2024 Q3 Form 10-K Financial Statement

#000001784324000014 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $717.6M $798.6M $2.760B
YoY Change 10.08% 5.34% 8.21%
Cost Of Revenue $541.3M $608.0M $2.175B
YoY Change 2.56% -4.87% -1.7%
Gross Profit $176.3M $190.6M $584.3M
YoY Change 42.06% 60.17% 73.23%
Gross Profit Margin 24.57% 23.87% 21.17%
Selling, General & Admin $59.10M $65.40M $230.2M
YoY Change 7.26% 16.58% 12.73%
% of Gross Profit 33.52% 34.31% 39.4%
Research & Development $25.60M
YoY Change 4.92%
% of Gross Profit 4.38%
Depreciation & Amortization $33.80M $33.80M $134.6M
YoY Change 2.11% 0.9% 2.75%
% of Gross Profit 19.17% 17.73% 23.04%
Operating Expenses $59.10M $65.40M $255.8M
YoY Change 7.26% 16.58% 25.27%
Operating Profit $113.6M $125.2M $323.1M
YoY Change 64.64% 99.05% 142.75%
Interest Expense -$10.10M -$10.70M -$45.20M
YoY Change -179.53% -24.11% -16.45%
% of Operating Profit -8.89% -8.55% -13.99%
Other Income/Expense, Net -$100.0K -$3.700M -$60.50M
YoY Change -97.5% 1750.0% 830.77%
Pretax Income $101.1M $93.90M $211.6M
YoY Change 93.31% 93.21% 191.86%
Income Tax $16.30M $300.0K $25.10M
% Of Pretax Income 16.12% 0.32% 11.86%
Net Earnings $84.80M $93.50M $186.5M
YoY Change 93.17% 143.49% 230.67%
Net Earnings / Revenue 11.82% 11.71% 6.76%
Basic Earnings Per Share $1.69 $3.75
Diluted Earnings Per Share $1.67 $1.84 $3.70
COMMON SHARES
Basic Shares Outstanding 49.95M shares 49.61M shares 49.70M shares
Diluted Shares Outstanding 50.70M shares 50.30M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.2M $199.1M $199.1M
YoY Change 729.83% 347.42% 347.42%
Cash & Equivalents $150.2M $199.1M $199.1M
Short-Term Investments
Other Short-Term Assets $91.50M $94.10M $94.10M
YoY Change 6.03% 41.72% 41.72%
Inventory $749.4M $735.4M $735.4M
Prepaid Expenses
Receivables $569.2M $562.6M $562.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.560B $1.591B $1.591B
YoY Change 18.03% 24.13% 24.13%
LONG-TERM ASSETS
Property, Plant & Equipment $1.330B $1.335B $1.374B
YoY Change -3.01% -3.51% -0.69%
Goodwill $227.3M $227.3M
YoY Change -5.84% -5.84%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $116.1M $115.3M $83.80M
YoY Change 6.61% -2.37% -29.04%
Total Long-Term Assets $1.695B $1.701B $1.701B
YoY Change -3.43% -4.03% -4.03%
TOTAL ASSETS
Total Short-Term Assets $1.560B $1.591B $1.591B
Total Long-Term Assets $1.695B $1.701B $1.701B
Total Assets $3.255B $3.292B $3.292B
YoY Change 5.79% 7.79% 7.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $273.3M $263.9M $263.9M
YoY Change -13.38% -5.11% -5.11%
Accrued Expenses $132.9M $202.4M $185.5M
YoY Change -0.15% 11.64% 2.32%
Deferred Revenue $6.000M $12.30M
YoY Change -45.45% -12.14%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $406.2M $466.3M $466.3M
YoY Change -9.45% 1.5% 1.5%
LONG-TERM LIABILITIES
Long-Term Debt $694.5M $694.2M $694.2M
YoY Change 0.17% 0.17% 0.17%
Other Long-Term Liabilities $99.60M $99.60M $328.3M
YoY Change 1.94% -70.28% -2.03%
Total Long-Term Liabilities $794.1M $793.8M $1.023B
YoY Change 0.39% -22.79% -0.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $406.2M $466.3M $466.3M
Total Long-Term Liabilities $794.1M $793.8M $1.023B
Total Liabilities $1.595B $1.663B $1.663B
YoY Change -3.2% 0.31% 0.31%
SHAREHOLDERS EQUITY
Retained Earnings $1.449B $1.375B
YoY Change 14.83% 11.93%
Common Stock $627.8M $637.5M
YoY Change 4.11% 4.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.660B $1.629B $1.629B
YoY Change
Total Liabilities & Shareholders Equity $3.255B $3.292B $3.292B
YoY Change 5.79% 7.79% 7.79%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income $84.80M $93.50M $186.5M
YoY Change 93.17% 143.49% 230.67%
Depreciation, Depletion And Amortization $33.80M $33.80M $134.6M
YoY Change 2.11% 0.9% 2.75%
Cash From Operating Activities $40.20M $169.5M $274.9M
YoY Change 443.24% -3.09% 1770.07%
INVESTING ACTIVITIES
Capital Expenditures $26.90M $27.70M $96.60M
YoY Change 22.27% -10.06% 17.38%
Acquisitions
YoY Change
Other Investing Activities $600.0K $700.0K
YoY Change
Cash From Investing Activities -$26.90M -$27.10M -$95.90M
YoY Change 22.27% -12.01% 16.52%
FINANCING ACTIVITIES
Cash Dividend Paid $10.10M $40.00M
YoY Change 2.02% 1.52%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$61.00M 5.000M -$23.30M
YoY Change 372.87% -104.27% -41.9%
NET CHANGE
Cash From Operating Activities $40.20M 169.5M $274.9M
Cash From Investing Activities -$26.90M -27.10M -$95.90M
Cash From Financing Activities -$61.00M 5.000M -$23.30M
Net Change In Cash -$48.90M 147.4M $154.6M
YoY Change 85.23% 447.96% -243.55%
FREE CASH FLOW
Cash From Operating Activities $40.20M $169.5M $274.9M
Capital Expenditures $26.90M $27.70M $96.60M
Free Cash Flow $13.30M $141.8M $178.3M
YoY Change -191.1% -1.6% -363.76%

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<div style="text-indent:54pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div>Financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investments in marketable securities and trade receivables. Investment and cash management policies have been implemented that limit deposit concentrations and limit investments to investment grade securities. The risk with respect to trade receivables is mitigated by monitoring payment terms and periodic credit evaluations the Company performs on our customers, the short duration of our payment terms and by the diversification of our customer base.
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<div style="text-indent:54pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div>
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