2023 Q4 Form 10-K Financial Statement

#000095017024029409 Filed on March 11, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $119.0M $527.1M $692.2M
YoY Change -19.68% -23.85% -20.77%
Cost Of Revenue $45.04M $204.0M $322.6M
YoY Change -29.12% -36.76% -1.84%
Gross Profit $73.97M $323.1M $369.6M
YoY Change -12.58% -12.58% -32.19%
Gross Profit Margin 62.16% 61.29% 53.39%
Selling, General & Admin $73.52M $340.1M $438.4M
YoY Change -20.95% -22.43% -30.17%
% of Gross Profit 99.39% 105.26% 118.63%
Research & Development $14.09M $2.700M $4.400M
YoY Change -3.68% -38.64% -4.35%
% of Gross Profit 19.04% 0.84% 1.19%
Depreciation & Amortization $15.44M $39.57M $74.85M
YoY Change -28.5% -47.13% 25.59%
% of Gross Profit 20.87% 12.25% 20.25%
Operating Expenses $91.30M $464.1M $572.7M
YoY Change -19.81% -18.97% -32.0%
Operating Profit -$17.33M -$141.0M -$203.2M
YoY Change -40.72% -30.6% -31.67%
Interest Expense -$2.101M $8.874M $3.368M
YoY Change -4.24% 163.48% 528.36%
% of Operating Profit
Other Income/Expense, Net $1.371M $1.747M $958.0K
YoY Change -64.74% 82.36% -70.1%
Pretax Income -$65.10M -$152.6M -$197.2M
YoY Change 40.15% -22.63% -19.14%
Income Tax -$62.00K $37.00K -$3.053M
% Of Pretax Income
Net Earnings -$65.04M -$152.6M -$194.2M
YoY Change 44.75% -21.4% -14.97%
Net Earnings / Revenue -54.65% -28.96% -28.05%
Basic Earnings Per Share -$24.47 -$0.63
Diluted Earnings Per Share -$10.31 -$24.47 -$0.63
COMMON SHARES
Basic Shares Outstanding 6.239M 307.5M
Diluted Shares Outstanding 6.239M 307.5M

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.41M $33.41M $80.09M
YoY Change -58.29% -58.29% -23.03%
Cash & Equivalents $33.41M $33.41M $80.09M
Short-Term Investments
Other Short-Term Assets $45.92M $59.62M $51.44M
YoY Change 17.01% 15.9% -16.18%
Inventory $24.98M $24.98M $54.06M
Prepaid Expenses $10.72M
Receivables $1.270M $1.270M $866.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $119.3M $119.3M $186.5M
YoY Change -36.03% -36.03% -37.72%
LONG-TERM ASSETS
Property, Plant & Equipment $45.06M $48.12M $79.18M
YoY Change -39.24% -39.23% -33.86%
Goodwill $85.20M
YoY Change -31.93%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.923M $2.923M $9.506M
YoY Change -69.25% -69.25% 24.28%
Total Long-Term Assets $157.6M $157.6M $256.9M
YoY Change -38.68% -38.68% -24.04%
TOTAL ASSETS
Total Short-Term Assets $119.3M $119.3M $186.5M
Total Long-Term Assets $157.6M $157.6M $256.9M
Total Assets $276.8M $276.8M $443.4M
YoY Change -37.56% -37.56% -30.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.66M $10.66M $17.94M
YoY Change -40.59% -40.59% -62.92%
Accrued Expenses $42.15M $43.98M $66.58M
YoY Change -34.58% -33.94% -13.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.068M $8.068M $1.250M
YoY Change 545.44% 545.44%
Total Short-Term Liabilities $165.2M $165.2M $184.6M
YoY Change -10.53% -10.53% -21.84%
LONG-TERM LIABILITIES
Long-Term Debt $21.49M $21.49M $39.74M
YoY Change -45.91% -45.91%
Other Long-Term Liabilities $5.950M $7.375M $7.297M
YoY Change 49.54% 1.07% -43.13%
Total Long-Term Liabilities $27.44M $28.87M $47.03M
YoY Change -37.23% -38.62% 266.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $165.2M $165.2M $184.6M
Total Long-Term Liabilities $27.44M $28.87M $47.03M
Total Liabilities $194.1M $194.1M $231.9M
YoY Change -16.29% -16.29% -8.08%
SHAREHOLDERS EQUITY
Retained Earnings -$571.9M
YoY Change 36.41%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.76M $82.76M $211.5M
YoY Change
Total Liabilities & Shareholders Equity $276.8M $276.8M $443.4M
YoY Change -37.56% -37.56% -30.46%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$65.04M -$152.6M -$194.2M
YoY Change 44.75% -21.4% -14.97%
Depreciation, Depletion And Amortization $15.44M $39.57M $74.85M
YoY Change -28.5% -47.13% 25.59%
Cash From Operating Activities -$7.957M -$22.54M -$47.17M
YoY Change -22.22% -52.22% -78.08%
INVESTING ACTIVITIES
Capital Expenditures $1.076M $6.576M $26.49M
YoY Change -66.96% -75.18% -66.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$4.250M $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.076M -$10.83M -$26.49M
YoY Change -66.96% -59.14% -78.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.908M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.013M -13.72M 47.56M
YoY Change -655.82% -128.84% -87.83%
NET CHANGE
Cash From Operating Activities -7.957M -22.54M -47.17M
Cash From Investing Activities -1.076M -10.83M -26.49M
Cash From Financing Activities 4.013M -13.72M 47.56M
Net Change In Cash -5.020M -46.68M -26.96M
YoY Change -64.67% 73.13% -153.68%
FREE CASH FLOW
Cash From Operating Activities -$7.957M -$22.54M -$47.17M
Capital Expenditures $1.076M $6.576M $26.49M
Free Cash Flow -$9.033M -$29.11M -$73.67M
YoY Change -33.02% -60.48% -74.87%

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that may impact the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in our consolidated financial statements include, but are not limited to, the useful life and recoverability of long-lived assets, the valuation of warrant liabilities, the recognition and measurement of income tax assets and liabilities, the valuation of intangible assets, impairment of goodwill and intangible assets, and the net realizable value of inventory. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities. Our actual results could differ from our estimates. We periodically review estimates and assumptions and we reflect the effects of changes, if any, in the consolidated financial statements in the period that they are determined.</span></p>
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CY2022 body Short Term Sublease Income
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CY2022 us-gaap Finance Lease Principal Payments
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420000
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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2079000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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2000
CY2023Q4 body Lease Liability Payments Due Year One
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687000
CY2023Q4 body Lease Liability Payments Due Year Two
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687000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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712000
CY2023Q4 body Lease Liability Payments Due Year Three
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712000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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132000
CY2023Q4 body Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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CY2023Q4 body Lease Liability Payments Due
LeaseLiabilityPaymentsDue
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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352000
CY2023Q4 body Lease Liability Undiscounted Excess Amount
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352000
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2000
CY2023Q4 body Lease Liability
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2025
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CY2023Q4 us-gaap Purchase Obligation
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CY2022Q4 us-gaap Restructuring Reserve
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The holder of each Class A common stock is entitled to one vote, the holder of each share of Class X common stock is entitled to ten votes and except as otherwise required by law, the holder of each share of Class C common stock is not entitled to any voting powers.
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2029-06-13
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CY2021Q4 body Accumulated Other Comprehensive Income Loss Unrealized Gain Loss On Derivatives
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31000
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CY2022Q4 us-gaap Derivative Liability Notional Amount
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q4 body Deferred Tax Liabilities Rights Of Use Assets
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 body Net D Deferred Tax Assets Before Valuation Allowance
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CY2023Q4 us-gaap Deferred Tax Liabilities
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2023Q4 us-gaap Unrecognized Tax Benefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2023Q4 body Unrecognized Tax Benefits Including Interest And Penalties
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1044000
CY2022Q4 body Unrecognized Tax Benefits Including Interest And Penalties
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1044000
CY2023 body Employee Benefit Plans
EmployeeBenefitPlans
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 19. Employee Benefit Plan</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company maintains a defined contribution 401(k) plan for the benefit of all employees who have met the eligibility requirements. Participants may contribute up to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">75</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of their eligible compensation, subject only to annual limitations set by the Internal Revenue Service. The Company matched </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">50</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of participant contributions, up to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the participant’s total compensation. For the years ended December 31, 2023 and 2022, the Company recorded expense for matching contributions of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively.</span></p>
CY2023 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.75
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06
CY2023 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1900000
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2900000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-152641000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-194192000
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6238777
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6238777
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6149784
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6149784
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-24.47
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-24.47
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-31.58
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-31.58
CY2023Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
420769
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2562151
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1587091
CY2023 dei Auditor Firm
AuditorFirmId
34
CY2022 dei Auditor Firm
AuditorFirmId
42

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