2024 Q1 Form 10-K Financial Statement

#000105079724000032 Filed on February 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $770.0M $1.060B $3.487B
YoY Change -6.17% -9.37% 0.67%
Cost Of Revenue $380.4M $523.8M $1.757B
YoY Change -9.66% -9.62% 0.24%
Gross Profit $389.6M $536.2M $1.730B
YoY Change -2.49% -9.12% 1.1%
Gross Profit Margin 50.59% 50.58% 49.61%
Selling, General & Admin $349.3M $404.8M $1.416B
YoY Change 0.54% -0.07% 8.58%
% of Gross Profit 89.66% 75.5% 81.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.07M $33.65M $127.1M
YoY Change -50.72% 9.15% 132.05%
% of Gross Profit 3.87% 6.28% 7.34%
Operating Expenses $344.9M $398.1M $1.395B
YoY Change -0.73% -0.21% 6.92%
Operating Profit $44.68M $138.1M $335.3M
YoY Change -20.82% -27.71% -14.71%
Interest Expense $9.197M $5.028M $13.69M
YoY Change 180.14% 377.04% 404.5%
% of Operating Profit 20.58% 3.64% 4.08%
Other Income/Expense, Net $271.0K $1.867M $2.221M
YoY Change -68.12% -42.61% 39.42%
Pretax Income $54.15M $120.0M $326.2M
YoY Change -10.59% -24.88% -17.92%
Income Tax $11.85M $26.63M $74.79M
% Of Pretax Income 21.88% 22.2% 22.93%
Net Earnings $42.30M $93.34M $251.4M
YoY Change -8.45% -25.74% -19.28%
Net Earnings / Revenue 5.49% 8.81% 7.21%
Basic Earnings Per Share $0.71 $4.11
Diluted Earnings Per Share $0.71 $1.55 $4.09
COMMON SHARES
Basic Shares Outstanding 59.80M shares 60.51M shares 61.23M shares
Diluted Shares Outstanding 60.00M shares 61.42M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $787.7M $764.5M $764.5M
YoY Change 71.04% 77.39% 77.39%
Cash & Equivalents $418.5M $350.3M $350.3M
Short-Term Investments $369.3M $414.2M $414.2M
Other Short-Term Assets $84.74M $80.81M $80.81M
YoY Change -16.0% -37.77% -37.77%
Inventory $607.4M $746.3M $746.3M
Prepaid Expenses
Receivables $366.4M $423.1M $423.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.846B $2.015B $2.015B
YoY Change -7.1% -5.72% -5.72%
LONG-TERM ASSETS
Property, Plant & Equipment $639.1M $644.6M $644.6M
YoY Change 125.88% 121.34% 4.7%
Goodwill $26.69M $26.69M
YoY Change -48.36% -48.36%
Intangibles $79.50M $79.91M
YoY Change -2.03% -2.02%
Long-Term Investments
YoY Change
Other Assets $170.8M $173.2M $173.2M
YoY Change 143.07% 141.94% 4.48%
Total Long-Term Assets $916.0M $924.3M $924.3M
YoY Change 1.6% 1.06% 1.06%
TOTAL ASSETS
Total Short-Term Assets $1.846B $2.015B $2.015B
Total Long-Term Assets $916.0M $924.3M $924.3M
Total Assets $2.762B $2.939B $2.939B
YoY Change -4.39% -3.69% -3.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.1M $235.9M $235.9M
YoY Change -31.83% -26.84% -26.84%
Accrued Expenses $288.5M $343.1M $343.1M
YoY Change 6.2% 4.38% -13.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $447.3M $596.6M $596.6M
YoY Change -21.34% -19.23% -19.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $405.5M $403.7M $403.7M
YoY Change 1057.79% 1122.62% 7.11%
Total Long-Term Liabilities $405.5M $403.7M $403.7M
YoY Change 1057.79% 1122.62% 7.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $447.3M $596.6M $596.6M
Total Long-Term Liabilities $405.5M $403.7M $403.7M
Total Liabilities $852.8M $1.000B $1.000B
YoY Change -9.39% -10.34% -10.34%
SHAREHOLDERS EQUITY
Retained Earnings $1.961B $1.984B
YoY Change -1.04% 1.57%
Common Stock $0.00 $0.00
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.909B $1.939B $1.939B
YoY Change
Total Liabilities & Shareholders Equity $2.762B $2.939B $2.939B
YoY Change -4.39% -3.69% -3.69%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $42.30M $93.34M $251.4M
YoY Change -8.45% -25.74% -19.28%
Depreciation, Depletion And Amortization $15.07M $33.65M $127.1M
YoY Change -50.72% 9.15% 132.05%
Cash From Operating Activities $106.8M $614.1M $636.3M
YoY Change 36.88% 102.77% -2620.89%
INVESTING ACTIVITIES
Capital Expenditures $14.80M $13.21M $54.61M
YoY Change 5.32% -17.34% -6.6%
Acquisitions
YoY Change
Other Investing Activities $51.90M -$410.1M -$407.2M
YoY Change -153.16% -160300.0% -410.36%
Cash From Investing Activities $37.11M -$423.3M -$461.8M
YoY Change -133.23% 2592.53% -734.89%
FINANCING ACTIVITIES
Cash Dividend Paid $17.93M $73.44M
YoY Change -3.87% -2.19%
Common Stock Issuance & Retirement, Net -$181.3M
YoY Change -163.09%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -71.34M -57.19M -254.8M
YoY Change 100.62% 170.08% -29.39%
NET CHANGE
Cash From Operating Activities 106.8M 614.1M 636.3M
Cash From Investing Activities 37.11M -423.3M -461.8M
Cash From Financing Activities -71.34M -57.19M -254.8M
Net Change In Cash 72.54M 133.6M -80.31M
YoY Change -204.84% -49.77% -75.89%
FREE CASH FLOW
Cash From Operating Activities $106.8M $614.1M $636.3M
Capital Expenditures $14.80M $13.21M $54.61M
Free Cash Flow $91.98M $600.9M $581.7M
YoY Change 43.82% 109.46% -794.9%

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<div><span style="color:#1386c6;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ESTIMATES AND ASSUMPTIONS</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("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 reporting period. Actual results may differ from these estimates and assumptions. The Company's significant estimates relate to sales reserves, allowance for uncollectible accounts receivable, excess, close-out and slow-moving inventory, impairment of long-lived assets, impairment of indefinite-lived intangible assets and goodwill, and income taxes.</span></div>
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CY2023Q4 us-gaap Goodwill
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CY2021Q4 us-gaap Standard Product Warranty Accrual
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CY2020Q4 us-gaap Standard Product Warranty Accrual
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CY2021 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2023Q4 us-gaap Standard Product Warranty Accrual
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CY2022Q4 us-gaap Standard Product Warranty Accrual
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CY2021 us-gaap Operating Lease Cost
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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