2023 Q1 Form 10-K Financial Statement

#000162836923000005 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.249B $2.647B $10.11B
YoY Change -3.5% -8.21% 7.64%
Cost Of Revenue $1.908B $2.163B $8.154B
YoY Change 2.53% -2.86% 9.47%
Gross Profit $341.7M $484.4M $1.952B
YoY Change -27.38% -26.32% 0.61%
Gross Profit Margin 15.19% 18.3% 19.32%
Selling, General & Admin $315.9M $1.261B
YoY Change 7.67% 2.82%
% of Gross Profit 92.45% 64.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.90M $32.70M $146.9M
YoY Change -9.11% -25.34% -14.64%
% of Gross Profit 10.8% 6.75% 7.52%
Operating Expenses $315.9M $367.5M $1.261B
YoY Change 7.67% -8.81% 2.82%
Operating Profit -$18.30M $116.9M $535.1M
YoY Change -113.53% -54.05% 7.67%
Interest Expense $76.80M -$22.80M $193.1M
YoY Change 77.78% -38.71% 7.58%
% of Operating Profit -19.5% 36.09%
Other Income/Expense, Net -$6.000M $500.0K -$89.00M
YoY Change -81.76% -103.42% -7516.67%
Pretax Income -$89.20M $88.80M $338.0M
YoY Change -217.21% -55.06% -0.56%
Income Tax -$12.80M $59.00M $141.6M
% Of Pretax Income 66.44% 41.89%
Net Earnings -$76.40M $29.80M $196.4M
YoY Change -267.91% -79.56% -21.44%
Net Earnings / Revenue -3.4% 1.13% 1.94%
Basic Earnings Per Share -$0.34 $0.87
Diluted Earnings Per Share -$0.34 $0.13 $0.86
COMMON SHARES
Basic Shares Outstanding 225.8M shares 225.8M shares 225.4M shares
Diluted Shares Outstanding 226.2M shares 228.0M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $459.6M $644.5M $644.5M
YoY Change -24.89% -16.37% -16.37%
Cash & Equivalents $459.6M $644.5M $644.5M
Short-Term Investments
Other Short-Term Assets $228.8M $195.5M $195.5M
YoY Change -7.89% -12.02% -12.02%
Inventory
Prepaid Expenses $298.2M $246.3M
Receivables $1.687B $1.821B $1.821B
Other Receivables $131.4M $106.2M $106.2M
Total Short-Term Assets $2.506B $2.767B $2.767B
YoY Change -6.23% -2.24% -2.24%
LONG-TERM ASSETS
Property, Plant & Equipment $169.7M $172.6M $530.6M
YoY Change -11.8% -11.31% -12.74%
Goodwill $2.067B $2.066B
YoY Change -0.84% -0.79%
Intangibles $857.8M $874.5M
YoY Change -5.54% -5.17%
Long-Term Investments $685.7M $677.3M $677.3M
YoY Change 4.78% 5.61% 5.61%
Other Assets $921.8M $976.0M $673.2M
YoY Change 18.13% 31.7% 27.11%
Total Long-Term Assets $5.115B $5.183B $5.183B
YoY Change 0.63% 2.42% 2.42%
TOTAL ASSETS
Total Short-Term Assets $2.506B $2.767B $2.767B
Total Long-Term Assets $5.115B $5.183B $5.183B
Total Assets $7.622B $7.949B $7.949B
YoY Change -1.73% 0.75% 0.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.067B $1.199B $1.199B
YoY Change 4.17% 14.91% 14.91%
Accrued Expenses $759.4M $1.024B $1.024B
YoY Change -9.61% 4.9% -5.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $27.80M $44.20M $49.80M
YoY Change -27.6% 17.87% 17.45%
Total Short-Term Liabilities $2.120B $2.390B $2.390B
YoY Change -8.59% -1.81% -1.81%
LONG-TERM LIABILITIES
Long-Term Debt $3.228B $3.212B $3.212B
YoY Change 0.38% -0.27% -0.27%
Other Long-Term Liabilities $301.2M $293.3M $627.9M
YoY Change 12.26% -14.61% -14.93%
Total Long-Term Liabilities $3.529B $3.505B $3.840B
YoY Change 1.29% -1.66% -3.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.120B $2.390B $2.390B
Total Long-Term Liabilities $3.529B $3.505B $3.840B
Total Liabilities $6.042B $6.287B $6.288B
YoY Change -2.82% -2.4% -2.4%
SHAREHOLDERS EQUITY
Retained Earnings -$1.158B -$1.082B
YoY Change -6.04% -15.37%
Common Stock $22.70M $22.60M
YoY Change 0.44% 0.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.579B $1.661B $1.661B
YoY Change
Total Liabilities & Shareholders Equity $7.622B $7.949B $7.949B
YoY Change -1.73% 0.75% 0.75%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$76.40M $29.80M $196.4M
YoY Change -267.91% -79.56% -21.44%
Depreciation, Depletion And Amortization $36.90M $32.70M $146.9M
YoY Change -9.11% -25.34% -14.64%
Cash From Operating Activities -$221.5M $243.7M $49.10M
YoY Change 40.01% -18.55% -91.06%
INVESTING ACTIVITIES
Capital Expenditures $10.00M $6.300M $50.70M
YoY Change -47.09% -128.64% -5.76%
Acquisitions $0.00 $32.80M
YoY Change -100.0% 368.57%
Other Investing Activities $1.900M -$6.700M $10.80M
YoY Change -79.57% -99.0% -5500.0%
Cash From Investing Activities $73.30M -$13.00M -$120.7M
YoY Change 101.93% -98.12% -83.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.000B $26.70M
YoY Change 14825.37% 0.0%
Cash From Financing Activities -$42.80M -18.30M -$79.30M
YoY Change 19.22% -36.24% 20.52%
NET CHANGE
Cash From Operating Activities -$221.5M 243.7M $49.10M
Cash From Investing Activities $73.30M -13.00M -$120.7M
Cash From Financing Activities -$42.80M -18.30M -$79.30M
Net Change In Cash -$191.0M 212.4M -$150.9M
YoY Change 21.04% -150.43% -43.23%
FREE CASH FLOW
Cash From Operating Activities -$221.5M $243.7M $49.10M
Capital Expenditures $10.00M $6.300M $50.70M
Free Cash Flow -$231.5M $237.4M -$1.600M
YoY Change 30.72% -26.09% -100.32%

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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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CY2020 us-gaap Net Income Loss
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CY2020 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2022 us-gaap Comprehensive Income Net Of Tax
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CY2021 us-gaap Comprehensive Income Net Of Tax
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CY2020 us-gaap Comprehensive Income Net Of Tax
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CY2020 us-gaap Net Income Loss
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CY2020 us-gaap Noncontrolling Interest Increase From Business Combination
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CY2020 cwk Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Excluding Redemptions Or Purchase Of Interests Net Of Tax
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89000000.0 usd
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CY2020 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2020 us-gaap Stockholders Equity Other
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33500000 usd
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CY2021 us-gaap Net Income Loss
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OperatingLeaseRightOfUseAssetAmortizationExpense
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OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2022 us-gaap Amortization Of Financing Costs
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9600000 usd
CY2021 us-gaap Amortization Of Financing Costs
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9400000 usd
CY2020 us-gaap Amortization Of Financing Costs
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10000000.0 usd
CY2022 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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45400000 usd
CY2021 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
19900000 usd
CY2020 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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5300000 usd
CY2022 us-gaap Increase Decrease In Deferred Income Taxes
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CY2021 us-gaap Increase Decrease In Deferred Income Taxes
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CY2020 us-gaap Increase Decrease In Deferred Income Taxes
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CY2022 us-gaap Provision For Doubtful Accounts
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31700000 usd
CY2021 us-gaap Provision For Doubtful Accounts
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CY2020 us-gaap Gain Loss On Sale Of Business
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298900000 usd
CY2021 us-gaap Increase Decrease In Accounts And Other Receivables
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212500000 usd
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CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
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91500000 usd
CY2020 us-gaap Increase Decrease In Accrued Income Taxes Payable
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102700000 usd
CY2021 cwk Increase Decrease In Contract With Customer Asset And Prepaid And Other Assets Current
IncreaseDecreaseInContractWithCustomerAssetAndPrepaidAndOtherAssetsCurrent
105200000 usd
CY2020 cwk Increase Decrease In Contract With Customer Asset And Prepaid And Other Assets Current
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30600000 usd
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63500000 usd
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4300000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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125100000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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131100000 usd
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Employee Related Liabilities
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CY2021 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
227100000 usd
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CY2021 us-gaap Increase Decrease In Other Operating Liabilities
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CY2020 us-gaap Increase Decrease In Other Operating Liabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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49100000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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32800000 usd
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CY2022 us-gaap Payments To Acquire Equity Method Investments
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CY2022 us-gaap Payments To Acquire Retained Interest In Securitized Receivables
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CY2020 us-gaap Payments To Acquire Retained Interest In Securitized Receivables
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CY2020 us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
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CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Repayments Of Long Term Debt
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26700000 usd
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CY2020 us-gaap Payments Of Debt Issuance Costs
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CY2022 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2020 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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15900000 usd
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890300000 usd
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CY2021 us-gaap Advertising Expense
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CY2022Q4 cwk Number Of Offices
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CY2022 us-gaap Use Of Estimates
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Use of Estimates<div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to estimates and assumptions include, but are not limited to, the valuation of assets acquired and liabilities assumed in business combinations, including earn-out consideration; the fair value of derivative instruments; the fair value of the Company’s defined benefit plan assets and obligations; the fair value of awards granted under stock-based compensation plans; valuation allowances for income taxes; self-insurance program liabilities; uncertain tax positions; probability of meeting performance conditions in share-based awards; impairment assessments related to goodwill, intangible assets and other long-lived assets and variable consideration subject to accelerated revenue recognition.</span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although these estimates and assumptions are based on management’s judgment and best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from these estimates. Estimates and underlying assumptions are evaluated on an ongoing basis and adjusted, as needed, using historical experience and other factors, including the current economic environment. Market factors, such as illiquid credit markets, volatile equity markets and foreign currency fluctuations can increase the uncertainty in such estimates and assumptions. The effects of such adjustments are reflected in the Consolidated Financial Statements in the periods in which they are determined.</span></div>
CY2022 us-gaap Advertising Expense
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CY2022 us-gaap Variable Interest Entity Ownership Percentage
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1
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CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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