2024 Q1 Form 10-K Financial Statement

#000095017024015744 Filed on February 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $563.0M $555.0M $2.321B
YoY Change -3.6% 1.46% 8.66%
Cost Of Revenue $434.0M $425.0M $1.786B
YoY Change -2.91% 2.41% 9.57%
Gross Profit $129.0M $130.0M $535.0M
YoY Change -5.84% -1.52% 5.73%
Gross Profit Margin 22.91% 23.42% 23.05%
Selling, General & Admin $101.0M $98.00M $389.0M
YoY Change -0.98% 1.03% 7.76%
% of Gross Profit 78.29% 75.38% 72.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.000M $7.000M $26.00M
YoY Change 16.67% 40.0% 36.84%
% of Gross Profit 5.43% 5.38% 4.86%
Operating Expenses $101.0M $98.00M $395.0M
YoY Change -0.98% 1.03% 8.22%
Operating Profit $28.00M $32.00M $140.0M
YoY Change -20.0% -8.57% 6.87%
Interest Expense $1.000M
YoY Change
% of Operating Profit 3.57%
Other Income/Expense, Net $1.000M -$1.000M -$2.000M
YoY Change 0.0% -125.0%
Pretax Income $29.00M $31.00M $138.0M
YoY Change -17.14% -8.82% -0.72%
Income Tax $8.000M -$116.0M -$110.0M
% Of Pretax Income 27.59% -374.19% -79.71%
Net Earnings $21.00M $145.0M $247.0M
YoY Change -32.26% 353.13% 92.97%
Net Earnings / Revenue 3.73% 26.13% 10.64%
Basic Earnings Per Share $0.20 $2.26
Diluted Earnings Per Share $0.19 $1.38 $2.24
COMMON SHARES
Basic Shares Outstanding 106.2M 106.3M 107.4M
Diluted Shares Outstanding 107.3M 108.4M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $188.0M $299.0M $299.0M
YoY Change 11.9% 41.04% 41.04%
Cash & Equivalents $188.0M $299.0M $299.0M
Short-Term Investments
Other Short-Term Assets $19.00M $19.00M $19.00M
YoY Change -34.48% -26.92% -26.92%
Inventory $428.0M $366.0M $366.0M
Prepaid Expenses
Receivables $410.0M $384.0M $384.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.045B $1.068B $1.068B
YoY Change 1.95% 5.01% 5.01%
LONG-TERM ASSETS
Property, Plant & Equipment $137.0M $131.0M $171.0M
YoY Change 13.22% 10.08% 10.32%
Goodwill $192.0M $139.0M
YoY Change 61.34% 19.83%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $49.00M $45.00M $123.0M
YoY Change 19.51% 4.65% 1657.14%
Total Long-Term Assets $549.0M $461.0M $461.0M
YoY Change 80.59% 52.15% 52.15%
TOTAL ASSETS
Total Short-Term Assets $1.045B $1.068B $1.068B
Total Long-Term Assets $549.0M $461.0M $461.0M
Total Assets $1.594B $1.529B $1.529B
YoY Change 19.94% 15.83% 15.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $339.0M $288.0M $288.0M
YoY Change 4.95% -5.26% -5.26%
Accrued Expenses $112.0M $120.0M $92.00M
YoY Change -5.08% -4.76% -1.08%
Deferred Revenue $30.00M $28.00M
YoY Change -11.76% -15.15%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.000M
YoY Change 75.0%
Total Short-Term Liabilities $462.0M $418.0M $418.0M
YoY Change 3.36% -4.78% -4.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $15.00M
YoY Change 114.29%
Other Long-Term Liabilities $20.00M $18.00M $33.00M
YoY Change 66.67% 63.64% 13.79%
Total Long-Term Liabilities $20.00M $18.00M $48.00M
YoY Change 66.67% 63.64% 33.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $462.0M $418.0M $418.0M
Total Long-Term Liabilities $20.00M $18.00M $48.00M
Total Liabilities $515.0M $466.0M $469.0M
YoY Change 6.19% -2.1% -1.88%
SHAREHOLDERS EQUITY
Retained Earnings -$807.0M -$828.0M
YoY Change -22.7% -22.98%
Common Stock $2.032B $2.033B
YoY Change -0.25% -1.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.076B $1.060B $1.060B
YoY Change
Total Liabilities & Shareholders Equity $1.594B $1.529B $1.529B
YoY Change 19.94% 15.83% 15.83%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $21.00M $145.0M $247.0M
YoY Change -32.26% 353.13% 92.97%
Depreciation, Depletion And Amortization $7.000M $7.000M $26.00M
YoY Change 16.67% 40.0% 36.84%
Cash From Operating Activities $81.00M $105.0M $188.0M
YoY Change -1450.0% 1650.0%
INVESTING ACTIVITIES
Capital Expenditures $1.000M $2.000M $17.00M
YoY Change -80.0% 0.0% 88.89%
Acquisitions $185.0M $32.00M
YoY Change -60.0%
Other Investing Activities $2.000M $1.000M -$1.000M
YoY Change -101.69% -50.0%
Cash From Investing Activities -$188.0M -$1.000M -$48.00M
YoY Change 3660.0% -98.36% -44.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00M
YoY Change 614.29%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.000M -1.000M -55.00M
YoY Change -88.24% -80.0% 450.0%
NET CHANGE
Cash From Operating Activities 81.00M 105.0M 188.0M
Cash From Investing Activities -188.0M -1.000M -48.00M
Cash From Financing Activities -4.000M -1.000M -55.00M
Net Change In Cash -111.0M 103.0M 87.00M
YoY Change 152.27% -271.67% -186.14%
FREE CASH FLOW
Cash From Operating Activities $81.00M $105.0M $188.0M
Capital Expenditures $1.000M $2.000M $17.00M
Free Cash Flow $80.00M $103.0M $171.0M
YoY Change -827.27% 2475.0% -2000.0%

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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company grants credit to its customers, which operate primarily in the energy, industrial and manufacturing markets. Concentrations of credit risk are limited because the Company has a large number of geographically diverse customers, thus spreading trade credit risk. The Company controls credit risk through credit evaluations, credit limits and monitoring procedures. The Company performs periodic credit evaluations of its customers’ financial condition and, generally, does not require collateral but may require letters of credit or prepayments for certain sales. Allowances for doubtful accounts ("AFDA") are established based on an evaluation of accounts receivable aging, and where applicable, specific reserves on an individual customer basis. The estimated AFDA reflects the Company’s immediate recognition of current expected credit losses by incorporating the historical loss experience, as well as current and future market conditions that are reasonably available. Judgments in the estimate of AFDA include global economic and business conditions, oil and gas industry and market conditions, customers’ financial conditions and account receivables past due. Balances that remain outstanding after the Company has used reasonable collection efforts are written off. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of December 31, 2023, the Company had one customer in the U.S. segment that represented approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total revenues.</span></p>
CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company periodically evaluates its estimates and judgments that are most critical in nature, which are related to allowance for doubtful accounts, inventory reserves, impairment of goodwill and other long-lived assets, purchase price allocation of acquisitions, stock-based compensation and income taxes. On an ongoing basis, the Company evaluates such estimates by comparing to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.</span></p>
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CY2023Q4 us-gaap Goodwill
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CY2021 us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate
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CY2023 us-gaap Impairment Of Intangible Assets Finitelived
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2021Q4 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
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