2023 Q1 Form 10-K Financial Statement

#000002632423000005 Filed on February 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $630.9M $757.7M $2.557B
YoY Change 12.76% 13.63% 2.04%
Cost Of Revenue $409.5M $465.2M $1.602B
YoY Change 14.35% 14.89% 1.9%
Gross Profit $221.4M $292.5M $954.6M
YoY Change 9.93% 11.69% 2.28%
Gross Profit Margin 35.1% 38.6% 37.33%
Selling, General & Admin $120.8M $116.2M $445.7M
YoY Change 4.39% -6.48% 0.58%
% of Gross Profit 54.55% 39.73% 46.69%
Research & Development $22.02M $19.03M $80.84M
YoY Change 7.18% -12.75% -8.65%
% of Gross Profit 9.95% 6.51% 8.47%
Depreciation & Amortization $28.93M $28.51M $51.00M
YoY Change 5.72% 1.29% -6.93%
% of Gross Profit 13.07% 9.75% 5.34%
Operating Expenses $142.8M $135.2M $526.5M
YoY Change 4.81% -7.42% -0.95%
Operating Profit $78.62M $157.2M $423.4M
YoY Change 29.92% 35.79% 10.65%
Interest Expense $12.94M -$13.67M $46.98M
YoY Change 35.82% 34.68% 16.75%
% of Operating Profit 16.47% -8.69% 11.09%
Other Income/Expense, Net $7.767M $1.434M $12.73M
YoY Change 159.16% -54.58% 5.51%
Pretax Income $73.44M $145.0M $389.2M
YoY Change 36.05% 47.41% 9.78%
Income Tax $16.59M $35.99M $94.85M
% Of Pretax Income 22.59% 24.82% 24.37%
Net Earnings $56.85M $109.0M $294.3M
YoY Change 39.72% 42.37% 10.18%
Net Earnings / Revenue 9.01% 14.39% 11.51%
Basic Earnings Per Share $1.48 $7.67
Diluted Earnings Per Share $1.48 $2.82 $7.62
COMMON SHARES
Basic Shares Outstanding 38.27M shares 38.31M shares 38.39M shares
Diluted Shares Outstanding 38.52M shares 38.65M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.7M $257.0M $257.0M
YoY Change -4.41% 50.27% 50.27%
Cash & Equivalents $130.7M $257.0M $257.0M
Short-Term Investments
Other Short-Term Assets $67.42M $52.62M $52.62M
YoY Change 5.43% -21.58% -32.61%
Inventory $527.9M $483.1M $483.1M
Prepaid Expenses
Receivables $720.2M $724.6M $724.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.446B $1.517B $1.517B
YoY Change 10.41% 16.02% 16.02%
LONG-TERM ASSETS
Property, Plant & Equipment $340.3M $342.7M $496.6M
YoY Change -4.24% -4.81% -1.41%
Goodwill $1.549B $1.545B
YoY Change 6.19% 5.58%
Intangibles $605.2M $620.9M
YoY Change 15.52% 15.39%
Long-Term Investments
YoY Change
Other Assets $48.62M $47.57M $270.2M
YoY Change 43.62% 37.6% -7.15%
Total Long-Term Assets $2.916B $2.932B $2.932B
YoY Change 4.91% 4.88% 4.88%
TOTAL ASSETS
Total Short-Term Assets $1.446B $1.517B $1.517B
Total Long-Term Assets $2.916B $2.932B $2.932B
Total Assets $4.362B $4.450B $4.450B
YoY Change 6.67% 8.43% 8.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $207.6M $266.5M $266.5M
YoY Change 22.99% 25.93% 25.93%
Accrued Expenses $153.7M $177.5M $174.3M
YoY Change 40.89% 20.2% -2.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $202.5M $203.6M
YoY Change -100.0% 19880.18%
Total Short-Term Liabilities $672.2M $971.4M $971.4M
YoY Change -16.0% 32.19% 32.19%
LONG-TERM LIABILITIES
Long-Term Debt $1.230B $1.052B $1.060B
YoY Change 27.06% 0.12% 0.02%
Other Long-Term Liabilities $88.29M $108.0M $303.2M
YoY Change -6.51% -3.67% -9.54%
Total Long-Term Liabilities $1.318B $1.160B $1.363B
YoY Change 24.08% -0.24% -2.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $672.2M $971.4M $971.4M
Total Long-Term Liabilities $1.318B $1.160B $1.363B
Total Liabilities $2.308B $2.457B $2.457B
YoY Change 3.04% 7.92% 7.92%
SHAREHOLDERS EQUITY
Retained Earnings $3.224B $3.174B
YoY Change 9.56% 9.13%
Common Stock $176.1M $183.7M
YoY Change 2.51% 4.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.101B $1.107B
YoY Change 2.61% 3.65%
Treasury Stock Shares 10.93M shares
Shareholders Equity $2.054B $1.992B $1.992B
YoY Change
Total Liabilities & Shareholders Equity $4.362B $4.450B $4.450B
YoY Change 6.67% 8.43% 8.43%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $56.85M $109.0M $294.3M
YoY Change 39.72% 42.37% 10.18%
Depreciation, Depletion And Amortization $28.93M $28.51M $51.00M
YoY Change 5.72% 1.29% -6.93%
Cash From Operating Activities -$91.60M $292.4M $294.8M
YoY Change -26.32% 26.08% -23.96%
INVESTING ACTIVITIES
Capital Expenditures $10.66M $9.428M $38.22M
YoY Change -2.16% -171.15% -7.03%
Acquisitions $282.4M
YoY Change
Other Investing Activities $224.0K -$34.48M $0.00
YoY Change -55.64% -5356.55%
Cash From Investing Activities -$10.44M -$43.91M -$325.9M
YoY Change 0.44% 248.67% 668.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $56.87M
YoY Change -83.43%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$31.73M -115.4M $129.4M
YoY Change -129.88% -59.48% -135.06%
NET CHANGE
Cash From Operating Activities -$91.60M 292.4M $294.8M
Cash From Investing Activities -$10.44M -43.91M -$325.9M
Cash From Financing Activities -$31.73M -115.4M $129.4M
Net Change In Cash -$126.3M 133.1M $85.97M
YoY Change 268.03% -303.51% -415.56%
FREE CASH FLOW
Cash From Operating Activities -$91.60M $292.4M $294.8M
Capital Expenditures $10.66M $9.428M $38.22M
Free Cash Flow -$102.3M $283.0M $256.6M
YoY Change -24.37% 15.42% -25.97%

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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><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial statements of the Corporation have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. The most significant of these estimates includes the estimate of costs to complete on certain contracts using the over-time revenue recognition accounting method, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Actual results may differ from these estimates.</span></div>
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5283000 usd
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16800000 usd
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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342708000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2020Q4 us-gaap Goodwill
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