2021 Form 10-K Financial Statement

#000156459022007822 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $1.904B $556.3M $1.702B
YoY Change 11.85% 70.37% 55.16%
Cost Of Revenue $1.390B $402.5M $1.237B
YoY Change 12.39% 57.17% 41.71%
Gross Profit $513.9M $153.8M $465.4M
YoY Change 10.4% 118.3% 107.51%
Gross Profit Margin 26.99% 27.64% 27.34%
Selling, General & Admin $291.1M $80.90M $257.0M
YoY Change 13.25% 95.88% 57.64%
% of Gross Profit 56.64% 52.6% 55.22%
Research & Development $54.97M $13.80M $50.06M
YoY Change 9.79% 62.35% 33.34%
% of Gross Profit 10.7% 8.97% 10.76%
Depreciation & Amortization $45.09M $11.20M $9.318M
YoY Change 383.95% -37.08% 26.19%
% of Gross Profit 8.78% 7.28% 2.0%
Operating Expenses $376.0M $94.70M $307.1M
YoY Change 22.44% 68.51% 53.09%
Operating Profit $137.9M $58.89M $158.4M
YoY Change -12.92% 314.21% 567.99%
Interest Expense -$12.77M -$6.000M -$35.10M
YoY Change -63.62% -29.41% -1.13%
% of Operating Profit -9.26% -10.19% -22.16%
Other Income/Expense, Net -$5.661M -$1.200M -$1.200M
YoY Change 371.75% 1100.0% -25.0%
Pretax Income $114.6M $51.70M $122.0M
YoY Change -6.13% 807.02% -1010.83%
Income Tax $13.60M $8.700M $18.83M
% Of Pretax Income 11.87% 16.83% 15.43%
Net Earnings $101.0M $43.04M $103.2M
YoY Change -2.19% 615.95% -1329.65%
Net Earnings / Revenue 5.3% 7.74% 6.06%
Basic Earnings Per Share $1.08 $0.47 $1.20
Diluted Earnings Per Share $1.01 $0.43 $1.14
COMMON SHARES
Basic Shares Outstanding 93.26M 86.26M
Diluted Shares Outstanding 100.0M 90.58M

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.42M $129.5M $129.5M
YoY Change -51.8% 168.67%
Cash & Equivalents $133.6M
Short-Term Investments
Other Short-Term Assets $53.76M $41.80M $41.80M
YoY Change 28.61% 47.7%
Inventory $298.3M $226.0M $226.0M
Prepaid Expenses
Receivables $291.3M $293.6M $293.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $705.8M $691.0M $691.0M
YoY Change 2.14% 60.76% 60.77%
LONG-TERM ASSETS
Property, Plant & Equipment $68.21M $16.48M $16.50M
YoY Change 313.37% 7.22% 7.14%
Goodwill $312.8M
YoY Change 0.0%
Intangibles $259.3M
YoY Change -10.9%
Long-Term Investments
YoY Change
Other Assets $20.65M $34.36M $34.60M
YoY Change -40.31% 226.14% 220.37%
Total Long-Term Assets $631.6M $623.1M $623.1M
YoY Change 1.37% -1.07% -1.08%
TOTAL ASSETS
Total Short-Term Assets $705.8M $691.0M $691.0M
Total Long-Term Assets $631.6M $623.1M $623.1M
Total Assets $1.337B $1.314B $1.314B
YoY Change 1.77% 24.01% 24.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $236.1M $299.6M $299.6M
YoY Change -21.19% 64.61% 64.62%
Accrued Expenses $152.2M $121.2M $121.2M
YoY Change 25.56%
Deferred Revenue $9.787M
YoY Change 196.58%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.753M $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $446.7M $505.4M $505.4M
YoY Change -11.61% 68.5% 68.52%
LONG-TERM LIABILITIES
Long-Term Debt $242.9M $321.4M $321.4M
YoY Change -24.43% -36.16% -36.15%
Other Long-Term Liabilities $53.87M $20.20M $20.20M
YoY Change 166.69% 251.59% 254.39%
Total Long-Term Liabilities $296.8M $341.6M $341.6M
YoY Change -13.12% -32.92% -32.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $446.7M $505.4M $505.4M
Total Long-Term Liabilities $296.8M $341.6M $341.6M
Total Liabilities $769.2M $876.7M $876.7M
YoY Change -12.26% 4.01% 4.01%
SHAREHOLDERS EQUITY
Retained Earnings -$2.813M
YoY Change -97.35%
Common Stock $438.7M
YoY Change 34.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $568.2M $437.4M $437.4M
YoY Change
Total Liabilities & Shareholders Equity $1.337B $1.314B $1.314B
YoY Change 1.77% 24.01% 24.01%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income $101.0M $43.04M $103.2M
YoY Change -2.19% 615.95% -1329.65%
Depreciation, Depletion And Amortization $45.09M $11.20M $9.318M
YoY Change 383.95% -37.08% 26.19%
Cash From Operating Activities $20.19M $68.70M $169.0M
YoY Change -88.05% 103.25% 355.36%
INVESTING ACTIVITIES
Capital Expenditures -$10.97M -$3.900M $8.989M
YoY Change -222.08% 8.33% 1.59%
Acquisitions $4.846M $1.291M
YoY Change 275.37% -98.98%
Other Investing Activities -$9.567M -$500.0K -$1.300M
YoY Change 635.92% -99.6% -99.05%
Cash From Investing Activities -$20.54M -$4.400M -$10.28M
YoY Change 99.82% -96.6% -92.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.40M -52.70M -79.13M
YoY Change -17.35% -139.24% -159.81%
NET CHANGE
Cash From Operating Activities 20.19M 68.70M 169.0M
Cash From Investing Activities -20.54M -4.400M -10.28M
Cash From Financing Activities -65.40M -52.70M -79.13M
Net Change In Cash -65.75M 11.60M 81.62M
YoY Change -180.56% -69.87% 239.71%
FREE CASH FLOW
Cash From Operating Activities $20.19M $68.70M $169.0M
Capital Expenditures -$10.97M -$3.900M $8.989M
Free Cash Flow $31.17M $72.60M $160.0M
YoY Change -80.52% 94.12% 466.14%

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the valuation of intangible assets, accounts receivable, sales return reserves, reserves for customer incentives, warranty reserves, inventory, derivative instruments, stock-based compensation, deferred income tax, and common stock (prior to the IPO completed in September 2020). These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.</p>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our financial instruments that are exposed to concentrations of credit risk consist principally of cash, restricted cash and accounts receivable. We maintain our cash and restricted cash with various high-quality financial institutions with investment-grade ratings and we have not experienced any losses.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">One customer accounted for more than 10% of our consolidated net revenue for the years ended December 31, 2021, 2020 and 2019.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2021, and 2020, two customers each represented more than 10% of our accounts receivable, net.</p>
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