2024 Q1 Form 10-K Financial Statement

#000137613924000006 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.863B $2.202B $9.247B
YoY Change -18.5% -17.84% -15.13%
Cost Of Revenue $1.702B $2.043B $7.974B
YoY Change -11.12% -14.59% -18.35%
Gross Profit $161.0M $159.0M $1.273B
YoY Change -56.6% -44.79% 12.65%
Gross Profit Margin 8.64% 7.22% 13.77%
Selling, General & Admin $36.00M $34.00M $141.0M
YoY Change -7.69% -12.82% -5.37%
% of Gross Profit 22.36% 21.38% 11.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.00M $1.000M $298.0M
YoY Change 11.76% -98.63% 3.47%
% of Gross Profit 47.2% 0.63% 23.41%
Operating Expenses $37.00M $35.00M $141.0M
YoY Change -5.13% -14.63% -5.37%
Operating Profit $124.0M $124.0M $1.123B
YoY Change -62.42% -49.8% 16.61%
Interest Expense -$20.00M -$9.000M -$52.00M
YoY Change 11.11% -50.0% -38.82%
% of Operating Profit -16.13% -7.26% -4.63%
Other Income/Expense, Net $4.000M $4.000M $14.00M
YoY Change 33.33% 0.0% -118.18%
Pretax Income $107.0M $119.0M $1.085B
YoY Change -66.03% -46.64% 35.46%
Income Tax $17.00M $22.00M $207.0M
% Of Pretax Income 15.89% 18.49% 19.08%
Net Earnings $82.00M $91.00M $769.0M
YoY Change -57.95% -18.75% 66.09%
Net Earnings / Revenue 4.4% 4.13% 8.32%
Basic Earnings Per Share $0.81 $7.65
Diluted Earnings Per Share $0.82 $0.91 $7.65
COMMON SHARES
Basic Shares Outstanding 100.5M shares 100.5M shares 100.5M shares
Diluted Shares Outstanding 100.5M shares 100.5M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $644.0M $581.0M $581.0M
YoY Change 7.15% 13.92% 13.92%
Cash & Equivalents $644.0M $581.0M $581.0M
Short-Term Investments
Other Short-Term Assets $57.00M $110.0M $110.0M
YoY Change -41.24% 8.91% 8.91%
Inventory $601.0M $604.0M $604.0M
Prepaid Expenses $36.00M $59.00M
Receivables $253.0M $286.0M $286.0M
Other Receivables $0.00 $598.0M $598.0M
Total Short-Term Assets $1.555B $2.179B $2.179B
YoY Change -5.01% 36.79% 36.79%
LONG-TERM ASSETS
Property, Plant & Equipment $2.210B $2.221B $2.221B
YoY Change -1.38% -1.16% -1.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $98.00M $100.0M
YoY Change -4.85% 31.58%
Other Assets $328.0M $307.0M $307.0M
YoY Change -0.61% 10.04% 10.04%
Total Long-Term Assets $2.538B $2.528B $2.528B
YoY Change -1.28% 0.08% 0.08%
TOTAL ASSETS
Total Short-Term Assets $1.555B $2.179B $2.179B
Total Long-Term Assets $2.538B $2.528B $2.528B
Total Assets $4.093B $4.707B $4.707B
YoY Change -2.73% 14.28% 14.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $551.0M $530.0M $530.0M
YoY Change 7.62% 6.64% 6.64%
Accrued Expenses $106.0M $129.0M $129.0M
YoY Change -17.19% -11.03% -11.03%
Deferred Revenue $20.00M $16.00M
YoY Change -55.56% -66.67%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.000M $606.0M $606.0M
YoY Change 33.33% 10000.0% 10000.0%
Total Short-Term Liabilities $1.043B $1.682B $1.682B
YoY Change -22.57% 16.89% 16.89%
LONG-TERM LIABILITIES
Long-Term Debt $1.577B $1.579B $1.579B
YoY Change -0.44% -0.38% -0.38%
Other Long-Term Liabilities $84.00M $81.00M $81.00M
YoY Change -13.4% 47.27% 47.27%
Total Long-Term Liabilities $1.661B $1.987B $1.660B
YoY Change -14.03% 5.19% 1.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.043B $1.682B $1.682B
Total Long-Term Liabilities $1.661B $1.987B $1.660B
Total Liabilities $3.214B $3.669B $3.860B
YoY Change -1.98% 10.25% 7.58%
SHAREHOLDERS EQUITY
Retained Earnings -$628.0M -$660.0M
YoY Change -24.52% -32.38%
Common Stock $1.509B $1.509B
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $879.0M $847.0M $847.0M
YoY Change
Total Liabilities & Shareholders Equity $4.093B $4.707B $4.707B
YoY Change -2.73% 14.28% 14.28%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $82.00M $91.00M $769.0M
YoY Change -57.95% -18.75% 66.09%
Depreciation, Depletion And Amortization $76.00M $1.000M $298.0M
YoY Change 11.76% -98.63% 3.47%
Cash From Operating Activities $177.0M -$36.00M $948.0M
YoY Change -28.34% -136.36% -1.96%
INVESTING ACTIVITIES
Capital Expenditures $59.00M $59.00M $262.0M
YoY Change 11.32% 7.27% -4.38%
Acquisitions
YoY Change
Other Investing Activities $4.000M $1.000M $23.00M
YoY Change -78.95% 0.0% -866.67%
Cash From Investing Activities -$55.00M -$58.00M -$239.0M
YoY Change 61.76% 7.41% -11.81%
FINANCING ACTIVITIES
Cash Dividend Paid $50.00M $453.0M
YoY Change 0.0% -6.21%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $600.0M $0.00
YoY Change -100.0%
Cash From Financing Activities -664.0M 384.0M -$40.00M
YoY Change 444.26% -350.98% -94.25%
NET CHANGE
Cash From Operating Activities 177.0M -36.00M $948.0M
Cash From Investing Activities -55.00M -58.00M -$239.0M
Cash From Financing Activities -664.0M 384.0M -$40.00M
Net Change In Cash -542.0M 290.0M $669.0M
YoY Change -695.6% -368.52%
FREE CASH FLOW
Cash From Operating Activities $177.0M -$36.00M $948.0M
Capital Expenditures $59.00M $59.00M $262.0M
Free Cash Flow $118.0M -$95.00M $686.0M
YoY Change -39.18% -315.91% -1.01%

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<div style="padding-left: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%">Reclassifications</span></div>Certain immaterial reclassifications have been made within the consolidated financial statements for prior periods to conform with current presentation.
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<div style="padding-left: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><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are reviewed on an ongoing basis, based on currently available information. Changes in facts and circumstances may result in revised estimates, and actual results could differ from those estimates.</span></div>
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CY2023Q1 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.50
CY2023Q1 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
50000000 usd
CY2023Q2 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.50
CY2023Q2 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
50000000 usd
CY2023Q3 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.50
CY2023Q3 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
50000000 usd
CY2023Q4 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.50
CY2023Q4 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
50000000 usd
CY2023 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
2.00
CY2023 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
201000000 usd
CY2023Q3 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
1.00
CY2023Q3 cvi Special Dividends Value
SpecialDividendsValue
101000000 usd
CY2023Q4 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
1.50
CY2023Q4 cvi Special Dividends Value
SpecialDividendsValue
151000000 usd
CY2023 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
2.50
CY2023 cvi Special Dividends Value
SpecialDividendsValue
251000000 usd
CY2022Q2 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.40
CY2022Q2 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
40000000 usd
CY2022Q3 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.40
CY2022Q3 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
40000000 usd
CY2022Q4 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.40
CY2022Q4 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
40000000 usd
CY2022 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
1.20
CY2022 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
121000000 usd
CY2022Q3 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
2.60
CY2022Q3 cvi Special Dividends Value
SpecialDividendsValue
261000000 usd
CY2022Q4 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
1.00
CY2022Q4 cvi Special Dividends Value
SpecialDividendsValue
101000000 usd
CY2022 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
3.60
CY2022 cvi Special Dividends Value
SpecialDividendsValue
362000000 usd
CY2022Q1 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0
CY2021 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0
CY2021Q2 cvi Special Dividends Value
SpecialDividendsValue
492000000 usd
CY2021Q2 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
4.89
CY2021Q2 cvi Payment Of Special Dividends
PaymentOfSpecialDividends
241000000 usd
CY2021Q2 cvi Special Dividends Per Share Paid
SpecialDividendsPerSharePaid
2.40
CY2021Q2 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
112000000 usd
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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