2024 Q1 Form 10-K Financial Statement

#000185652524000036 Filed on March 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2024 2023 Q4
Revenue $1.440B $6.702B $1.827B
YoY Change 4.8% 0.77% 0.5%
Cost Of Revenue $1.056B $4.884B $1.333B
YoY Change 5.49% 0.58% 1.14%
Gross Profit $384.0M $1.818B $494.0M
YoY Change 2.95% 1.28% -1.2%
Gross Profit Margin 26.67% 27.13% 27.04%
Selling, General & Admin $228.0M $931.0M $240.0M
YoY Change 7.04% 5.8% 3.9%
% of Gross Profit 59.38% 51.21% 48.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.00M $154.0M $7.000M
YoY Change 5.26% 4.05% 16.67%
% of Gross Profit 10.42% 8.47% 1.42%
Operating Expenses $266.0M $1.078B $277.0M
YoY Change 6.83% 5.69% 4.14%
Operating Profit $118.0M $740.0M $217.0M
YoY Change -4.84% -4.52% -7.26%
Interest Expense -$22.00M $81.00M $20.00M
YoY Change 10.0% 22.73% 25.0%
% of Operating Profit -18.64% 10.95% 9.22%
Other Income/Expense, Net
YoY Change
Pretax Income $94.00M $659.0M $197.0M
YoY Change -9.62% -7.05% -9.63%
Income Tax $18.00M $128.0M $39.00M
% Of Pretax Income 19.15% 19.42% 19.8%
Net Earnings $63.00M $371.0M $112.0M
YoY Change 16.67% 1.37% 0.9%
Net Earnings / Revenue 4.38% 5.54% 6.13%
Basic Earnings Per Share $2.15 $0.65
Diluted Earnings Per Share $0.29 $2.15 $0.65
COMMON SHARES
Basic Shares Outstanding 172.8M shares 171.0M shares
Diluted Shares Outstanding 227.8M shares 224.7M shares

Balance Sheet

Concept 2024 Q1 2024 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000M $1.000M $101.0M
YoY Change -99.44% -99.44%
Cash & Equivalents $1.000M $1.000M $101.0M
Short-Term Investments
Other Short-Term Assets $33.00M $33.00M $31.00M
YoY Change 3.13% 3.13% -8.82%
Inventory $766.0M $766.0M $824.0M
Prepaid Expenses
Receivables $888.0M $973.0M $1.132B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.773B $1.773B $2.171B
YoY Change -19.81% -19.81% -11.57%
LONG-TERM ASSETS
Property, Plant & Equipment $151.0M $343.0M $142.0M
YoY Change 43.81% 22.5% 35.24%
Goodwill $1.561B $1.552B
YoY Change 1.69% 0.98%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $66.00M $608.0M $85.00M
YoY Change -25.0% 590.91% -21.3%
Total Long-Term Assets $3.296B $3.296B $2.896B
YoY Change 22.16% 22.16% 5.89%
TOTAL ASSETS
Total Short-Term Assets $1.773B $1.773B $2.171B
Total Long-Term Assets $3.296B $3.296B $2.896B
Total Assets $5.069B $5.069B $5.067B
YoY Change 3.26% 3.26% -2.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $504.0M $504.0M $646.0M
YoY Change 5.22% 5.22% -7.85%
Accrued Expenses $161.0M $161.0M $154.0M
YoY Change -9.04% -9.04% -10.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $15.00M $15.00M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $774.0M $774.0M $921.0M
YoY Change 6.61% 6.61% -6.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.863B $1.863B $1.436B
YoY Change 29.02% 29.02% -6.57%
Other Long-Term Liabilities $16.00M $860.0M $18.00M
YoY Change -15.79% 168.75% -5.26%
Total Long-Term Liabilities $1.879B $2.723B $1.454B
YoY Change 28.43% 54.37% -6.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $774.0M $774.0M $921.0M
Total Long-Term Liabilities $1.879B $2.723B $1.454B
Total Liabilities $3.545B $3.618B $2.852B
YoY Change 41.86% 14.42% 0.49%
SHAREHOLDERS EQUITY
Retained Earnings $189.0M $491.0M
YoY Change -58.73% 21.53%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.451B $1.451B $1.769B
YoY Change
Total Liabilities & Shareholders Equity $5.069B $5.069B $5.067B
YoY Change 3.26% 3.26% -2.37%

Cashflow Statement

Concept 2024 Q1 2024 2023 Q4
OPERATING ACTIVITIES
Net Income $63.00M $371.0M $112.0M
YoY Change 16.67% 1.37% 0.9%
Depreciation, Depletion And Amortization $40.00M $154.0M $7.000M
YoY Change 5.26% 4.05% 16.67%
Cash From Operating Activities $294.0M $1.069B $373.0M
YoY Change -4.23% 166.58% 142.21%
INVESTING ACTIVITIES
Capital Expenditures $5.000M $39.00M $19.00M
YoY Change 0.0% 56.0% -480.0%
Acquisitions $231.0M
YoY Change 80.47%
Other Investing Activities -$83.00M $0.00 $1.000M
YoY Change 492.86% -100.0% -101.39%
Cash From Investing Activities -$88.00M -$270.0M -$18.00M
YoY Change 363.16% 77.63% -76.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.344B
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -306.0M -$975.0M -274.0M
YoY Change 175.68% 1235.62% 255.84%
NET CHANGE
Cash From Operating Activities 294.0M $1.069B 373.0M
Cash From Investing Activities -88.00M -$270.0M -18.00M
Cash From Financing Activities -306.0M -$975.0M -274.0M
Net Change In Cash -100.0M -$176.0M 81.00M
YoY Change -156.5% -200.0%
FREE CASH FLOW
Cash From Operating Activities $294.0M $1.069B $373.0M
Capital Expenditures $5.000M $39.00M $19.00M
Free Cash Flow $289.0M $1.030B $354.0M
YoY Change -4.3% 173.94% 122.64%

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CY2024 us-gaap Fiscal Period
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<div style="margin-top:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fiscal Year </span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s fiscal year is a 52- or 53-week period ending on the Sunday nearest to January 31</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">st</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Quarters within the fiscal year include 13-week periods, unless a fiscal year includes a 53</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">rd</span> week, in which case the fourth quarter of the fiscal year will be a 14-week period. The fiscal years ended January 28, 2024 (“fiscal 2023”), January 29, 2023 (“fiscal 2022”) and January 30, 2022 (“fiscal 2021”) included 52 weeks. The next fiscal year ending February 2, 2025 (“fiscal 2024”) will include 53 weeks.
CY2024 us-gaap Use Of Estimates
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<div style="margin-top:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Estimates </span></div>Management has made a number of estimates and assumptions relating to the reporting of certain assets and liabilities, the disclosure of contingent assets and liabilities, and reported amounts of revenues and expenses in preparing the elements of these financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). Actual results could differ from these estimates.
CY2024 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
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<div style="margin-top:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Allowance for Credit Losses</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounts receivable are evaluated for collectability based on numerous factors, including past transaction history with customers, their credit worthiness, and an assessment of lien and bond rights. An allowance for credit losses is estimated as a percentage of aged receivables. This estimate is periodically adjusted when management becomes aware of a specific customer’s inability to meet its financial obligations (e.g., a bankruptcy filing) or as a result of changes in historical collection patterns.</span></div>
CY2024Q1 cnm Inventory Purchase Rebates And Purchase Discounts
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CY2024 us-gaap Property Plant And Equipment Impairment
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<div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment assets are assessed for recovery when a triggering event occurs. A potential impairment is first evaluated by comparing the undiscounted cash flows associated with the asset, or the asset group it is part of, to its carrying value. If the carrying value is greater than the undiscounted cash flows, the amount of potential impairment is measured by comparing the fair value of the asset, or the asset group it is part of, with its carrying value. The Company assesses the remaining useful life and the recoverability of property and equipment assets whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. Judgments regarding the existence of a triggering event are based on market and operational performance. Evaluating potential impairment also requires estimates of future operating results and cash flows. There were no impairments of property and equipment assets during fiscal 2023, fiscal 2022 or fiscal 2021.</span></div>
CY2024 us-gaap Production And Distribution Costs
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CY2024 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div>The majority of the Company’s revenues are credit sales which are made primarily to customers whose ability to pay is dependent, in part, upon the economic strength of the construction industry in the areas where they operate and availability of municipal funding. Concentration of credit risk with respect to trade accounts receivable is limited by the large number of customers comprising the Company’s customer base. The Company performs ongoing credit evaluations of its customers.
CY2024Q1 cnm Tax Receivable Agreements Payment To Limited Partners Of Realized Company Tax Benefits Percent
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0.85
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CY2024Q1 cnm Tax Receivable Agreements Payment To Limited Partners Of Realized Company Tax Benefits Percent
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CY2024Q1 cnm Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Goodwill
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CY2023Q1 cnm Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Goodwill
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CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
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107000000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
151000000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
105000000 usd
CY2024 us-gaap Depreciation
Depreciation
27000000 usd
CY2023 us-gaap Depreciation
Depreciation
23000000 usd
CY2022 us-gaap Depreciation
Depreciation
22000000 usd
CY2024Q1 cnm Accrued Bonuses And Commissions Current
AccruedBonusesAndCommissionsCurrent
82000000 usd
CY2023Q1 cnm Accrued Bonuses And Commissions Current
AccruedBonusesAndCommissionsCurrent
100000000 usd
CY2024Q1 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
24000000 usd
CY2023Q1 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
23000000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
106000000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
123000000 usd
CY2024 us-gaap Dividends Preferred Stock
DividendsPreferredStock
0 usd
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024 us-gaap Profit Loss
ProfitLoss
531000000 usd
CY2023 us-gaap Profit Loss
ProfitLoss
581000000 usd
us-gaap Profit Loss
ProfitLoss
151000000 usd
CY2024 cnm Net Income Loss Available To Common Stockholders Attributable To Noncontrolling Interests Basic
NetIncomeLossAvailableToCommonStockholdersAttributableToNoncontrollingInterestsBasic
160000000 usd
CY2023 cnm Net Income Loss Available To Common Stockholders Attributable To Noncontrolling Interests Basic
NetIncomeLossAvailableToCommonStockholdersAttributableToNoncontrollingInterestsBasic
215000000 usd
cnm Net Income Loss Available To Common Stockholders Attributable To Noncontrolling Interests Basic
NetIncomeLossAvailableToCommonStockholdersAttributableToNoncontrollingInterestsBasic
61000000 usd
CY2024 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
371000000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
366000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
90000000 usd
CY2024 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
172839836 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
169482199 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
159188391 shares
CY2024 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.15
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
CY2024 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
371000000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
366000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
90000000 usd
CY2024 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
118000000 usd
CY2023 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
159000000 usd
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
44000000 usd
CY2024 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
489000000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
525000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
134000000 usd
CY2024 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
172839836 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
169482199 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
159188391 shares
CY2024 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
54978241 shares
CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
76734805 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
85263287 shares
CY2024 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
227818077 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
246217004 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
244451678 shares
CY2024 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.15
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.55
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10000000 usd
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11000000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25000000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
13000000 usd
CY2024 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y10M24D
CY2024 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
12000000 usd
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
11000000 usd
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
9000000 usd

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