2024 Q3 Form 10-K Financial Statement

#000000885824000030 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $5.604B $5.563B $23.76B
YoY Change -14.5% -14.61% -10.48%
Cost Of Revenue $4.997B $4.920B $20.99B
YoY Change -12.9% -13.72% -10.12%
Gross Profit $607.4M $642.9M $2.766B
YoY Change -25.75% -20.81% -13.06%
Gross Profit Margin 10.84% 11.56% 11.64%
Selling, General & Admin $438.8M $450.3M $1.870B
YoY Change -13.34% -9.62% -4.97%
% of Gross Profit 72.24% 70.04% 67.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.88M $22.56M $86.71M
YoY Change -15.66% 5.73% -2.15%
% of Gross Profit 3.27% 3.51% 3.13%
Operating Expenses $438.8M $450.3M $1.870B
YoY Change -13.34% -9.62% -4.97%
Operating Profit $142.2M $192.6M $844.4M
YoY Change -54.37% -38.59% -28.85%
Interest Expense -$64.44M -$64.27M $282.9M
YoY Change -14.14% -189.65% 12.75%
% of Operating Profit -45.31% -33.37% 33.5%
Other Income/Expense, Net -$3.043M $1.408M -$15.74M
YoY Change -147.13% -14.82% -258.82%
Pretax Income $74.74M $101.3M $632.3M
YoY Change -60.75% -58.4% -35.67%
Income Tax $15.78M $18.66M $133.6M
% Of Pretax Income 21.12% 18.41% 21.12%
Net Earnings $58.96M $82.67M $498.7M
YoY Change -62.03% -55.89% -35.3%
Net Earnings / Revenue 1.05% 1.49% 2.1%
Basic Earnings Per Share $0.67 $5.51
Diluted Earnings Per Share $0.66 $0.91 $5.43
COMMON SHARES
Basic Shares Outstanding 88.11M 90.38M 90.57M
Diluted Shares Outstanding 89.39M 91.84M

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $267.5M $310.9M $310.9M
YoY Change -7.18% 67.23% 7.88%
Cash & Equivalents $267.5M $310.9M $310.9M
Short-Term Investments
Other Short-Term Assets $221.8M $199.7M $199.7M
YoY Change -5.15% -14.28% -14.59%
Inventory $5.614B $5.469B $5.469B
Prepaid Expenses
Receivables $4.576B $4.391B $4.391B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.68B $10.37B $10.37B
YoY Change -0.67% -0.7% -3.54%
LONG-TERM ASSETS
Property, Plant & Equipment $584.1M $568.2M $777.1M
YoY Change 32.27% 41.94% 17.17%
Goodwill $818.9M $781.0M
YoY Change 4.9% 1.31%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $303.6M $280.5M $280.5M
YoY Change 7.5% 3.23% -0.69%
Total Long-Term Assets $1.918B $1.839B $1.839B
YoY Change 11.12% 10.37% 6.5%
TOTAL ASSETS
Total Short-Term Assets $10.68B $10.37B $10.37B
Total Long-Term Assets $1.918B $1.839B $1.839B
Total Assets $12.60B $12.21B $12.21B
YoY Change 0.96% 0.82% -2.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.588B $3.346B $3.346B
YoY Change 6.35% 6.65% -0.84%
Accrued Expenses $580.3M $573.1M $580.9M
YoY Change -22.95% -18.68% -27.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $524.1M $492.7M $492.7M
YoY Change 641.91% 545.46% 597.54%
Total Short-Term Liabilities $4.748B $4.465B $4.465B
YoY Change 11.73% 12.48% 5.08%
LONG-TERM LIABILITIES
Long-Term Debt $2.431B $2.407B $2.407B
YoY Change -18.65% -20.65% -19.46%
Other Long-Term Liabilities $205.9M $237.9M $411.7M
YoY Change -30.79% -14.62% -15.64%
Total Long-Term Liabilities $2.637B $2.644B $2.818B
YoY Change -19.75% -20.14% -18.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.748B $4.465B $4.465B
Total Long-Term Liabilities $2.637B $2.644B $2.818B
Total Liabilities $7.560B $7.284B $7.284B
YoY Change -2.14% -2.54% -5.72%
SHAREHOLDERS EQUITY
Retained Earnings $3.534B $3.602B
YoY Change 4.61% 10.83%
Common Stock $1.823B $1.810B
YoY Change 2.27% 2.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.038B $4.926B $4.926B
YoY Change
Total Liabilities & Shareholders Equity $12.60B $12.21B $12.21B
YoY Change 0.97% 0.82% -2.15%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income $58.96M $82.67M $498.7M
YoY Change -62.03% -55.89% -35.3%
Depreciation, Depletion And Amortization $19.88M $22.56M $86.71M
YoY Change -15.66% 5.73% -2.15%
Cash From Operating Activities $106.3M $274.3M $690.0M
YoY Change -54.67% 1401.94% -196.68%
INVESTING ACTIVITIES
Capital Expenditures $31.78M $26.27M $226.5M
YoY Change -44.13% -0.38% 16.34%
Acquisitions
YoY Change
Other Investing Activities -$330.0K $365.0K -$994.0K
YoY Change -40.11% -876.6% -105.89%
Cash From Investing Activities -$31.45M -$25.90M -$225.5M
YoY Change -45.24% -1.94% 6.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $162.7M
YoY Change -26.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -109.4M -149.3M -433.8M
YoY Change 61.57% 11.36% -141.13%
NET CHANGE
Cash From Operating Activities 106.3M 274.3M 690.0M
Cash From Investing Activities -31.45M -25.90M -225.5M
Cash From Financing Activities -109.4M -149.3M -433.8M
Net Change In Cash -43.42M 99.04M 22.71M
YoY Change -139.68% -169.63% -83.12%
FREE CASH FLOW
Cash From Operating Activities $106.3M $274.3M $690.0M
Capital Expenditures $31.78M $26.27M $226.5M
Free Cash Flow $74.55M $248.0M $463.5M
YoY Change -58.04% -3158.53% -151.03%

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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.43;text-indent:23.75pt;margin:10pt 0pt 0pt 0pt;"><i style="font-style:italic;">Reclassifications</i> — Certain prior period amounts have been reclassified or combined to conform to the current period presentation.</p>
CY2024 us-gaap Fiscal Period
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.43;text-indent:23.75pt;margin:10pt 0pt 0pt 0pt;"><i style="font-style:italic;">Fiscal year</i> — The Company operates on a “52/53 week” fiscal year, which ends on the Saturday closest to June 30th. Fiscal 2024, 2023 and 2022 contain 52 weeks. Unless otherwise noted, all references to “fiscal” or “year” shall mean the Company’s fiscal year.</p>
CY2024 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.43;text-indent:23.75pt;margin:10pt 0pt 0pt 0pt;"><i style="font-style:italic;">Management estimates</i> — The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, reported amounts of sales and expenses and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates.</p>
CY2024 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.43;text-indent:23.75pt;margin:10pt 0pt 0pt 0pt;"><i style="font-style:italic;">Concentration of credit risk</i> — Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, marketable securities, and trade accounts receivable. The Company invests its excess cash primarily in overnight time deposits and institutional money market funds with highly rated financial institutions. To reduce credit risk, management performs ongoing credit evaluations of its customers’ financial condition and, in some instances, has obtained credit insurance coverage to reduce such risk. The Company maintains reserves for potential credit losses from customers, but has not historically experienced material losses related to individual customers or groups of customers in any particular end market or geographic area.</p>
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
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CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
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CY2024 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
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CY2024Q2 us-gaap Equity Method Investment Aggregate Cost
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CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2023 avt Percentage Of Inventory Held For Supply Chain Services
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CY2023Q3 avt Depreciable Property Plant And Equipment Net
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CY2024Q2 us-gaap Land
Land
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CY2024Q2 us-gaap Goodwill
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CY2024Q2 us-gaap Debt Longterm And Shortterm Combined Amount
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