2024 Q1 Form 10-K Financial Statement

#000162836924000005 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.185B $2.552B $9.494B
YoY Change -2.87% -3.57% -6.06%
Cost Of Revenue $1.833B $2.074B $7.842B
YoY Change -3.94% -4.11% -3.83%
Gross Profit $352.3M $478.6M $1.652B
YoY Change 3.1% -1.2% -15.37%
Gross Profit Margin 16.13% 18.75% 17.4%
Selling, General & Admin $296.0M $1.263B
YoY Change -6.3% 0.12%
% of Gross Profit 84.02% 76.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.50M $36.80M $145.6M
YoY Change -11.92% 12.54% -0.88%
% of Gross Profit 9.23% 7.69% 8.81%
Operating Expenses $328.5M $353.9M $1.263B
YoY Change 3.99% -3.7% 0.12%
Operating Profit $23.80M $124.7M $205.6M
YoY Change -230.05% 6.67% -61.58%
Interest Expense -$47.00M -$40.10M $281.1M
YoY Change -161.2% 75.88% 45.57%
% of Operating Profit -197.48% -32.16% 136.72%
Other Income/Expense, Net $1.700M $200.0K -$12.60M
YoY Change -128.33% -60.0% -85.84%
Pretax Income -$26.50M $70.10M -$30.00M
YoY Change -70.29% -21.06% -108.88%
Income Tax $2.300M $300.0K $5.400M
% Of Pretax Income 0.43%
Net Earnings -$28.80M $69.80M -$35.40M
YoY Change -62.3% 134.23% -118.02%
Net Earnings / Revenue -1.32% 2.73% -0.37%
Basic Earnings Per Share -$0.13 -$0.16
Diluted Earnings Per Share -$0.13 $0.31 -$0.16
COMMON SHARES
Basic Shares Outstanding 227.3M shares 227.3M shares 226.9M shares
Diluted Shares Outstanding 227.9M shares 226.9M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $553.5M $767.7M $767.7M
YoY Change 20.43% 19.12% 19.12%
Cash & Equivalents $553.5M $767.7M $767.7M
Short-Term Investments
Other Short-Term Assets $237.0M $139.5M $139.5M
YoY Change 3.58% -28.64% -28.64%
Inventory
Prepaid Expenses $237.0M $189.4M
Receivables $1.583B $1.779B $1.779B
Other Receivables $86.40M $117.0M $117.0M
Total Short-Term Assets $2.460B $2.803B $2.803B
YoY Change -1.86% 1.32% 1.32%
LONG-TERM ASSETS
Property, Plant & Equipment $475.4M $163.8M $502.8M
YoY Change 180.14% -5.1% -5.24%
Goodwill $2.064B $2.081B
YoY Change -0.12% 0.75%
Intangibles $791.3M $805.9M
YoY Change -7.75% -7.84%
Long-Term Investments $713.6M $708.0M $708.0M
YoY Change 4.07% 4.53% 4.53%
Other Assets $986.7M $805.8M $480.4M
YoY Change 7.04% -17.44% -28.64%
Total Long-Term Assets $5.031B $4.971B $4.971B
YoY Change -1.64% -4.08% -4.08%
TOTAL ASSETS
Total Short-Term Assets $2.460B $2.803B $2.803B
Total Long-Term Assets $5.031B $4.971B $4.971B
Total Assets $7.491B $7.774B $7.774B
YoY Change -1.71% -2.21% -2.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.094B $1.101B $1.101B
YoY Change 2.48% -8.2% -8.2%
Accrued Expenses $708.1M $962.7M $962.7M
YoY Change -6.76% -6.0% -6.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $125.0M $143.7M $149.7M
YoY Change 349.64% 225.11% 200.6%
Total Short-Term Liabilities $2.179B $2.397B $2.397B
YoY Change 2.8% 0.28% 0.28%
LONG-TERM LIABILITIES
Long-Term Debt $3.066B $3.097B $3.097B
YoY Change -5.02% -3.57% -3.57%
Other Long-Term Liabilities $561.5M $268.6M $588.2M
YoY Change 86.42% -8.42% -6.32%
Total Long-Term Liabilities $3.627B $3.366B $3.685B
YoY Change 2.78% -3.98% -4.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.179B $2.397B $2.397B
Total Long-Term Liabilities $3.627B $3.366B $3.685B
Total Liabilities $5.866B $6.096B $6.097B
YoY Change -2.91% -3.04% -3.04%
SHAREHOLDERS EQUITY
Retained Earnings -$1.146B -$1.117B
YoY Change -1.05% 3.27%
Common Stock $22.90M $22.70M
YoY Change 0.88% 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.625B $1.677B $1.677B
YoY Change
Total Liabilities & Shareholders Equity $7.491B $7.774B $7.774B
YoY Change -1.71% -2.21% -2.21%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$28.80M $69.80M -$35.40M
YoY Change -62.3% 134.23% -118.02%
Depreciation, Depletion And Amortization $32.50M $36.80M $145.6M
YoY Change -11.92% 12.54% -0.88%
Cash From Operating Activities -$125.1M $202.4M $152.2M
YoY Change -43.52% -16.95% 209.98%
INVESTING ACTIVITIES
Capital Expenditures $10.50M $16.20M $51.00M
YoY Change 5.0% 157.14% 0.59%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$300.0K -$15.10M -$6.800M
YoY Change -115.79% 125.37% -162.96%
Cash From Investing Activities -$10.80M -$31.30M $48.90M
YoY Change -114.73% 140.77% -140.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $55.00M $2.405B
YoY Change -94.5% 8907.49%
Cash From Financing Activities -72.90M -13.70M -$120.8M
YoY Change 70.33% -25.14% 52.33%
NET CHANGE
Cash From Operating Activities -125.1M 202.4M $152.2M
Cash From Investing Activities -10.80M -31.30M $48.90M
Cash From Financing Activities -72.90M -13.70M -$120.8M
Net Change In Cash -208.8M 157.4M $80.30M
YoY Change 9.32% -25.89% -153.21%
FREE CASH FLOW
Cash From Operating Activities -$125.1M $202.4M $152.2M
Capital Expenditures $10.50M $16.20M $51.00M
Free Cash Flow -$135.6M $186.2M $101.2M
YoY Change -41.43% -21.57% -6425.0%

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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>
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CY2023Q4 us-gaap Finance Lease Liability
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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CY2022Q3 cwk Transferors Interests In Transferred Financial Assets Receivables Sold Percent
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CY2022 cwk Proceeds From Accounts Receivable Securitization Received From Trade Accounts Receivable Sold To Third Party
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CY2023Q4 cwk Transferors Interests In Transferred Financial Assets Amount Drawn On Investment Limit
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CY2022Q4 cwk Transferors Interests In Transferred Financial Assets Amount Drawn On Investment Limit
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CY2023Q2 us-gaap Cash Flows Between Transferee And Transferor Servicing Fees
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 us-gaap Interest Paid Net
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
88500000 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
215400000 usd
CY2021 us-gaap Income Taxes Paid
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CY2023 us-gaap Operating Lease Payments
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CY2022 us-gaap Operating Lease Payments
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125100000 usd
CY2021 us-gaap Operating Lease Payments
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CY2023 us-gaap Capital Lease Obligations Incurred
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CY2022 us-gaap Capital Lease Obligations Incurred
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CY2021 us-gaap Capital Lease Obligations Incurred
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CY2023 us-gaap Liabilities Assumed1
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CY2022 us-gaap Liabilities Assumed1
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CY2021 us-gaap Liabilities Assumed1
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CY2023 cwk Increase Decrease In Beneficial Interest In Securitization Noncash
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CY2022 cwk Increase Decrease In Beneficial Interest In Securitization Noncash
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54400000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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119200000 usd
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CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q4 us-gaap Common Stock Shares Authorized
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800000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
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800000000 shares
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CY2023Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q4 us-gaap Common Stock Shares Issued
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225780535 shares
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1400000000 usd
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CY2021 us-gaap Dividends Cash
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CY2021 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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CY2021 us-gaap Valuation Allowances And Reserves Deductions
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CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
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CY2022 us-gaap Valuation Allowances And Reserves Deductions
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CY2022Q4 us-gaap Valuation Allowances And Reserves Balance
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CY2023 us-gaap Valuation Allowances And Reserves Deductions
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12100000 usd
CY2023Q4 us-gaap Valuation Allowances And Reserves Balance
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85200000 usd

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