2024 Q2 Form 10-Q Financial Statement

#000007889024000172 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $1.253B $1.236B
YoY Change 3.03% 4.28%
Cost Of Revenue $937.8M $927.2M
YoY Change -0.64% 0.75%
Gross Profit $315.3M $308.9M
YoY Change 15.75% 16.52%
Gross Profit Margin 25.16% 24.99%
Selling, General & Admin $194.3M $200.3M
YoY Change 15.17% 13.48%
% of Gross Profit 61.62% 64.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $73.10M $72.40M
YoY Change 5.03% 7.1%
% of Gross Profit 23.18% 23.44%
Operating Expenses $194.9M $198.8M
YoY Change 17.48% 12.63%
Operating Profit $116.0M $120.9M
YoY Change 9.85% 51.5%
Interest Expense $56.50M $55.80M
YoY Change 10.57% 19.74%
% of Operating Profit 48.71% 46.15%
Other Income/Expense, Net $12.50M $13.30M
YoY Change 204.88% 182.98%
Pretax Income $72.00M $78.40M
YoY Change 22.87% 106.86%
Income Tax $22.10M $26.20M
% Of Pretax Income 30.69% 33.42%
Net Earnings $46.20M $49.30M
YoY Change 43.93% 228.67%
Net Earnings / Revenue 3.69% 3.99%
Basic Earnings Per Share $1.03 $1.10
Diluted Earnings Per Share $1.02 $1.09
COMMON SHARES
Basic Shares Outstanding 44.46M shares 44.41M shares
Diluted Shares Outstanding 45.10M shares 45.30M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.189B $1.123B
YoY Change 33.6% 37.48%
Cash & Equivalents $1.189B $1.123B
Short-Term Investments
Other Short-Term Assets $786.4M $925.4M
YoY Change 1.31% 22.63%
Inventory
Prepaid Expenses $357.6M $367.5M
Receivables $843.3M $857.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.819B $2.905B
YoY Change 11.98% 18.67%
LONG-TERM ASSETS
Property, Plant & Equipment $975.2M $1.003B
YoY Change -1.51% 5.22%
Goodwill $1.454B $1.458B
YoY Change -0.95% -0.1%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $297.7M $283.0M
YoY Change -12.7% -3.77%
Total Long-Term Assets $3.743B $3.774B
YoY Change -3.89% -0.81%
TOTAL ASSETS
Total Short-Term Assets $2.819B $2.905B
Total Long-Term Assets $3.743B $3.774B
Total Assets $6.562B $6.679B
YoY Change 2.34% 6.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $229.7M $265.1M
YoY Change -0.78% 6.59%
Accrued Expenses $1.077B $1.105B
YoY Change 13.45% 12.12%
Deferred Revenue
YoY Change
Short-Term Debt $138.6M $155.0M
YoY Change 8.71% 64.72%
Long-Term Debt Due $133.1M $125.6M
YoY Change 48.05% 45.03%
Total Short-Term Liabilities $1.793B $1.992B
YoY Change 10.74% 24.27%
LONG-TERM LIABILITIES
Long-Term Debt $3.475B $3.309B
YoY Change 6.9% 3.73%
Other Long-Term Liabilities $227.1M $236.8M
YoY Change -5.02% 1.46%
Total Long-Term Liabilities $3.703B $3.546B
YoY Change 6.08% 3.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.793B $1.992B
Total Long-Term Liabilities $3.703B $3.546B
Total Liabilities $6.115B $6.159B
YoY Change 6.4% 9.05%
SHAREHOLDERS EQUITY
Retained Earnings $354.0M $354.0M
YoY Change -17.94% -13.81%
Common Stock $710.5M $711.4M
YoY Change -4.15% -2.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $320.5M $396.4M
YoY Change
Total Liabilities & Shareholders Equity $6.562B $6.679B
YoY Change 2.34% 6.82%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $46.20M $49.30M
YoY Change 43.93% 228.67%
Depreciation, Depletion And Amortization $73.10M $72.40M
YoY Change 5.03% 7.1%
Cash From Operating Activities -$66.10M $63.90M
YoY Change -143.95% -241.69%
INVESTING ACTIVITIES
Capital Expenditures $56.70M $52.20M
YoY Change 28.28% 15.49%
Acquisitions -$700.0K
YoY Change
Other Investing Activities -$13.90M $100.0K
YoY Change -67.52% -75.0%
Cash From Investing Activities -$70.60M -$45.80M
YoY Change -18.85% -20.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.4M -$1.300M
YoY Change 134.58% -98.66%
NET CHANGE
Cash From Operating Activities -66.10M 63.90M
Cash From Investing Activities -70.60M -$45.80M
Cash From Financing Activities 100.4M -$1.300M
Net Change In Cash -36.30M -$3.000M
YoY Change -134.18% -98.44%
FREE CASH FLOW
Cash From Operating Activities -$66.10M $63.90M
Capital Expenditures $56.70M $52.20M
Free Cash Flow -$122.8M $11.70M
YoY Change -215.63% -112.96%

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46700000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2024Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss Net Gain Loss Before Tax
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3100000 usd
CY2024Q1 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Net Prior Service Cost Credit Before Tax
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2800000 usd
CY2023Q1 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Net Prior Service Cost Credit Before Tax
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CY2024Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2024Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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43400000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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1100000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Before Tax
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10700000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
32900000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Tax
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6500000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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36000000.0 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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54300000 usd
CY2024Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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1100000 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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3500000 usd
CY2024Q1 us-gaap Comprehensive Income Net Of Tax
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36300000 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
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50800000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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520200000 usd
CY2024Q1 us-gaap Stock Repurchased During Period Value
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CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
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0.22
CY2024Q1 us-gaap Dividends Common Stock Cash
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9800000 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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9300000 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Other Longterm Incentive Plans Requisite Service Period Recognition
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CY2024Q1 us-gaap Minority Interest Decrease From Redemptions
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Profit Loss
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18300000 usd
CY2023Q1 us-gaap Stock Repurchased During Period Value
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16000000.0 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q1 us-gaap Dividends Common Stock Cash
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9300000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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10900000 usd
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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605000000.0 usd
CY2023Q1 us-gaap Profit Loss
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CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
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CY2024Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2023Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Dividends Common Stock Cash
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9300000 usd
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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10900000 usd
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605000000.0 usd
CY2024Q1 us-gaap Profit Loss
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52200000 usd
CY2023Q1 us-gaap Profit Loss
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CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2024Q1 us-gaap Depreciation Depletion And Amortization
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
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CY2024Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Share Based Compensation
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CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2024Q1 us-gaap Pension Expense
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CY2023Q1 us-gaap Pension Expense
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CY2023Q1 us-gaap Other Postretirement Benefit Expense
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CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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73600000 usd
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43700000 usd
CY2024Q1 bco Increase Decreasein Customer Obligations
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24000000.0 usd
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CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2024Q1 us-gaap Increase Decrease In Receivables
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CY2024Q1 bco Accounts Payable Income Taxes Payable And Accrued Liabilities
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CY2024Q1 us-gaap Increase Decrease In Contract With Customer Asset
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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2024Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2024Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2024Q1 us-gaap Repayments Of Other Long Term Debt
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CY2024Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2024Q1 us-gaap Payments For Proceeds From Loans And Leases
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CY2024Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2024Q1 us-gaap Repayments Of Other Long Term Debt
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CY2024Q1 us-gaap Payments To Minority Shareholders
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CY2024Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
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CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2024Q1 us-gaap Payments Of Dividends Common Stock
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CY2024Q1 us-gaap Payments Of Dividends Minority Interest
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CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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1218400000 usd
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9800000 usd
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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1218400000 usd
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In accordance with GAAP, we have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, allowance for doubtful accounts, deferred tax assets and purchase price allocations.</span></div>
CY2024Q1 us-gaap Contract With Customer Asset Net Current
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3800000 usd
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3700000 usd
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500000 usd
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1185400000 usd
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120900000 usd
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400000 usd
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3700000 usd
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500000 usd
CY2023Q1 us-gaap Capitalized Contract Cost Amortization
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500000 usd
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34000000.0 usd
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34000000.0 usd
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3531300000 usd
CY2024Q1 us-gaap Number Of Countries In Which Entity Operates
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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30400000 usd
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2024Q1 bco Foreign Currency Exchange Effects
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2024Q1 us-gaap Number Of Countries In Which Entity Operates
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q1 us-gaap Employee Service Share Based Compensation Cash Flow Effect Cash Used To Settle Awards
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1100000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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CY2024Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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7700000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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9200000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Cash Flow Effect Cash Used To Settle Awards
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700000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Cash Flow Effect Cash Used To Settle Awards
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1100000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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10000000.0 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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12000000.0 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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2300000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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2800000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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7700000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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9200000 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
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100000000 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
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CY2024Q1 us-gaap Dividends Payable Amount Per Share
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44800000 shares
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46700000 shares
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500000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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700000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Common Stock Shares Outstanding
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44600000 shares
CY2024Q1 us-gaap Dividends Payable Amount Per Share
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CY2024Q1 us-gaap Preferred Stock Shares Authorized
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10
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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46700000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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500000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
700000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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45300000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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47400000 shares
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300000 shares
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23300000 usd
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CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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557900000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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507000000.0 usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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47400000 shares
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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100000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000 shares
CY2024Q1 us-gaap Deferred Compensation Arrangement With Individual Shares Issued
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200000 shares
CY2023Q1 us-gaap Deferred Compensation Arrangement With Individual Shares Issued
DeferredCompensationArrangementWithIndividualSharesIssued
300000 shares
CY2024Q1 us-gaap Interest Paid Net
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68000000.0 usd
CY2023Q1 us-gaap Interest Paid Net
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59100000 usd
CY2024Q1 us-gaap Income Taxes Paid Net
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28200000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
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23300000 usd
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19500000 usd
CY2023Q1 us-gaap Capital Lease Obligations Incurred
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20700000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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0000078890-24-000172.txt Edgar Link pending
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bco-20240331.htm Edgar Link pending
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ex101q12024.htm Edgar Link pending
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bco-20240331_pre.xml Edgar Link unprocessable