2023 Q2 Form 10-Q Financial Statement

#000169082023000219 Filed on July 19, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $2.968B $3.884B
YoY Change -23.58% 16.43%
Cost Of Revenue $2.469B $3.488B
YoY Change -29.21% 25.29%
Gross Profit $499.0M $396.0M
YoY Change 26.01% -28.26%
Gross Profit Margin 16.81% 10.2%
Selling, General & Admin $410.0M $721.0M
YoY Change -43.13% 53.4%
% of Gross Profit 82.16% 182.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $90.00M $64.00M
YoY Change 40.63% 166.67%
% of Gross Profit 18.04% 16.16%
Operating Expenses $449.0M $721.0M
YoY Change -37.73% 53.4%
Operating Profit $50.00M -$325.0M
YoY Change -115.38% -496.34%
Interest Expense -$155.0M $116.0M
YoY Change -233.62% 169.77%
% of Operating Profit -310.0%
Other Income/Expense, Net $3.000M $3.000M
YoY Change 0.0% -50.0%
Pretax Income -$105.0M -$438.0M
YoY Change -76.03% -1073.33%
Income Tax $0.00 $1.000M
% Of Pretax Income
Net Earnings -$58.00M -$238.0M
YoY Change -75.63% -1181.82%
Net Earnings / Revenue -1.95% -6.13%
Basic Earnings Per Share -$0.55 -$2.35
Diluted Earnings Per Share -$0.55 -$2.346M
COMMON SHARES
Basic Shares Outstanding 106.2M shares 101.5M shares
Diluted Shares Outstanding 106.2M shares 101.5M shares

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.639B $1.440B
YoY Change 13.82% 128.57%
Cash & Equivalents $541.0M $1.047B
Short-Term Investments $1.098B $393.0M
Other Short-Term Assets $636.0M $207.0M
YoY Change 207.25% 91.67%
Inventory $1.302B $2.865B
Prepaid Expenses
Receivables $335.0M $428.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.912B $5.491B
YoY Change -28.76% 69.21%
LONG-TERM ASSETS
Property, Plant & Equipment $3.615B $3.920B
YoY Change -7.78% 210.62%
Goodwill $847.0M
YoY Change 9311.11%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $261.0M $162.0M
YoY Change 61.11% 170.0%
Total Long-Term Assets $3.937B $5.011B
YoY Change -21.43% 275.07%
TOTAL ASSETS
Total Short-Term Assets $3.912B $5.491B
Total Long-Term Assets $3.937B $5.011B
Total Assets $7.849B $10.50B
YoY Change -25.26% 129.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $313.0M $294.0M
YoY Change 6.46% 90.91%
Accrued Expenses $390.0M $597.0M
YoY Change -34.67% 72.05%
Deferred Revenue $39.00M $37.00M
YoY Change 5.41% 60.87%
Short-Term Debt $1.161B $1.118B
YoY Change 3.85% 64.41%
Long-Term Debt Due $199.0M $1.236B
YoY Change -83.9% 1640.85%
Total Short-Term Liabilities $2.179B $2.368B
YoY Change -7.98% 77.64%
LONG-TERM LIABILITIES
Long-Term Debt $6.542B $6.605B
YoY Change -0.95% 183.84%
Other Long-Term Liabilities $534.0M $25.00M
YoY Change 2036.0% 2400.0%
Total Long-Term Liabilities $7.076B $6.630B
YoY Change 6.73% 184.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.179B $2.368B
Total Long-Term Liabilities $7.076B $6.630B
Total Liabilities $8.546B $9.638B
YoY Change -11.33% 152.9%
SHAREHOLDERS EQUITY
Retained Earnings -$2.294B -$987.0M
YoY Change 132.42% 168.21%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$697.0M $539.0M
YoY Change
Total Liabilities & Shareholders Equity $7.849B $10.50B
YoY Change -25.26% 129.25%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$58.00M -$238.0M
YoY Change -75.63% -1181.82%
Depreciation, Depletion And Amortization $90.00M $64.00M
YoY Change 40.63% 166.67%
Cash From Operating Activities $509.0M $106.0M
YoY Change 380.19% -117.46%
INVESTING ACTIVITIES
Capital Expenditures $18.00M -$141.0M
YoY Change -112.77% 25.89%
Acquisitions
YoY Change
Other Investing Activities $43.00M -$2.176B
YoY Change -101.98% -16838.46%
Cash From Investing Activities $25.00M -$2.317B
YoY Change -101.08% 2240.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -551.0M 2.866B
YoY Change -119.23% 376.87%
NET CHANGE
Cash From Operating Activities 509.0M 106.0M
Cash From Investing Activities 25.00M -2.317B
Cash From Financing Activities -551.0M 2.866B
Net Change In Cash -17.00M 655.0M
YoY Change -102.6% -723.81%
FREE CASH FLOW
Cash From Operating Activities $509.0M $106.0M
Capital Expenditures $18.00M -$141.0M
Free Cash Flow $491.0M $247.0M
YoY Change 98.79% -149.9%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="padding-right:8pt;text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Certain accounting estimates involve significant judgments, assumptions and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period, which management considers to be critical accounting estimates. The judgments, assumptions and estimates used by management are based on historical experience, management’s experience, and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of the Company's assets and liabilities and the results of operations.</span></div>
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