2024 Q4 Form 10-K Financial Statement

#000095017024126338 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024
Revenue $599.2M $728.7M $2.767B
YoY Change -4.39% -2.02% -1.74%
Cost Of Revenue $472.4M $546.5M $2.122B
YoY Change -4.16% -2.08% -0.73%
Gross Profit $126.8M $182.2M $645.6M
YoY Change -5.23% -1.83% -4.9%
Gross Profit Margin 21.16% 25.0% 23.33%
Selling, General & Admin $119.3M $121.5M $496.5M
YoY Change -8.16% 0.91% -6.92%
% of Gross Profit 94.09% 66.68% 76.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.40M $37.00M $108.4M
YoY Change 18.75% 5.41% 3.04%
% of Gross Profit 23.97% 20.31% 16.79%
Operating Expenses $119.3M $129.9M $496.5M
YoY Change -8.16% -0.99% -6.92%
Operating Profit -$600.0K $52.30M $156.9M
YoY Change -90.32% -3.86% 55.35%
Interest Expense $14.20M -$14.20M $62.40M
YoY Change -16.96% -25.65% -35.93%
% of Operating Profit -27.15% 39.77%
Other Income/Expense, Net $200.0K $500.0K $2.000M
YoY Change -83.33% -105.68% -129.85%
Pretax Income -$14.60M $38.20M $96.50M
YoY Change -33.94% 44.15% -3212.9%
Income Tax -$4.200M $13.60M $30.10M
% Of Pretax Income 35.6% 31.19%
Net Earnings -$10.40M $5.400M $66.40M
YoY Change -36.59% -67.07% -962.34%
Net Earnings / Revenue -1.74% 0.74% 2.4%
Basic Earnings Per Share -$0.20 $0.21
Diluted Earnings Per Share -$0.20 $0.05 $0.20
COMMON SHARES
Basic Shares Outstanding 95.00M 94.60M 94.67M
Diluted Shares Outstanding 95.17M 96.08M

Balance Sheet

Concept 2024 Q4 2024 Q3 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $140.4M $140.4M
YoY Change 109.55% 109.55%
Cash & Equivalents $98.30M $140.4M $140.4M
Short-Term Investments
Other Short-Term Assets $100.7M $86.70M $86.70M
YoY Change 1.0% -2.91% -2.91%
Inventory
Prepaid Expenses
Receivables $390.0M $415.2M $553.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $686.0M $780.1M $780.1M
YoY Change -0.71% 5.12% 5.12%
LONG-TERM ASSETS
Property, Plant & Equipment $400.3M $391.9M $473.2M
YoY Change 32.2% 24.33% 17.92%
Goodwill $2.016B $2.016B
YoY Change -0.29% -0.28%
Intangibles $87.70M $95.80M
YoY Change -28.17% -27.59%
Long-Term Investments
YoY Change
Other Assets $39.90M $27.00M $27.00M
YoY Change -0.75% -51.0% -51.0%
Total Long-Term Assets $2.622B $2.612B $2.612B
YoY Change 1.9% 0.06% 0.06%
TOTAL ASSETS
Total Short-Term Assets $686.0M $780.1M $780.1M
Total Long-Term Assets $2.622B $2.612B $2.612B
Total Assets $3.308B $3.392B $3.392B
YoY Change 1.35% 1.18% 1.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $122.5M $144.1M $144.1M
YoY Change 1.91% 5.8% 5.8%
Accrued Expenses $237.7M $225.6M
YoY Change 31.91% 21.29%
Deferred Revenue $111.8M $83.80M
YoY Change 22.99% 22.87%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $37.00M
YoY Change 72.09%
Total Short-Term Liabilities $479.3M $543.3M $543.3M
YoY Change 13.79% 16.41% 16.41%
LONG-TERM LIABILITIES
Long-Term Debt $796.5M $802.5M $833.7M
YoY Change -9.47% -9.64% -8.32%
Other Long-Term Liabilities $35.60M $44.30M $188.5M
YoY Change 7.88% 28.03% 2.72%
Total Long-Term Liabilities $832.1M $846.8M $1.022B
YoY Change -8.84% -8.23% -6.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $479.3M $543.3M $543.3M
Total Long-Term Liabilities $832.1M $846.8M $1.022B
Total Liabilities $1.535B $1.609B $1.609B
YoY Change -0.86% -0.08% -0.08%
SHAREHOLDERS EQUITY
Retained Earnings -$79.30M -$68.90M
YoY Change -47.73% -49.08%
Common Stock $1.517B $1.519B
YoY Change -0.77% -0.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.266B $1.275B $1.782B
YoY Change
Total Liabilities & Shareholders Equity $3.308B $3.392B $3.392B
YoY Change 1.35% 1.18% 1.18%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024
OPERATING ACTIVITIES
Net Income -$10.40M $5.400M $66.40M
YoY Change -36.59% -67.07% -962.34%
Depreciation, Depletion And Amortization $30.40M $37.00M $108.4M
YoY Change 18.75% 5.41% 3.04%
Cash From Operating Activities $60.50M $53.50M $205.6M
YoY Change 130.92% 31.77% 58.28%
INVESTING ACTIVITIES
Capital Expenditures $58.70M $32.40M $78.40M
YoY Change 481.19% 141.79% 9.96%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$800.0K $3.900M -$3.700M
YoY Change 166.67% -74.0% 76.19%
Cash From Investing Activities -$55.30M -$28.50M -$5.600M
YoY Change 543.02% -1881.25% -90.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0K
YoY Change -90.0%
Debt Paid & Issued, Net $8.400M $87.30M
YoY Change -11.58% -84.26%
Cash From Financing Activities -47.30M -500.0K -126.6M
YoY Change 135.32% -103.29% 486.11%
NET CHANGE
Cash From Operating Activities 60.50M 53.50M 205.6M
Cash From Investing Activities -55.30M -28.50M -5.600M
Cash From Financing Activities -47.30M -500.0K -126.6M
Net Change In Cash -42.10M 24.50M 73.40M
YoY Change 1584.0% -57.32% 56.5%
FREE CASH FLOW
Cash From Operating Activities $60.50M $53.50M $205.6M
Capital Expenditures $58.70M $32.40M $78.40M
Free Cash Flow $1.800M $21.10M $127.2M
YoY Change -88.82% -22.43% 117.06%

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<p style="font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;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 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, management reviews its estimates, including those related to allowances for doubtful accounts, revenue recognition, self-insurance reserves, estimates related to the Company’s assessment of goodwill for impairment, useful lives for depreciation and amortization, realizability of deferred tax assets, and litigation based on currently available information. Changes in facts and circumstances may result in revised estimates and actual results may differ from estimates.</span></p>
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CY2023Q3 us-gaap Goodwill
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CY2023Q3 bv Current Portion Of Finance Lease Liabilities
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CY2023Q3 us-gaap Long Term Debt
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CY2023Q3 us-gaap Long Term Debt Current
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CY2023Q3 us-gaap Long Term Debt Noncurrent
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Four
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CY2024Q3 bv Long Term Debt Maturities Repayments Of Principal In Rolling After Year Four
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CY2024Q3 us-gaap Debt Instrument Carrying Amount
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CY2023Q3 us-gaap Long Term Debt Fair Value
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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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CY2024 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2024 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2024 bv Income Tax Reconciliation Provision To Return And Deferred Tax Adjustments
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CY2023 bv Income Tax Reconciliation Provision To Return And Deferred Tax Adjustments
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CY2022 bv Income Tax Reconciliation Provision To Return And Deferred Tax Adjustments
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CY2024 bv Income Tax Reconciliation Nondeductible Expense Promotional And Entertainment
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CY2023 bv Income Tax Reconciliation Nondeductible Expense Promotional And Entertainment
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CY2022 bv Income Tax Reconciliation Nondeductible Expense Promotional And Entertainment
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CY2024 us-gaap Income Tax Reconciliation Tax Credits
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CY2023 us-gaap Income Tax Reconciliation Tax Credits
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CY2022 us-gaap Income Tax Reconciliation Tax Credits
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CY2024 bv Carryback Claim
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CY2023 bv Carryback Claim
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CY2022 bv Carryback Claim
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CY2024 bv Income Tax Reconciliation Non Deductible Goodwill On Sale Of Us Lawns
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CY2023 bv Income Tax Reconciliation Non Deductible Goodwill On Sale Of Us Lawns
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CY2022 bv Income Tax Reconciliation Non Deductible Goodwill On Sale Of Us Lawns
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CY2024 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2023 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2024 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2024 us-gaap Income Tax Reconciliation Other Adjustments
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CY2023 us-gaap Income Tax Reconciliation Other Adjustments
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CY2022 us-gaap Income Tax Reconciliation Other Adjustments
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CY2024 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
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CY2024Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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CY2023Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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CY2024Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
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CY2024Q3 bv Deferred Tax Assets Lease Liability
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CY2023Q3 bv Deferred Tax Assets Lease Liability
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CY2024Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q3 bv Deferred Tax Assets Business Interest Expense
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CY2023Q3 us-gaap Deferred Tax Assets Other
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CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q3 us-gaap Deferred Tax Assets Net
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CY2024Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2024Q3 us-gaap Unrecognized Tax Benefits
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CY2023 us-gaap Operating Lease Cost
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CY2023 bv Finance Lease Cost
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CY2024 us-gaap Short Term Lease Cost
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CY2023 us-gaap Short Term Lease Cost
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
28500000
CY2024Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Two
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Three
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Four
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Five
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2024Q3 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2024Q3 bv Finance Lease Liability Payments Net
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73100000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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10500000
CY2024Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2024Q3 us-gaap Operating Lease Liability
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CY2024Q3 us-gaap Finance Lease Liability
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CY2024Q3 us-gaap Finance Lease Liability Current
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CY2024Q3 us-gaap Operating Lease Liability Noncurrent
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CY2024Q3 us-gaap Finance Lease Liability Noncurrent
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2024 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2024 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2024 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
19
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024 bv It Infrastructure Transformation And Other Costs
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27900000
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3200000
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5010000

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