2023 Q4 Form 10-K Financial Statement

#000169082024000093 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $2.424B $10.77B $13.60B
YoY Change -14.56% -20.82% 6.17%
Cost Of Revenue $2.022B $9.047B $12.36B
YoY Change -23.52% -26.79% 13.53%
Gross Profit $402.0M $1.724B $1.246B
YoY Change 108.29% 38.36% -35.41%
Gross Profit Margin 16.58% 16.01% 9.16%
Selling, General & Admin $399.0M $1.796B $2.736B
YoY Change -31.33% -34.36% 34.58%
% of Gross Profit 99.25% 104.18% 219.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $82.00M $352.0M $261.0M
YoY Change 0.0% 34.87% 148.57%
% of Gross Profit 20.4% 20.42% 20.95%
Operating Expenses $439.0M $1.796B $2.736B
YoY Change -30.76% -34.36% 34.58%
Operating Profit -$37.00M -$72.00M -$1.490B
YoY Change -91.61% -95.17% 1332.69%
Interest Expense -$165.0M $632.0M $486.0M
YoY Change 7.84% 30.04% 176.14%
% of Operating Profit
Other Income/Expense, Net $1.000M -$70.00M
YoY Change -101.43% 1066.67%
Pretax Income -$202.0M $175.0M -$2.893B
YoY Change -85.98% -106.05% 911.54%
Income Tax -$2.000M $25.00M $1.000M
% Of Pretax Income 14.29%
Net Earnings -$114.0M $450.0M -$1.587B
YoY Change -85.86% -128.36% 1075.56%
Net Earnings / Revenue -4.7% 4.18% -11.67%
Basic Earnings Per Share $4.12 -$15.74
Diluted Earnings Per Share -$1.00 $0.75 -$15.74
COMMON SHARES
Basic Shares Outstanding 109.3M shares 100.8M shares
Diluted Shares Outstanding 200.6M shares 100.8M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $530.0M $530.0M $1.768B
YoY Change -70.02% -70.02% 132.94%
Cash & Equivalents $530.0M $530.0M $434.0M
Short-Term Investments $1.334B
Other Short-Term Assets $138.0M $568.0M $697.0M
YoY Change -24.18% -18.51% -10.41%
Inventory $1.150B $1.150B $1.876B
Prepaid Expenses
Receivables $266.0M $266.0M $253.0M
Other Receivables $807.0M $807.0M $0.00
Total Short-Term Assets $3.321B $3.321B $4.594B
YoY Change -27.71% -27.71% -6.09%
LONG-TERM ASSETS
Property, Plant & Equipment $3.437B $3.437B $3.780B
YoY Change -9.07% -9.07% 95.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $261.0M $261.0M $254.0M
YoY Change 2.76% 2.76% 40.33%
Total Long-Term Assets $3.750B $3.750B $4.104B
YoY Change -8.63% -8.63% 93.31%
TOTAL ASSETS
Total Short-Term Assets $3.321B $3.321B $4.594B
Total Long-Term Assets $3.750B $3.750B $4.104B
Total Assets $7.071B $7.071B $8.698B
YoY Change -18.71% -18.71% 23.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $231.0M $288.0M $292.0M
YoY Change -0.43% -1.37% 107.09%
Accrued Expenses $278.0M $278.0M $466.0M
YoY Change -40.34% -40.34% 5.91%
Deferred Revenue $30.00M
YoY Change 30.43%
Short-Term Debt $668.0M $668.0M $1.534B
YoY Change -56.45% -56.45% -25.28%
Long-Term Debt Due $777.0M $189.0M $201.0M
YoY Change -52.56% -5.97% 32.24%
Total Short-Term Liabilities $1.536B $1.536B $2.592B
YoY Change -40.74% -40.74% -10.31%
LONG-TERM LIABILITIES
Long-Term Debt $5.416B $5.416B $6.574B
YoY Change -17.61% -17.61% 104.93%
Other Long-Term Liabilities $70.00M $503.0M $585.0M
YoY Change -10.26% -14.02% 49.23%
Total Long-Term Liabilities $5.486B $5.919B $7.159B
YoY Change -17.53% -17.32% 98.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.536B $1.536B $2.592B
Total Long-Term Liabilities $5.486B $5.919B $7.159B
Total Liabilities $7.455B $6.828B $9.216B
YoY Change -23.55% -25.91% 37.37%
SHAREHOLDERS EQUITY
Retained Earnings -$1.626B
YoY Change -21.68%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $243.0M $243.0M -$518.0M
YoY Change
Total Liabilities & Shareholders Equity $7.071B $7.071B $8.698B
YoY Change -18.71% -18.71% 23.99%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$114.0M $450.0M -$1.587B
YoY Change -85.86% -128.36% 1075.56%
Depreciation, Depletion And Amortization $82.00M $352.0M $261.0M
YoY Change 0.0% 34.87% 148.57%
Cash From Operating Activities -$239.0M $803.0M -$1.324B
YoY Change -67.66% -160.65% -48.96%
INVESTING ACTIVITIES
Capital Expenditures $18.00M $87.00M $512.0M
YoY Change -70.49% -83.01% -8.08%
Acquisitions $7.000M $2.196B
YoY Change -99.68%
Other Investing Activities $27.00M $118.0M -$2.071B
YoY Change -41.3% -105.7% 2858.57%
Cash From Investing Activities $9.000M $31.00M -$2.583B
YoY Change -160.0% -101.2% 311.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 208.0M -$868.0M $3.899B
YoY Change -77.02% -122.26% 10.52%
NET CHANGE
Cash From Operating Activities -239.0M $803.0M -$1.324B
Cash From Investing Activities 9.000M $31.00M -$2.583B
Cash From Financing Activities 208.0M -$868.0M $3.899B
Net Change In Cash -22.00M -$34.00M -$8.000M
YoY Change -114.57% 325.0% -102.61%
FREE CASH FLOW
Cash From Operating Activities -$239.0M $803.0M -$1.324B
Capital Expenditures $18.00M $87.00M $512.0M
Free Cash Flow -$257.0M $716.0M -$1.836B
YoY Change -67.88% -139.0% -41.73%

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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 consolidated financial statements in conformity with 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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CY2023Q4 us-gaap Purchase Obligation
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