2022 Q4 Form 10-Q Financial Statement

#000160649822000080 Filed on November 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q2
Revenue $217.5M $202.1M $203.0M
YoY Change 12.46% 9.78% 8.91%
Cost Of Revenue $100.6M $92.00M $88.10M
YoY Change 4.25% -1.81% -12.51%
Gross Profit $116.9M $110.1M $114.9M
YoY Change 20.64% 21.79% 34.07%
Gross Profit Margin 53.75% 54.48% 56.6%
Selling, General & Admin $82.20M $82.10M $87.10M
YoY Change 9.31% 9.47% 13.56%
% of Gross Profit 70.32% 74.57% 75.81%
Research & Development $7.500M $7.300M $8.000M
YoY Change -1.32% -13.1% 0.0%
% of Gross Profit 6.42% 6.63% 6.96%
Depreciation & Amortization $13.40M $5.500M $11.60M
YoY Change 41.05% 1.85% 114.81%
% of Gross Profit 11.46% 5.0% 10.1%
Operating Expenses $90.30M $89.40M $95.90M
YoY Change 40.87% 7.19% 13.22%
Operating Profit $26.60M $18.70M $19.00M
YoY Change -18.9% 419.44% -360.27%
Interest Expense -$2.300M $3.000M -$2.500M
YoY Change 228.57% 233.33% -377.78%
% of Operating Profit -8.65% 16.04% -13.16%
Other Income/Expense, Net
YoY Change
Pretax Income $23.90M $16.00M $16.50M
YoY Change -1.65% 451.72% -301.22%
Income Tax $7.000M $300.0K $5.100M
% Of Pretax Income 29.29% 1.88% 30.91%
Net Earnings $16.90M $15.70M $11.40M
YoY Change 69.0% -144.73% -69.92%
Net Earnings / Revenue 7.77% 7.77% 5.62%
Basic Earnings Per Share $0.34 $0.27
Diluted Earnings Per Share $0.36 $0.33 $239.5K
COMMON SHARES
Basic Shares Outstanding 46.50M shares 46.60M shares 47.32M shares
Diluted Shares Outstanding 47.00M shares 47.60M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.7M $117.0M $106.5M
YoY Change 7.76% 19.63% 6.61%
Cash & Equivalents $127.7M $117.0M $106.5M
Short-Term Investments
Other Short-Term Assets $13.90M $13.20M $16.20M
YoY Change -25.27% -32.99% -13.83%
Inventory $190.3M $193.6M $169.0M
Prepaid Expenses
Receivables $155.7M $134.0M $137.5M
Other Receivables $12.20M $12.20M $7.900M
Total Short-Term Assets $499.8M $470.0M $437.1M
YoY Change 19.4% 16.05% -1.44%
LONG-TERM ASSETS
Property, Plant & Equipment $163.9M $163.4M $198.2M
YoY Change -2.5% -3.71% 15.3%
Goodwill $819.4M $823.6M
YoY Change 2.22% 2.72%
Intangibles $251.0M $258.7M
YoY Change 77.76% 78.05%
Long-Term Investments
YoY Change
Other Assets $17.60M $16.10M $27.60M
YoY Change 6.67% 45.05% 150.91%
Total Long-Term Assets $1.287B $1.305B $1.316B
YoY Change 9.45% 9.41% 6.12%
TOTAL ASSETS
Total Short-Term Assets $499.8M $470.0M $437.1M
Total Long-Term Assets $1.287B $1.305B $1.316B
Total Assets $1.787B $1.775B $1.753B
YoY Change 12.06% 11.1% 4.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.90M $62.70M $64.20M
YoY Change 20.39% 14.21% -1.98%
Accrued Expenses $98.90M $80.00M $82.20M
YoY Change 45.23% 34.23% 5.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.200M $6.200M $4.700M
YoY Change
Total Short-Term Liabilities $185.8M $162.3M $151.1M
YoY Change 33.48% 25.62% -4.55%
LONG-TERM LIABILITIES
Long-Term Debt $226.3M $247.8M $249.3M
YoY Change 74.08% 70.9% 51.09%
Other Long-Term Liabilities $23.50M $27.80M $66.10M
YoY Change 158.24% 175.25% 523.58%
Total Long-Term Liabilities $249.8M $27.80M $315.4M
YoY Change 2645.05% 175.25% 2875.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $185.8M $162.3M $151.1M
Total Long-Term Liabilities $249.8M $27.80M $315.4M
Total Liabilities $495.7M $511.7M $501.2M
YoY Change 49.89% 52.29% 29.51%
SHAREHOLDERS EQUITY
Retained Earnings -$253.1M -$270.0M
YoY Change -18.43% -15.7%
Common Stock $500.0K $500.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.291B $1.264B $1.252B
YoY Change
Total Liabilities & Shareholders Equity $1.787B $1.775B $1.753B
YoY Change 12.06% 11.1% 4.13%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income $16.90M $15.70M $11.40M
YoY Change 69.0% -144.73% -69.92%
Depreciation, Depletion And Amortization $13.40M $5.500M $11.60M
YoY Change 41.05% 1.85% 114.81%
Cash From Operating Activities $33.70M $28.40M $27.00M
YoY Change -35.32% 22.41% 76.47%
INVESTING ACTIVITIES
Capital Expenditures $4.900M -$5.300M -$4.100M
YoY Change -204.26% 10.42% -29.31%
Acquisitions
YoY Change
Other Investing Activities $0.00 $600.0K $0.00
YoY Change
Cash From Investing Activities -$4.900M -$4.700M -$4.100M
YoY Change 4.26% -2.08% -29.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.90M -10.20M -16.90M
YoY Change -15.12% -46.88% 67.33%
NET CHANGE
Cash From Operating Activities 33.70M 28.40M 27.00M
Cash From Investing Activities -4.900M -4.700M -4.100M
Cash From Financing Activities -21.90M -10.20M -16.90M
Net Change In Cash 6.900M 13.50M 6.000M
YoY Change -68.06% -1787.5% -1100.0%
FREE CASH FLOW
Cash From Operating Activities $33.70M $28.40M $27.00M
Capital Expenditures $4.900M -$5.300M -$4.100M
Free Cash Flow $28.80M $33.70M $31.10M
YoY Change -49.3% 20.36% 47.39%

Facts In Submission

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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Estimates are used in accounting for, among other things, distributor rebate accruals, future cash flows associated with impairment testing for goodwill and long-lived assets, loss contingencies, and deferred tax assets and potential income tax assessments. Our estimates are subject to uncertainties associated with supply chain disruptions, which have caused volatility and adverse effects in global markets. Actual results could differ from these estimates, and the effect of any change could be material to our financial statements. Changes in these estimates are recorded when known.</span></div>
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1800000 shares
us-gaap Number Of Reportable Segments
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CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
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19300000 usd
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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12300000 usd
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14300000 usd
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CY2021Q4 avns Accrued Incentives
AccruedIncentives
10200000 usd
CY2022Q3 avns Accrued Rebates And Incentives
AccruedRebatesAndIncentives
23600000 usd
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24500000 usd
CY2022Q3 avns Accrued Sales Returns
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100000 usd
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CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
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CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
588293 shares
CY2022Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
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CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
19300000 usd
CY2022Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
32.85
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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0 usd
CY2022Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
522162 shares
CY2022Q2 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
522162 shares
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
14100000 usd
CY2022Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
27.00
CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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10900000 usd
CY2022Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
399957 shares
CY2022Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
922119 shares
CY2022Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
10900000 usd
CY2022Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
27.25
CY2022Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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0 usd
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
27263 shares
us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense
800000 usd

Files In Submission

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avns-20220930_lab.xml Edgar Link unprocessable
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