2024 Q1 Form 10-K Financial Statement

#000132858124000018 Filed on February 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.645B $1.644B $6.838B
YoY Change 6.55% 0.98% -18.47%
Cost Of Revenue $1.307B $1.310B $5.409B
YoY Change 6.24% 1.66% -16.43%
Gross Profit $338.0M $334.2M $1.429B
YoY Change 7.74% -1.59% -25.37%
Gross Profit Margin 20.54% 20.32% 20.9%
Selling, General & Admin $169.2M $174.0M $673.9M
YoY Change 9.0% 14.11% 2.58%
% of Gross Profit 50.07% 52.08% 47.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.85M $39.91M $132.5M
YoY Change 14.96% 22.19% 30.39%
% of Gross Profit 10.61% 11.94% 9.27%
Operating Expenses $169.2M $213.0M $673.9M
YoY Change 9.0% 15.89% 2.58%
Operating Profit $133.0M $121.2M $624.4M
YoY Change 4.22% -22.21% -46.07%
Interest Expense $6.070M $6.066M $25.50M
YoY Change -4.57% 290.35% 0.33%
% of Operating Profit 4.56% 5.01% 4.08%
Other Income/Expense, Net $3.971M -$41.00K $20.66M
YoY Change 65.05% 0.0% -280.18%
Pretax Income $137.0M $127.2M $645.0M
YoY Change 5.34% -19.13% -43.73%
Income Tax $32.80M $29.67M $161.4M
% Of Pretax Income 23.95% 23.32% 25.02%
Net Earnings $104.1M $97.54M $483.7M
YoY Change 7.64% -16.89% -43.61%
Net Earnings / Revenue 6.33% 5.93% 7.07%
Basic Earnings Per Share $2.63 $12.20
Diluted Earnings Per Share $2.61 $2.44 $12.12
COMMON SHARES
Basic Shares Outstanding 39.54M shares 39.59M shares 39.65M shares
Diluted Shares Outstanding 39.96M shares 39.90M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $890.2M $949.6M $949.6M
YoY Change -11.04% -4.89% -4.89%
Cash & Equivalents $890.2M $949.6M $949.6M
Short-Term Investments
Other Short-Term Assets $17.55M $21.17M $21.17M
YoY Change -15.08% -55.78% -55.78%
Inventory $814.6M $712.4M $712.4M
Prepaid Expenses
Receivables $480.6M $352.8M $352.8M
Other Receivables $13.70M $20.92M $20.92M
Total Short-Term Assets $2.217B $2.057B $2.057B
YoY Change 1.14% -0.35% -0.35%
LONG-TERM ASSETS
Property, Plant & Equipment $934.3M $932.6M $1.020B
YoY Change 20.91% 21.12% 19.65%
Goodwill $170.3M $170.3M
YoY Change 23.41% 23.41%
Intangibles $185.8M $190.7M
YoY Change 18.27% 18.16%
Long-Term Investments
YoY Change
Other Assets $10.18M $9.269M $21.33M
YoY Change 3.0% -18.19% -14.56%
Total Long-Term Assets $1.398B $1.402B $1.402B
YoY Change 19.42% 19.16% 19.16%
TOTAL ASSETS
Total Short-Term Assets $2.217B $2.057B $2.057B
Total Long-Term Assets $1.398B $1.402B $1.402B
Total Assets $3.614B $3.459B $3.459B
YoY Change 7.5% 6.73% 6.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $460.2M $310.2M $310.2M
YoY Change 14.93% 14.97% 14.97%
Accrued Expenses $199.4M $280.5M $280.5M
YoY Change 135.45% 84.03% 84.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.013M $1.943M $1.943M
YoY Change
Total Short-Term Liabilities $684.7M $594.1M $594.1M
YoY Change 18.03% 8.85% 8.85%
LONG-TERM LIABILITIES
Long-Term Debt $445.5M $445.3M $473.4M
YoY Change 0.2% 0.2% -0.22%
Other Long-Term Liabilities $17.50M $16.87M $113.5M
YoY Change -0.23% -0.44% 14.82%
Total Long-Term Liabilities $463.0M $462.2M $586.9M
YoY Change 0.18% 0.18% 2.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $684.7M $594.1M $594.1M
Total Long-Term Liabilities $463.0M $462.2M $586.9M
Total Liabilities $1.148B $1.056B $1.263B
YoY Change 10.11% 4.88% 6.8%
SHAREHOLDERS EQUITY
Retained Earnings $1.876B $1.780B
YoY Change 8.03% 8.18%
Common Stock $554.3M $561.1M
YoY Change 0.95% 1.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.257B $2.196B $2.196B
YoY Change
Total Liabilities & Shareholders Equity $3.614B $3.459B $3.459B
YoY Change 7.5% 6.73% 6.73%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $104.1M $97.54M $483.7M
YoY Change 7.64% -16.89% -43.61%
Depreciation, Depletion And Amortization $35.85M $39.91M $132.5M
YoY Change 14.96% 22.19% 30.39%
Cash From Operating Activities $27.46M $166.4M $687.5M
YoY Change -42.78% -26.74% -33.98%
INVESTING ACTIVITIES
Capital Expenditures $34.33M $116.1M $215.4M
YoY Change 14.19% 122.14% 88.79%
Acquisitions $3.387M $162.8M
YoY Change -68.41%
Other Investing Activities -$2.828M -$162.6M -$160.1M
YoY Change -600.53% -6742.73% -68.69%
Cash From Investing Activities -$37.16M -$278.8M -$375.6M
YoY Change 25.97% 459.36% -39.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.426M
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$49.63M -211.0M -$360.7M
YoY Change 207.94% 358.84% 116.85%
NET CHANGE
Cash From Operating Activities $27.46M 166.4M $687.5M
Cash From Investing Activities -$37.16M -278.8M -$375.6M
Cash From Financing Activities -$49.63M -211.0M -$360.7M
Net Change In Cash -$59.33M -323.4M -$48.77M
YoY Change -2595.88% -346.32% -119.55%
FREE CASH FLOW
Cash From Operating Activities $27.46M $166.4M $687.5M
Capital Expenditures $34.33M $116.1M $215.4M
Free Cash Flow -$6.868M $50.22M $472.0M
YoY Change -138.31% -71.27% -49.09%

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CY2022Q4 us-gaap Commitments And Contingencies
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022 us-gaap Increase Decrease In Other Operating Capital Net
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CY2021 us-gaap Increase Decrease In Other Operating Capital Net
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2021 us-gaap Repayments Of Long Term Debt
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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249437000 usd
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CY2021 us-gaap Dividends Common Stock Cash
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215941000 usd
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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CY2022Q4 us-gaap Stockholders Equity
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3000 usd
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15410000 usd
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CY2023 us-gaap Dividends Common Stock Cash
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CY2023Q4 us-gaap Stockholders Equity
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2195664000 usd
CY2023 us-gaap Number Of Reportable Segments
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<div><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><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets, and other long-lived assets; legal contingencies; guarantee obligations; indemnifications; assumptions used in retirement, medical, and workers' compensation benefits; assumptions used in the determination of right-of-use (ROU) assets and related lease liabilities; stock-based compensation; fair value measurements; income taxes; and vendor and customer rebates, among others. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.</span></div>
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P30D
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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7350 employee
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10 integer6
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460 employee
CY2023Q4 bcc Number Of Employees Covered Under Collective Bargaining Arrangements Expiring December312024
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40 employee
CY2023Q4 us-gaap Self Insurance Reserve Current
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
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28250000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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Assets
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CY2023 dei Auditor Name
AuditorName
KPMG LLP
CY2023 dei Auditor Location
AuditorLocation
Boise, ID
CY2023 dei Auditor Firm
AuditorFirmId
185

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