2024 Q2 Form 10-Q Financial Statement

#000128481224000195 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $121.7M $122.7M
YoY Change 0.9% -2.67%
Cost Of Revenue $13.27M $13.40M
YoY Change -0.44% -5.78%
Gross Profit $108.5M $109.3M
YoY Change 1.07% -2.28%
Gross Profit Margin 89.1% 89.08%
Selling, General & Admin $67.78M $66.80M
YoY Change 3.29% 1.24%
% of Gross Profit 62.5% 61.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.268M $2.254M
YoY Change 170.32% 128.14%
% of Gross Profit 2.09% 2.06%
Operating Expenses $70.05M $82.45M
YoY Change 5.4% 23.11%
Operating Profit $38.40M $40.27M
YoY Change -5.97% -10.32%
Interest Expense $3.039M $4.903M
YoY Change -19.69% 68.6%
% of Operating Profit 7.91% 12.18%
Other Income/Expense, Net -$483.0K $5.037M
YoY Change -57.41% -494.75%
Pretax Income $40.96M $45.30M
YoY Change -5.82% -2.64%
Income Tax $10.88M $10.89M
% Of Pretax Income 26.57% 24.03%
Net Earnings $31.77M $34.00M
YoY Change -0.02% -3.71%
Net Earnings / Revenue 26.1% 27.71%
Basic Earnings Per Share $0.63 $0.69
Diluted Earnings Per Share $0.63 $0.68
COMMON SHARES
Basic Shares Outstanding 50.54M shares 49.52M shares
Diluted Shares Outstanding 50.77M shares 49.84M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.0M $99.52M
YoY Change -31.63% -33.44%
Cash & Equivalents $122.0M $99.52M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $65.27M $75.33M
Other Receivables $0.00 $0.00
Total Short-Term Assets $187.3M $174.9M
YoY Change -22.51% -22.66%
LONG-TERM ASSETS
Property, Plant & Equipment $70.33M $68.39M
YoY Change 93.59% 453.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.00K $13.00K
YoY Change -38.1% -35.0%
Other Assets
YoY Change
Total Long-Term Assets $596.8M $505.9M
YoY Change 55.69% 27.32%
TOTAL ASSETS
Total Short-Term Assets $187.3M $174.9M
Total Long-Term Assets $596.8M $505.9M
Total Assets $784.1M $680.7M
YoY Change 25.45% 9.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $595.0K $17.79M
YoY Change -52.67% 1354.95%
Accrued Expenses $174.4M $158.5M
YoY Change 18.6% 2.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $184.7M $195.2M
YoY Change 17.58% 10.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.95M $10.70M
YoY Change -37.69% -38.52%
Total Long-Term Liabilities $14.95M $10.70M
YoY Change -37.69% -38.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $184.7M $195.2M
Total Long-Term Liabilities $14.95M $10.70M
Total Liabilities $199.6M $205.9M
YoY Change 10.25% 6.24%
SHAREHOLDERS EQUITY
Retained Earnings -$153.4M -$154.4M
YoY Change -5.47% -6.48%
Common Stock $574.0K $564.0K
YoY Change 2.87% 1.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $291.2M $291.1M
YoY Change 7.52% 7.56%
Treasury Stock Shares
Shareholders Equity $463.2M $378.9M
YoY Change
Total Liabilities & Shareholders Equity $784.1M $680.7M
YoY Change 25.45% 9.2%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $31.77M $34.00M
YoY Change -0.02% -3.71%
Depreciation, Depletion And Amortization $2.268M $2.254M
YoY Change 170.32% 128.14%
Cash From Operating Activities $31.37M $4.863M
YoY Change -41.55% -132.49%
INVESTING ACTIVITIES
Capital Expenditures $4.239M $4.326M
YoY Change -72.73% -5.67%
Acquisitions
YoY Change
Other Investing Activities -$70.14M -$25.04M
YoY Change -462.87% -17.7%
Cash From Investing Activities -$74.38M -$29.36M
YoY Change -2065.18% -16.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 65.76M -$64.26M
YoY Change -315.04% 38.14%
NET CHANGE
Cash From Operating Activities 31.37M $4.863M
Cash From Investing Activities -74.38M -$29.36M
Cash From Financing Activities 65.76M -$64.26M
Net Change In Cash 22.75M -$88.76M
YoY Change -15.37% -8.01%
FREE CASH FLOW
Cash From Operating Activities $31.37M $4.863M
Capital Expenditures $4.239M $4.326M
Free Cash Flow $27.14M $537.0K
YoY Change -28.85% -102.75%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.</span></div>
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WeightedAverageNumberOfSharesOutstandingBasic
49569000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49199000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
266000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
203000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49835000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49402000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.69
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
66000 shares
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.029
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.031
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
0.009
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
0.030
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.006
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.046
CY2024Q1 cns Effective Income Tax Rate Reconciliation Valuation Allowance On Corporate Seed Investments Adjustments Percent
EffectiveIncomeTaxRateReconciliationValuationAllowanceOnCorporateSeedInvestmentsAdjustmentsPercent
-0.002
CY2023Q1 cns Effective Income Tax Rate Reconciliation Valuation Allowance On Corporate Seed Investments Adjustments Percent
EffectiveIncomeTaxRateReconciliationValuationAllowanceOnCorporateSeedInvestmentsAdjustmentsPercent
0
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.002
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.003
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.002
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.225
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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