2024 Q3 Form 10-K Financial Statement

#000159678324000087 Filed on September 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $1.023B $1.301B $4.381B
YoY Change 4.18% 21.82% 2.46%
Cost Of Revenue $842.0M $917.0M $3.428B
YoY Change 3.57% 10.08% 6.59%
Gross Profit $181.0M $384.0M $953.0M
YoY Change 7.1% 63.4% -10.09%
Gross Profit Margin 17.69% 29.52% 21.75%
Selling, General & Admin $252.0M $266.0M $935.0M
YoY Change 22.93% 21.46% 12.52%
% of Gross Profit 139.23% 69.27% 98.11%
Research & Development $4.000M $17.00M
YoY Change 0.0% -5.56%
% of Gross Profit 2.21% 1.78%
Depreciation & Amortization $113.0M $130.0M $489.0M
YoY Change 0.89% 14.04% 15.88%
% of Gross Profit 62.43% 33.85% 51.31%
Operating Expenses $256.0M $278.0M $1.015B
YoY Change 22.49% -17.01% 2.84%
Operating Profit -$67.00M $106.0M -$62.00M
YoY Change -90.77% -206.0% -184.93%
Interest Expense -$50.00M -$65.00M -$254.0M
YoY Change -28.57% 20.37% 38.04%
% of Operating Profit -61.32%
Other Income/Expense, Net $10.00M -$3.000M -$24.00M
YoY Change -176.92% -175.0% -500.0%
Pretax Income -$117.0M $38.00M -$1.027B
YoY Change -85.32% -125.33% 226.03%
Income Tax $12.00M $15.00M $16.00M
% Of Pretax Income 39.47%
Net Earnings -$129.0M $23.00M -$1.066B
YoY Change -83.0% -126.74% 359.48%
Net Earnings / Revenue -12.61% 1.77% -24.33%
Basic Earnings Per Share -$0.71 -$5.76
Diluted Earnings Per Share -$0.71 $0.13 -$5.76
COMMON SHARES
Basic Shares Outstanding 181.5M shares 181.0M shares 181.0M shares
Diluted Shares Outstanding 182.0M shares 181.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $335.0M $289.0M $289.0M
YoY Change 60.29% 3.21% 3.21%
Cash & Equivalents $335.0M $289.0M $289.0M
Short-Term Investments
Other Short-Term Assets $45.00M $813.0M $813.0M
YoY Change 32.35% 23.56% 23.56%
Inventory $553.0M $574.0M $574.0M
Prepaid Expenses $59.00M $46.00M
Receivables $760.0M $921.0M $921.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.507B $2.917B $2.597B
YoY Change -4.09% 0.0% -3.06%
LONG-TERM ASSETS
Property, Plant & Equipment $3.671B $3.643B $3.643B
YoY Change -1.4% -1.51% -1.51%
Goodwill $2.366B $2.333B
YoY Change 2.16% -23.23%
Intangibles $811.0M $841.0M
YoY Change -13.91% -14.18%
Long-Term Investments
YoY Change
Other Assets $321.0M $3.513B $3.513B
YoY Change -2.13% -20.23% -20.23%
Total Long-Term Assets $7.201B $7.591B $7.156B
YoY Change -2.81% 0.0% -11.69%
TOTAL ASSETS
Total Short-Term Assets $2.507B $2.917B $2.597B
Total Long-Term Assets $7.201B $7.591B $7.156B
Total Assets $9.708B $10.51B $9.753B
YoY Change -3.14% 0.0% -9.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $375.0M $361.0M $361.0M
YoY Change 2.18% -15.46% -15.46%
Accrued Expenses $297.0M $622.0M $622.0M
YoY Change -7.19% 14.34% 14.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $48.00M $48.00M $48.00M
YoY Change -92.31% -91.04% -91.04%
Total Short-Term Liabilities $998.0M $1.098B $1.031B
YoY Change -34.94% 0.0% -31.59%
LONG-TERM LIABILITIES
Long-Term Debt $4.886B $4.857B $4.857B
YoY Change 13.05% 12.61% 12.61%
Other Long-Term Liabilities $164.0M $261.0M $261.0M
YoY Change 3.14% -20.18% -20.18%
Total Long-Term Liabilities $164.0M $5.118B $5.118B
YoY Change 3.14% 10.3% 10.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $998.0M $1.098B $1.031B
Total Long-Term Liabilities $164.0M $5.118B $5.118B
Total Liabilities $6.166B $5.733B $6.149B
YoY Change -0.26% 0.0% 0.03%
SHAREHOLDERS EQUITY
Retained Earnings -$910.0M $518.0M
YoY Change 83.1% 0.0%
Common Stock $4.800B $4.787B
YoY Change 1.61% 1.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.542B $4.775B $3.604B
YoY Change
Total Liabilities & Shareholders Equity $9.708B $10.51B $9.753B
YoY Change -3.14% 0.0% -9.54%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income -$129.0M $23.00M -$1.066B
YoY Change -83.0% -126.74% 359.48%
Depreciation, Depletion And Amortization $113.0M $130.0M $489.0M
YoY Change 0.89% 14.04% 15.88%
Cash From Operating Activities $61.00M $214.0M $268.0M
YoY Change -187.14% 9.18% 5.51%
INVESTING ACTIVITIES
Capital Expenditures $57.00M $75.00M $327.0M
YoY Change -32.14% -38.02% -43.23%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $23.00M $1.000M $0.00
YoY Change -100.0%
Cash From Investing Activities -$34.00M -$74.00M -$327.0M
YoY Change -59.52% -38.84% -65.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.000M $1.116B
YoY Change -85.71% 385.22%
Cash From Financing Activities -$10.00M -10.00M $74.00M
YoY Change -110.2% -80.39% -85.8%
NET CHANGE
Cash From Operating Activities $61.00M 214.0M $268.0M
Cash From Investing Activities -$34.00M -74.00M -$327.0M
Cash From Financing Activities -$10.00M -10.00M $74.00M
Net Change In Cash $46.00M 130.0M $9.000M
YoY Change -164.79% 441.67% -105.33%
FREE CASH FLOW
Cash From Operating Activities $61.00M $214.0M $268.0M
Capital Expenditures $57.00M $75.00M $327.0M
Free Cash Flow $4.000M $139.0M -$59.00M
YoY Change -102.6% 85.33% -81.68%

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CY2024 us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-align:justify"><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>The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, including determining the transaction price and any associated constraint on variable consideration, allowance for credit losses, inventory and long-lived asset valuation, goodwill and other intangible asset valuation and impairment, equity-based compensation, income taxes, derivative valuation, and pension plan asset and liability valuation. Actual amounts may differ from these estimated amounts.
CY2024 us-gaap Reclassifications
Reclassifications
<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div>Certain prior-period amounts were reclassified to conform to the current period presentation. Specifically, certain line items in prior periods were combined within the operating activities section of the statement of cash flows to conform with current year presentation. These reclassifications did not have a material impact on the consolidated statements of cash flows.
CY2024 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk and Major Customers </span></div><div style="margin-top:9pt;text-align:justify;text-indent:24pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Concentration of credit risk, with respect to accounts receivable, is limited due to the large number of customers and their dispersion across different geographic areas. The customers are primarily concentrated in the biopharmaceutical, pharmaceutical, and consumer products industries. The Company does not normally require collateral or any other security to support credit sales. The Company performs ongoing credit evaluations of its customers’ financial conditions and maintains reserves for credit losses. Such losses historically have been within the Company’s expectations. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:24pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the fiscal years ended June 30, 2024, 2023, and 2022 the Company had one customer that accounted for 16%, 10% and 10%, respectively, of its net revenue, which was primarily recorded in the Biologics segment. </span></div>As of June 30, 2024 and 2023, the Company had one customer that accounted for 34% and 20%, respectively, of its aggregate net trade receivables and contract asset values, primarily associated with the Biologics segment. After performing a risk assessment of this customer, the Company has determined that a reserve is not warranted as of June 30, 2024.
CY2024 us-gaap Segment Reporting Disclosure Of Major Customers
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