2024 Q1 Form 10-K Financial Statement

#000160925324000043 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $454.0M $726.0M $2.801B
YoY Change -55.66% 6.45% 3.47%
Cost Of Revenue $176.0M $186.0M $822.0M
YoY Change -30.71% -6.53% 4.71%
Gross Profit $278.0M $540.0M $1.979B
YoY Change -63.9% 11.8% 2.97%
Gross Profit Margin 61.23% 74.38% 70.65%
Selling, General & Admin $57.00M $174.0M $267.0M
YoY Change -12.31% -35.32% 20.27%
% of Gross Profit 20.5% 32.22% 13.49%
Research & Development $1.000M $1.000M $3.000M
YoY Change 0.0% 0.0% -25.0%
% of Gross Profit 0.36% 0.19% 0.15%
Depreciation & Amortization $53.00M $55.00M $225.0M
YoY Change -8.62% 12.24% 13.64%
% of Gross Profit 19.06% 10.19% 11.37%
Operating Expenses $464.0M $282.0M $267.0M
YoY Change -27.27% -19.43% 20.27%
Operating Profit -$4.000M $258.0M $808.0M
YoY Change -101.02% 93.98% -0.49%
Interest Expense -$16.00M -$16.00M -$65.00M
YoY Change 0.0% 6.67% 20.37%
% of Operating Profit -6.2% -8.04%
Other Income/Expense, Net -$15.00M $1.000M -$60.00M
YoY Change 1400.0% -2100.0%
Pretax Income -$19.00M $267.0M $748.0M
YoY Change -105.05% 128.21% -1.71%
Income Tax -$9.000M $79.00M $184.0M
% Of Pretax Income 29.59% 24.6%
Net Earnings -$10.00M $188.0M $564.0M
YoY Change -103.32% 126.51% 7.63%
Net Earnings / Revenue -2.2% 25.9% 20.14%
Basic Earnings Per Share -$0.14 $8.10
Diluted Earnings Per Share -$0.14 $2.60 $7.78
COMMON SHARES
Basic Shares Outstanding 69.27M shares 69.60M shares
Diluted Shares Outstanding 69.00M shares 72.50M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $403.0M $496.0M $496.0M
YoY Change -15.51% 61.56% 61.56%
Cash & Equivalents $403.0M $496.0M
Short-Term Investments
Other Short-Term Assets $95.00M $113.0M $83.00M
YoY Change -31.65% -15.04% -6.74%
Inventory $70.00M $72.00M $72.00M
Prepaid Expenses $29.00M $19.00M
Receivables $192.0M $216.0M $216.0M
Other Receivables $66.00M $19.00M $62.00M
Total Short-Term Assets $839.0M $929.0M $929.0M
YoY Change -13.68% 7.52% 7.52%
LONG-TERM ASSETS
Property, Plant & Equipment $2.878B $2.843B $2.843B
YoY Change 1.62% -0.56% -0.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.00M $19.00M $19.00M
YoY Change 14.29% 46.15% 46.15%
Other Assets $123.0M $148.0M $207.0M
YoY Change -7.52% 5.71% -10.39%
Total Long-Term Assets $3.071B $3.069B $3.069B
YoY Change 1.42% -1.1% -1.1%
TOTAL ASSETS
Total Short-Term Assets $839.0M $929.0M $929.0M
Total Long-Term Assets $3.071B $3.069B $3.069B
Total Assets $3.910B $3.998B $3.998B
YoY Change -2.25% 0.78% 0.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $251.0M $245.0M $245.0M
YoY Change -3.46% -28.99% -28.99%
Accrued Expenses $338.0M $358.0M $212.0M
YoY Change 13.42% 20.13% 34.18%
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 $594.0M $616.0M $616.0M
YoY Change -17.15% -31.1% -31.1%
LONG-TERM LIABILITIES
Long-Term Debt $541.0M $540.0M $540.0M
YoY Change -8.61% -8.78% -8.78%
Other Long-Term Liabilities $253.0M $201.0M $623.0M
YoY Change 44.57% 8.65% 0.97%
Total Long-Term Liabilities $794.0M $741.0M $1.163B
YoY Change 3.52% -4.63% -3.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $594.0M $616.0M $616.0M
Total Long-Term Liabilities $794.0M $741.0M $1.163B
Total Liabilities $1.388B $1.357B $1.779B
YoY Change -6.47% -18.79% -15.41%
SHAREHOLDERS EQUITY
Retained Earnings $1.387B $1.419B
YoY Change 13.78% 51.28%
Common Stock $1.296B $1.330B
YoY Change -1.22% 1.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.093B $2.219B $2.219B
YoY Change
Total Liabilities & Shareholders Equity $3.910B $3.998B $3.998B
YoY Change -2.25% 0.78% 0.78%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$10.00M $188.0M $564.0M
YoY Change -103.32% 126.51% 7.63%
Depreciation, Depletion And Amortization $53.00M $55.00M $225.0M
YoY Change -8.62% 12.24% 13.64%
Cash From Operating Activities $87.00M $131.0M $653.0M
YoY Change -71.94% 14.91% -5.36%
INVESTING ACTIVITIES
Capital Expenditures $54.00M $66.00M $185.0M
YoY Change 14.89% -12.0% -51.19%
Acquisitions $5.000M
YoY Change -70.59%
Other Investing Activities $1.000M $24.00M $4.000M
YoY Change 0.0% -700.0% 100.0%
Cash From Investing Activities -$49.00M -$42.00M -$175.0M
YoY Change -19.67% -46.84% -44.79%
FINANCING ACTIVITIES
Cash Dividend Paid $21.00M $81.00M
YoY Change 5.0% 37.29%
Common Stock Issuance & Retirement, Net $141.0M
YoY Change -54.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$131.0M -72.00M -$289.0M
YoY Change 65.82% -16.28% -22.1%
NET CHANGE
Cash From Operating Activities $87.00M 131.0M $653.0M
Cash From Investing Activities -$49.00M -42.00M -$175.0M
Cash From Financing Activities -$131.0M -72.00M -$289.0M
Net Change In Cash -$93.00M 17.00M $189.0M
YoY Change -154.71% -133.33% 9350.0%
FREE CASH FLOW
Cash From Operating Activities $87.00M $131.0M $653.0M
Capital Expenditures $54.00M $66.00M $185.0M
Free Cash Flow $33.00M $65.00M $468.0M
YoY Change -87.45% 66.67% 50.48%

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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The process of preparing financial statements in conformity with U.S. GAAP requires management to select appropriate accounting policies and make informed estimates and judgments regarding certain types of financial statement balances and disclosures. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements and judgments on expected outcomes as well as the materiality of transactions and balances. Changes in facts and circumstances or discovery of new information relating to such transactions and events may result in revised estimates and judgments. Further, actual results may differ from estimates upon settlement. Management believes that these estimates and judgments provide a reasonable basis for the fair presentation of our consolidated financial statements.</span></div>
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