2022 Q4 Form 10-K Financial Statement

#000071140422000053 Filed on December 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $848.1M $3.308B $759.1M
YoY Change 11.72% 13.2% 11.37%
Cost Of Revenue $311.5M $1.169B $257.2M
YoY Change 21.11% 20.91% -0.16%
Gross Profit $536.6M $2.140B $501.9M
YoY Change 6.91% 9.4% 18.37%
Gross Profit Margin 63.27% 64.67% 66.12%
Selling, General & Admin $358.0M $1.342B $302.3M
YoY Change 18.43% 10.82% 14.42%
% of Gross Profit 66.72% 62.73% 60.23%
Research & Development $29.10M $110.3M $25.70M
YoY Change 13.23% 18.99% 0.78%
% of Gross Profit 5.42% 5.16% 5.12%
Depreciation & Amortization $46.00M $166.6M $77.40M
YoY Change -40.57% 2.08% 0.39%
% of Gross Profit 8.57% 7.79% 15.42%
Operating Expenses $433.1M $1.453B $373.4M
YoY Change 15.99% 11.4% 15.28%
Operating Profit $103.5M $507.6M $128.5M
YoY Change -19.46% 0.36% 28.37%
Interest Expense -$22.80M $57.30M -$7.200M
YoY Change 216.67% 148.05% 10.77%
% of Operating Profit -22.03% 11.29% -5.6%
Other Income/Expense, Net -$8.300M $25.00M $300.0K
YoY Change -2866.67% 184.09% 200.0%
Pretax Income $72.40M $475.3M $121.6M
YoY Change -40.46% -3.3% 29.78%
Income Tax $6.800M $89.50M $11.30M
% Of Pretax Income 9.39% 18.83% 9.29%
Net Earnings $65.60M $385.8M $110.3M
YoY Change -40.53% -86.9% 35.84%
Net Earnings / Revenue 7.73% 11.66% 14.53%
Basic Earnings Per Share $7.83
Diluted Earnings Per Share $1.323M $7.76 $2.202M
COMMON SHARES
Basic Shares Outstanding 49.35M shares 49.30M shares 49.41M shares
Diluted Shares Outstanding 49.70M shares

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.2M $138.2M $95.90M
YoY Change 44.11% 44.11% -17.26%
Cash & Equivalents $138.2M $138.2M $95.90M
Short-Term Investments
Other Short-Term Assets $208.9M $208.9M $268.5M
YoY Change -22.2% -22.2% 76.07%
Inventory $628.7M $628.7M $585.6M
Prepaid Expenses
Receivables $557.8M $557.8M $515.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.534B $1.534B $1.465B
YoY Change 4.66% 4.66% 15.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.414B $1.433B $1.348B
YoY Change 4.91% -10.7% 5.13%
Goodwill $3.610B $2.574B
YoY Change 40.24% 5.18%
Intangibles $1.885B $1.272B
YoY Change 48.26% -1.36%
Long-Term Investments
YoY Change
Other Assets $587.9M $3.031B $144.2M
YoY Change 307.7% 12.64% 37.6%
Total Long-Term Assets $9.959B $9.959B $8.141B
YoY Change 22.33% 22.33% 49.01%
TOTAL ASSETS
Total Short-Term Assets $1.534B $1.534B $1.465B
Total Long-Term Assets $9.959B $9.959B $8.141B
Total Assets $11.49B $11.49B $9.606B
YoY Change 19.63% 19.63% 42.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $248.8M $248.8M $161.4M
YoY Change 54.15% 54.15% -8.3%
Accrued Expenses $152.1M $152.1M $184.4M
YoY Change -17.52% -17.52% 21.08%
Deferred Revenue $93.60M $19.00M
YoY Change 392.63%
Short-Term Debt $395.7M $395.7M $82.90M
YoY Change 377.32% 377.32% -79.75%
Long-Term Debt Due $412.6M $412.6M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.280B $1.280B $732.1M
YoY Change 74.87% 74.87% -27.11%
LONG-TERM LIABILITIES
Long-Term Debt $2.347B $2.351B $1.396B
YoY Change 68.12% 68.38% 0.88%
Other Long-Term Liabilities $536.7M $536.7M $511.9M
YoY Change 4.84% 4.84% 2.67%
Total Long-Term Liabilities $2.347B $2.888B $1.396B
YoY Change 68.12% 51.34% 0.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.280B $1.280B $732.1M
Total Long-Term Liabilities $2.347B $2.888B $1.396B
Total Liabilities $4.318B $4.318B $2.664B
YoY Change 62.06% 62.05% -8.53%
SHAREHOLDERS EQUITY
Retained Earnings $6.585B $6.202B
YoY Change 6.17% 90.14%
Common Stock $5.400M $5.400M
YoY Change 0.0% 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost) $639.6M
YoY Change 3.61%
Treasury Stock Shares 4.400M shares
Shareholders Equity $7.175B $7.175B $6.942B
YoY Change
Total Liabilities & Shareholders Equity $11.49B $11.49B $9.606B
YoY Change 19.63% 19.63% 42.58%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $65.60M $385.8M $110.3M
YoY Change -40.53% -86.9% 35.84%
Depreciation, Depletion And Amortization $46.00M $166.6M $77.40M
YoY Change -40.57% 2.08% 0.39%
Cash From Operating Activities $130.7M $692.4M $174.5M
YoY Change -25.1% -6.26% -20.06%
INVESTING ACTIVITIES
Capital Expenditures -$94.90M $242.0M -$65.00M
YoY Change 46.0% 12.87% -39.25%
Acquisitions
YoY Change
Other Investing Activities -$4.800M -$1.589B -$1.000M
YoY Change 380.0% 573.68% -97.24%
Cash From Investing Activities -$99.70M -$1.831B -$66.00M
YoY Change 51.06% 306.66% -53.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $78.50M
YoY Change 216.53%
Debt Paid & Issued, Net $561.5M
YoY Change -60.35%
Cash From Financing Activities -134.1M $1.194B -123.8M
YoY Change 8.32% -483.33% 45.13%
NET CHANGE
Cash From Operating Activities 130.7M $692.4M 174.5M
Cash From Investing Activities -99.70M -$1.831B -66.00M
Cash From Financing Activities -134.1M $1.194B -123.8M
Net Change In Cash -103.1M $42.00M -15.30M
YoY Change 573.86% -307.92% 50.0%
FREE CASH FLOW
Cash From Operating Activities $130.7M $692.4M $174.5M
Capital Expenditures -$94.90M $242.0M -$65.00M
Free Cash Flow $225.6M $450.4M $239.5M
YoY Change -5.8% -14.08% -26.38%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;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.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In particular, the COVID-19 pandemic 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 and 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:9.5pt;font-weight:400;line-height:120%">The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations, and financial condition, including sales, expenses, manufacturing, clinical trials, research and development costs, reserves and allowances, fair value measurements, asset impairment charges, contingent consideration obligations, and the effectiveness of the Company's hedging instruments, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak (including new and more contagious variants of COVID-19), its severity, the actions to contain the virus or address its impact, the timing, distribution, public acceptance and efficacy of vaccines and other treatments, United States and foreign government actions to respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume. There was not a material impact to the estimates in the Company’s Consolidated Financial Statements for fiscal 2022. </span></div>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 factors, could result in material changes to the estimates and material impacts to the Company’s Consolidated Financial Statements in future reporting periods.
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Files In Submission

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