2021 Q4 Form 10-K Financial Statement

#000071140421000038 Filed on December 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $759.1M $2.923B $681.6M
YoY Change 11.37% 20.22% -1.45%
Cost Of Revenue $257.2M $966.7M $257.6M
YoY Change -0.16% 7.88% 8.88%
Gross Profit $501.9M $1.956B $424.0M
YoY Change 18.37% 27.43% -6.81%
Gross Profit Margin 66.12% 66.92% 62.21%
Selling, General & Admin $302.3M $1.211B $264.2M
YoY Change 14.42% 22.04% 5.85%
% of Gross Profit 60.23% 61.93% 62.31%
Research & Development $25.70M $92.70M $25.50M
YoY Change 0.78% -0.64% 9.44%
% of Gross Profit 5.12% 4.74% 6.01%
Depreciation & Amortization $77.40M $163.2M $77.10M
YoY Change 0.39% 8.87% 9.21%
% of Gross Profit 15.42% 8.34% 18.18%
Operating Expenses $373.4M $1.304B $323.9M
YoY Change 15.28% 20.09% 5.16%
Operating Profit $128.5M $505.8M $100.1M
YoY Change 28.37% 62.22% -31.9%
Interest Expense -$7.200M $23.10M -$6.500M
YoY Change 10.77% -37.23% -63.89%
% of Operating Profit -5.6% 4.57% -6.49%
Other Income/Expense, Net $300.0K $8.800M $100.0K
YoY Change 200.0% -203.53% -200.0%
Pretax Income $121.6M $491.5M $93.70M
YoY Change 29.78% 84.43% -27.08%
Income Tax $11.30M -$2.453B $12.50M
% Of Pretax Income 9.29% -499.13% 13.34%
Net Earnings $110.3M $2.945B $81.20M
YoY Change 35.84% 1135.19% -32.89%
Net Earnings / Revenue 14.53% 100.76% 11.91%
Basic Earnings Per Share $59.80 $1.65
Diluted Earnings Per Share $2.202M $59.16 $1.64
COMMON SHARES
Basic Shares Outstanding 49.41M shares 49.20M shares 49.12M shares
Diluted Shares Outstanding 49.80M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.90M $95.90M $115.9M
YoY Change -17.26% -17.26% 30.22%
Cash & Equivalents $95.90M $95.90M $115.9M
Short-Term Investments
Other Short-Term Assets $268.5M $268.5M $152.5M
YoY Change 76.07% 76.07% 15.36%
Inventory $585.6M $585.6M $570.4M
Prepaid Expenses
Receivables $515.3M $515.3M $435.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.465B $1.465B $1.274B
YoY Change 15.0% 15.0% 9.52%
LONG-TERM ASSETS
Property, Plant & Equipment $1.348B $1.605B $1.282B
YoY Change 5.13% 4.05% 13.23%
Goodwill $2.574B $2.447B
YoY Change 5.18% 0.76%
Intangibles $1.272B $1.289B
YoY Change -1.36% -8.28%
Long-Term Investments
YoY Change
Other Assets $144.2M $2.691B $104.8M
YoY Change 37.6% 1355.27% 56.89%
Total Long-Term Assets $8.141B $8.141B $5.463B
YoY Change 49.01% 49.01% 6.89%
TOTAL ASSETS
Total Short-Term Assets $1.465B $1.465B $1.274B
Total Long-Term Assets $8.141B $8.141B $5.463B
Total Assets $9.606B $9.606B $6.738B
YoY Change 42.58% 42.58% 7.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $161.4M $161.4M $176.0M
YoY Change -8.3% -8.3% 17.26%
Accrued Expenses $184.4M $184.4M $152.3M
YoY Change 21.08% 21.08% 45.46%
Deferred Revenue $19.00M
YoY Change
Short-Term Debt $82.90M $82.90M $409.3M
YoY Change -79.75% 39.56% -27.39%
Long-Term Debt Due $0.00 $0.00 $349.9M
YoY Change -100.0% -100.0% -30.02%
Total Short-Term Liabilities $732.1M $732.1M $1.004B
YoY Change -27.11% -27.11% -9.56%
LONG-TERM LIABILITIES
Long-Term Debt $1.396B $1.396B $1.384B
YoY Change 0.88% 0.88% 9.61%
Other Long-Term Liabilities $511.9M $511.9M $498.6M
YoY Change 2.67% 2.67% 103.76%
Total Long-Term Liabilities $1.396B $1.908B $1.384B
YoY Change 0.88% 1.35% 9.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $732.1M $732.1M $1.004B
Total Long-Term Liabilities $1.396B $1.908B $1.384B
Total Liabilities $2.664B $2.664B $2.913B
YoY Change -8.53% -8.53% 10.08%
SHAREHOLDERS EQUITY
Retained Earnings $6.202B $3.262B
YoY Change 90.14% 7.78%
Common Stock $5.400M $5.300M
YoY Change 1.89% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $639.6M $617.3M
YoY Change 3.61% 8.07%
Treasury Stock Shares 4.400M shares 4.300M shares
Shareholders Equity $6.942B $6.942B $3.825B
YoY Change
Total Liabilities & Shareholders Equity $9.606B $9.606B $6.738B
YoY Change 42.58% 42.58% 7.38%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $110.3M $2.945B $81.20M
YoY Change 35.84% 1135.19% -32.89%
Depreciation, Depletion And Amortization $77.40M $163.2M $77.10M
YoY Change 0.39% 8.87% 9.21%
Cash From Operating Activities $174.5M $738.6M $218.3M
YoY Change -20.06% 51.79% 9.2%
INVESTING ACTIVITIES
Capital Expenditures -$65.00M $214.4M -$107.0M
YoY Change -39.25% -30.93% 26.18%
Acquisitions
YoY Change
Other Investing Activities -$1.000M -$235.9M -$36.20M
YoY Change -97.24% 336.04% 36100.0%
Cash From Investing Activities -$66.00M -$450.3M -$143.2M
YoY Change -53.91% 23.54% 68.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $24.80M
YoY Change -48.12%
Debt Paid & Issued, Net $1.416B
YoY Change -56.24%
Cash From Financing Activities -123.8M -$311.4M -85.30M
YoY Change 45.13% 226.07% -38.68%
NET CHANGE
Cash From Operating Activities 174.5M $738.6M 218.3M
Cash From Investing Activities -66.00M -$450.3M -143.2M
Cash From Financing Activities -123.8M -$311.4M -85.30M
Net Change In Cash -15.30M -$20.20M -10.20M
YoY Change 50.0% -173.99% -57.68%
FREE CASH FLOW
Cash From Operating Activities $174.5M $738.6M $218.3M
Capital Expenditures -$65.00M $214.4M -$107.0M
Free Cash Flow $239.5M $524.2M $325.3M
YoY Change -26.38% 197.5% 14.26%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The World Health Organization categorized the Coronavirus disease 2019 (COVID-19) as a pandemic. The COVID-19 pandemic has caused a severe global health crisis, along with economic and societal disruptions and uncertainties, which have negatively impacted business and healthcare activity globally. As a result of healthcare systems responding to the demands of managing the pandemic, governments around the world imposing measures designed to reduce the transmission of the COVID-19 virus, and individuals responding to the concerns of contracting the COVID-19 virus, many optical practitioners &amp; retailers, hospitals, medical offices and fertility clinics closed their facilities, restricted access, or delayed or canceled patient visits, exams and elective medical procedures, and many customers that have reopened are experiencing reduced patient visits. These factors have had, and in the future may have, an adverse effect on our sales, operating results and cash flows.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of 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 financial statements, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company and the uncertain future impacts of the COVID-19 pandemic and related economic disruptions. The extent to which the COVID-19 pandemic and related economic disruptions impact our business and financial results will depend on future developments including, but not limited to, the continued spread, duration and severity of the COVID-19 pandemic; the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks, including the emergence and spread of variants of the COVID-19 virus;</span><span style="color:#008080;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">the actions taken by the U.S. and foreign governments to contain the COVID-19 pandemic, address its impact or respond to the reduction in global and local economic activity; the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event; the impact of the developments described above on our customers and suppliers; and how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to:</span></div><div style="margin-top:9pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">allowance for doubtful accounts and credit losses</span></div><div style="margin-top:9pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">the carrying value of inventory</span></div><div style="margin-top:8pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">the carrying value of goodwill and other long-lived assets</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">There was not a material impact to the above estimates in the Company’s Consolidated Financial Statements for fiscal 2021. The Company continually monitors and evaluates the estimates used as additional information becomes available. Adjustments will be made to these provisions periodically to reflect new facts and circumstances that may indicate that historical experience may not be indicative of current and/or future results. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other </span></div>factors, could result in material changes to the estimates and material impacts to the Company’s Consolidated Financial Statements in future reporting periods. We believe that the accounting policies and estimates employed are appropriate and resulting balances are reasonable; however, actual results could differ from the original estimates, requiring adjustment to these balances in future periods.
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DefinedBenefitPlanServiceCost
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