2023 Q3 Form 10-Q Financial Statement

#000095017023039075 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $70.00M
YoY Change -100.0% 44203.8%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $41.70M $63.67M
YoY Change -36.68% 5.77%
% of Gross Profit
Research & Development $90.70M $101.6M
YoY Change -22.23% -17.58%
% of Gross Profit
Depreciation & Amortization $4.900M $4.961M
YoY Change -2.0% -32.04%
% of Gross Profit
Operating Expenses $132.4M $165.2M
YoY Change -27.44% -9.92%
Operating Profit -$132.4M -$95.22M
YoY Change -27.4% -48.04%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $20.67M $18.41M
YoY Change 184.57% 419.36%
Pretax Income -$111.7M -$76.82M
YoY Change -36.19% -57.26%
Income Tax $400.0K $923.0K
% Of Pretax Income
Net Earnings -$112.2M -$77.74M
YoY Change -35.75% -58.17%
Net Earnings / Revenue -111.06%
Basic Earnings Per Share -$1.41 -$0.98
Diluted Earnings Per Share -$1.41 -$0.98
COMMON SHARES
Basic Shares Outstanding 79.41M 78.94M
Diluted Shares Outstanding 79.41M 79.09M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $677.0M $1.768B
YoY Change -12.54% 100.88%
Cash & Equivalents $527.8M $444.8M
Short-Term Investments $149.2M $1.323B
Other Short-Term Assets $20.80M $21.47M
YoY Change -43.29% -48.46%
Inventory
Prepaid Expenses
Receivables $70.00M
Other Receivables $0.00
Total Short-Term Assets $1.761B $1.860B
YoY Change -8.91% -11.75%
LONG-TERM ASSETS
Property, Plant & Equipment $156.1M $318.5M
YoY Change -6.01% 92.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $4.901M
YoY Change -100.0% -41.6%
Other Assets $2.047M $13.97M
YoY Change -44.41% 271.65%
Total Long-Term Assets $326.2M $337.4M
YoY Change -22.44% -5.29%
TOTAL ASSETS
Total Short-Term Assets $1.761B $1.860B
Total Long-Term Assets $326.2M $337.4M
Total Assets $2.087B $2.197B
YoY Change -11.33% -10.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.15M $27.59M
YoY Change -18.57% 9.29%
Accrued Expenses $66.41M $104.7M
YoY Change -35.5% 27.3%
Deferred Revenue $3.500M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $111.2M $132.8M
YoY Change -26.27% 10.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.394M $248.1M
YoY Change 1.51% 3973.36%
Total Long-Term Liabilities $5.394M $248.1M
YoY Change 1.51% 3973.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.2M $132.8M
Total Long-Term Liabilities $5.394M $248.1M
Total Liabilities $359.0M $381.0M
YoY Change -10.11% 2.27%
SHAREHOLDERS EQUITY
Retained Earnings -$1.089B -$976.9M
YoY Change 48.07% 74.15%
Common Stock $2.824B $2.802B
YoY Change 4.13% 4.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $63.00K $63.00K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $1.728B $1.816B
YoY Change
Total Liabilities & Shareholders Equity $2.087B $2.197B
YoY Change -11.33% -10.81%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$112.2M -$77.74M
YoY Change -35.75% -58.17%
Depreciation, Depletion And Amortization $4.900M $4.961M
YoY Change -2.0% -32.04%
Cash From Operating Activities -$39.90M -$133.2M
YoY Change -62.08% -6.14%
INVESTING ACTIVITIES
Capital Expenditures $3.100M $5.055M
YoY Change -151.52% -152.49%
Acquisitions
YoY Change
Other Investing Activities $124.4M $222.0M
YoY Change 33.08% -577.97%
Cash From Investing Activities $121.3M $216.9M
YoY Change 38.69% -486.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.500M 16.77M
YoY Change -90.07% 61.93%
NET CHANGE
Cash From Operating Activities -39.90M -133.2M
Cash From Investing Activities 121.3M 216.9M
Cash From Financing Activities 1.500M 16.77M
Net Change In Cash 82.90M 100.4M
YoY Change -3237.77% -153.52%
FREE CASH FLOW
Cash From Operating Activities -$39.90M -$133.2M
Capital Expenditures $3.100M $5.055M
Free Cash Flow -$43.00M -$138.3M
YoY Change -56.65% 4.51%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. </span><span style="background-color:rgba(0,0,0,0);color:rgba(33,37,41,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, revenue recognition, equity-based compensation expense and reported amounts of expenses during the period. Significant estimates in these consolidated financial statements have been made in connection with revenue recognition and equity-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> Changes in estimates are reflected in reported results in the period in which they become known.</span></p>
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ecd Trd Arr Adoption Date
TrdArrAdoptionDate
June 16, 2023
ecd Trd Arr Ind Name
TrdArrIndName
Dr. Rodger Novak
ecd Trd Arr Ind Title
TrdArrIndTitle
President and Chairman
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2023Q2 ecd Trd Arr Securities Agg Avail Amt
TrdArrSecuritiesAggAvailAmt
100000

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