024 Q1 Form 10-K Financial Statement

#000155837024001622 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.036B $1.090B $4.427B
YoY Change -6.3% -12.43% -16.84%
Cost Of Revenue $148.1M $152.5M $704.8M
YoY Change -20.63% -46.15% -39.3%
Gross Profit $888.3M $937.0M $3.723B
YoY Change -3.39% -2.49% -10.58%
Gross Profit Margin 85.71% 86.0% 84.08%
Selling, General & Admin $752.2M $730.0M $2.964B
YoY Change 1.05% -3.77% -8.05%
% of Gross Profit 84.68% 77.91% 79.63%
Research & Development $52.40M
YoY Change 28.43%
% of Gross Profit 1.41%
Depreciation & Amortization $36.83M $37.43M $145.7M
YoY Change 5.21% 6.4% 4.06%
% of Gross Profit 4.15% 3.99% 3.91%
Operating Expenses $865.7M $863.2M $3.510B
YoY Change -3.63% -5.38% 8503.13%
Operating Profit $22.44M $73.83M $212.6M
YoY Change 6.03% 51.47% -46.75%
Interest Expense $1.087M $1.798M $5.634M
YoY Change 79.37% 831.61% -250.48%
% of Operating Profit 4.85% 2.44% 2.65%
Other Income/Expense, Net -$28.20M $1.755M $8.662M
YoY Change -1684.21% 20.87% -465.49%
Pretax Income -$4.677M $67.81M $186.9M
YoY Change -119.86% 28.23% -52.46%
Income Tax -$1.765M $19.02M $44.75M
% Of Pretax Income 28.04% 23.94%
Net Earnings -$2.312M $48.79M $195.4M
YoY Change -103.24% 30.67% -34.46%
Net Earnings / Revenue -0.22% 4.48% 4.41%
Basic Earnings Per Share -$0.10 $8.14
Diluted Earnings Per Share -$0.10 $2.01 $7.93
COMMON SHARES
Basic Shares Outstanding 23.52M 23.66M 24.02M
Diluted Shares Outstanding 23.56M 24.63M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $240.9M $330.1M $330.1M
YoY Change -34.14% 1.24% 1.24%
Cash & Equivalents $172.9M $262.2M $262.2M
Short-Term Investments $68.07M $67.84M $67.84M
Other Short-Term Assets $11.14M $11.12M $72.47M
YoY Change -6.32% -6.49% 1.54%
Inventory
Prepaid Expenses $39.23M $37.03M
Receivables $433.7M $430.1M $430.1M
Other Receivables $11.39M $52.12M $52.12M
Total Short-Term Assets $758.5M $884.8M $884.8M
YoY Change -17.29% -10.61% -10.61%
LONG-TERM ASSETS
Property, Plant & Equipment $937.8M $914.8M $1.085B
YoY Change 16.46% 12.87% 11.03%
Goodwill $304.8M $304.8M
YoY Change 0.0% -0.21%
Intangibles $97.94M $101.2M
YoY Change -11.46% -11.11%
Long-Term Investments
YoY Change
Other Assets $73.12M $101.4M $109.6M
YoY Change -24.61% -0.49% 1.2%
Total Long-Term Assets $1.599B $1.600B $1.600B
YoY Change 5.55% 6.37% 6.37%
TOTAL ASSETS
Total Short-Term Assets $758.5M $884.8M $884.8M
Total Long-Term Assets $1.599B $1.600B $1.600B
Total Assets $2.357B $2.485B $2.485B
YoY Change -3.06% -0.37% -0.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $209.9M $214.0M $214.0M
YoY Change -17.22% -32.61% -32.61%
Accrued Expenses $313.5M $378.0M $410.2M
YoY Change 12.5% 10.59% 15.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $63.18M $66.95M $66.95M
YoY Change -2.03% 1.05% 1.05%
Total Short-Term Liabilities $618.6M $701.6M $701.6M
YoY Change -10.1% -8.71% -8.71%
LONG-TERM LIABILITIES
Long-Term Debt $149.0M $162.0M $162.0M
YoY Change -19.88% -18.34% -18.34%
Other Long-Term Liabilities $34.42M $40.55M $323.4M
YoY Change 0.51% -73.79% 2.74%
Total Long-Term Liabilities $183.4M $202.5M $485.4M
YoY Change 435.55% 30.89% -5.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $618.6M $701.6M $701.6M
Total Long-Term Liabilities $183.4M $202.5M $485.4M
Total Liabilities $802.0M $904.1M $1.243B
YoY Change 11.03% -2.07% -7.46%
SHAREHOLDERS EQUITY
Retained Earnings $1.267B $1.273B
YoY Change 9.54% 16.89%
Common Stock $343.4M $341.3M
YoY Change 0.77% 0.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.223B $1.242B $1.242B
YoY Change
Total Liabilities & Shareholders Equity $2.357B $2.485B $2.485B
YoY Change -3.06% -0.37% -0.37%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.312M $48.79M $195.4M
YoY Change -103.24% 30.67% -34.46%
Depreciation, Depletion And Amortization $36.83M $37.43M $145.7M
YoY Change 5.21% 6.4% 4.06%
Cash From Operating Activities $6.467M $127.4M $322.2M
YoY Change -68.7% 5.81% -31.57%
INVESTING ACTIVITIES
Capital Expenditures $55.05M $92.80M $232.0M
YoY Change 58.84% 22.89% 56.52%
Acquisitions
YoY Change
Other Investing Activities $1.691M $23.19M $210.3M
YoY Change -98.45% -252.83% -320.02%
Cash From Investing Activities -$56.99M -$69.60M -$21.70M
YoY Change -180.32% -23.25% -91.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$91.53M
YoY Change -240.81%
Debt Paid & Issued, Net $16.77M $69.18M
YoY Change -5.0% -40.12%
Cash From Financing Activities -38.85M -47.01M -196.6M
YoY Change -16.78% 75.17% 53.62%
NET CHANGE
Cash From Operating Activities 6.467M 127.4M 322.2M
Cash From Investing Activities -56.99M -69.60M -21.70M
Cash From Financing Activities -38.85M -47.01M -196.6M
Net Change In Cash -89.37M 10.75M 103.9M
YoY Change -298.84% 278.53% 27.04%
FREE CASH FLOW
Cash From Operating Activities $6.467M $127.4M $322.2M
Capital Expenditures $55.05M $92.80M $232.0M
Free Cash Flow -$48.58M $34.57M $90.17M
YoY Change 247.16% -22.93% -72.05%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Reclassifications: </b>On February 28, 2023, the Company sold FleetNet America, Inc. (“FleetNet”), a wholly owned subsidiary and reportable operating segment of the Company, for an aggregate adjusted cash purchase price of $100.9 million, including post-closing adjustments. The sale of FleetNet was a strategic shift for the Company as it exited the fleet roadside assistance and maintenance management business; therefore, the sale was accounted for as discontinued operations. As such, historical results of FleetNet have been excluded from both continuing operations and segment results for all periods presented, and reclassifications have been made to the prior-period financial statements to conform to the current-year presentation. Related assets and liabilities associated with FleetNet are classified as discontinued operations in the consolidated balance sheets for all periods presented. The cash flows related to the discontinued operations have not been segregated and are included in the consolidated statements of cash flows. Unless otherwise indicated, all amounts in this Annual Report on Form 10-K refer to continuing operations, including comparisons to the prior year. For more information on the Company’s discontinued operations, see Note D.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Certain reclassifications have been made to the prior period presentation of other long-term liabilities to conform to the current-year presentation of the contingent consideration liability on a separate line in the consolidated balance sheets. For the years ended December 31, 2022 and 2021, certain reclassifications have been made between operating expenses lines of the Asset-Light segment to conform to the current-year presentation of certain facility rent expenses. There was no impact on total liabilities or total operating expenses as a result of these reclassifications.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Concentration of Credit Risk:</b> The Company is potentially subject to concentrations of credit risk related to the portion of its cash, cash equivalents, and short-term investments, which is not federally insured, as further discussed in Note C.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company’s services are provided primarily to customers throughout the United States and, to a lesser extent, Canada, Mexico, and other international locations. On a consolidated basis, the Company had no single customer representing more than 2% of its revenues in 2023, 2022, or 2021 or more than 5% of its accounts receivable balance at December 31, 2023 and 2022. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. Historically, credit losses have been within management’s expectations.</p>
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CY2021 us-gaap Income Tax Reconciliation Tax Credits Research
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