2023 Q1 Form 10-K Financial Statement

#000173910423000004 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.257B $981.0M $4.411B
YoY Change 2.61% -11.86% -7.43%
Cost Of Revenue $494.0M $448.0M $1.913B
YoY Change -2.95% -12.5% -10.36%
Gross Profit $763.0M $533.0M $2.498B
YoY Change 6.56% -11.31% -5.06%
Gross Profit Margin 60.7% 54.33% 56.63%
Selling, General & Admin $327.0M $304.0M $1.265B
YoY Change 2.19% -7.6% -9.9%
% of Gross Profit 42.86% 57.04% 50.64%
Research & Development $81.00M $80.00M $321.0M
YoY Change 0.0% -13.04% -13.01%
% of Gross Profit 10.62% 15.01% 12.85%
Depreciation & Amortization $173.0M $168.0M $682.0M
YoY Change -1.7% -3.45% -4.75%
% of Gross Profit 22.67% 31.52% 27.3%
Operating Expenses $408.0M $514.0M $1.586B
YoY Change 1.75% -8.21% -10.55%
Operating Profit $355.0M $19.00M $912.0M
YoY Change 12.7% -53.66% 6.29%
Interest Expense $64.00M -$62.00M $241.0M
YoY Change 23.08% 12.73% 2.12%
% of Operating Profit 18.03% -326.32% 26.43%
Other Income/Expense, Net -$9.000M -$15.00M -$32.00M
YoY Change 0.0% -600.0% 540.0%
Pretax Income $108.0M -$83.00M -$72.00M
YoY Change 52.11% -31.4% -87.3%
Income Tax $5.000M -$28.00M $6.000M
% Of Pretax Income 4.63%
Net Earnings $103.0M -$55.00M -$78.00M
YoY Change 114.58% -43.3% -83.47%
Net Earnings / Revenue 8.19% -5.61% -1.77%
Basic Earnings Per Share $0.21 -$0.16
Diluted Earnings Per Share $0.21 -$0.11 -$0.16
COMMON SHARES
Basic Shares Outstanding 491.5M shares 474.2M shares 488.3M shares
Diluted Shares Outstanding 492.8M shares 488.3M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $318.0M $345.0M $345.0M
YoY Change -7.02% -45.92% -45.92%
Cash & Equivalents $318.0M $345.0M $345.0M
Short-Term Investments
Other Short-Term Assets $370.0M $394.0M $394.0M
YoY Change 17.46% 66.24% 66.24%
Inventory $1.596B $1.538B $1.538B
Prepaid Expenses
Receivables $1.051B $797.0M $797.0M
Other Receivables $213.0M $205.0M $205.0M
Total Short-Term Assets $3.548B $3.279B $3.279B
YoY Change 11.08% 0.09% 0.09%
LONG-TERM ASSETS
Property, Plant & Equipment $1.000B $999.0M $1.140B
YoY Change 1.32% -5.84% -6.71%
Goodwill $6.061B $5.993B
YoY Change -0.9% -2.9%
Intangibles $4.791B $4.842B
YoY Change -11.2% -13.33%
Long-Term Investments $27.00M $27.00M $27.00M
YoY Change 17.39% 22.73% 22.73%
Other Assets $369.0M $378.0M $210.0M
YoY Change -33.99% -2.33% 2.94%
Total Long-Term Assets $12.22B $12.21B $12.21B
YoY Change -6.4% -7.53% -7.53%
TOTAL ASSETS
Total Short-Term Assets $3.548B $3.279B $3.279B
Total Long-Term Assets $12.22B $12.21B $12.21B
Total Assets $15.77B $15.49B $15.49B
YoY Change -2.97% -6.02% -6.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $381.0M $390.0M $390.0M
YoY Change -5.22% -6.7% -6.7%
Accrued Expenses $110.0M $146.0M $177.0M
YoY Change -0.9% -21.08% -19.18%
Deferred Revenue $329.0M $324.0M
YoY Change 11.53% 2.53%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $381.0M $388.0M $388.0M
YoY Change 524.59% 31.97% 31.97%
Total Short-Term Liabilities $1.578B $1.702B $1.702B
YoY Change 20.73% 3.59% 3.59%
LONG-TERM LIABILITIES
Long-Term Debt $5.639B $5.448B $5.448B
YoY Change -7.15% -9.58% -9.58%
Other Long-Term Liabilities $245.0M $229.0M $390.0M
YoY Change 1.24% -12.26% -26.69%
Total Long-Term Liabilities $5.884B $5.677B $5.838B
YoY Change -6.83% -9.69% -10.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.578B $1.702B $1.702B
Total Long-Term Liabilities $5.884B $5.677B $5.838B
Total Liabilities $8.289B $8.202B $8.202B
YoY Change -4.05% -8.31% -8.31%
SHAREHOLDERS EQUITY
Retained Earnings -$954.0M -$1.057B
YoY Change 5.88% 11.38%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.480B $7.289B $7.289B
YoY Change
Total Liabilities & Shareholders Equity $15.77B $15.49B $15.49B
YoY Change -2.97% -6.02% -6.02%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $103.0M -$55.00M -$78.00M
YoY Change 114.58% -43.3% -83.47%
Depreciation, Depletion And Amortization $173.0M $168.0M $682.0M
YoY Change -1.7% -3.45% -4.75%
Cash From Operating Activities -$145.0M $13.00M $452.0M
YoY Change 133.87% -94.17% -6.42%
INVESTING ACTIVITIES
Capital Expenditures $20.00M $79.00M $137.0M
YoY Change 5.26% -186.81% 8.73%
Acquisitions $16.00M $0.00
YoY Change -100.0%
Other Investing Activities $1.000M $3.000M $8.000M
YoY Change -66.67% -82.35% 0.0%
Cash From Investing Activities -$55.00M -$76.00M -$179.0M
YoY Change 89.66% 2.7% -66.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $174.0M -84.00M -$549.0M
YoY Change -187.0% -290.91% -361.43%
NET CHANGE
Cash From Operating Activities -$145.0M 13.00M $452.0M
Cash From Investing Activities -$55.00M -76.00M -$179.0M
Cash From Financing Activities $174.0M -84.00M -$549.0M
Net Change In Cash -$27.00M -147.0M -$293.0M
YoY Change -90.88% -176.17% -321.97%
FREE CASH FLOW
Cash From Operating Activities -$145.0M $13.00M $452.0M
Capital Expenditures $20.00M $79.00M $137.0M
Free Cash Flow -$165.0M -$66.00M $315.0M
YoY Change 103.7% -121.02% -11.76%

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CY2022 us-gaap Basis Of Accounting
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Basis of Presentation <div style="margin-bottom:12pt;text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP). In our opinion, the financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for fair presentation of the results of operations for the periods shown. All intercompany balances and transactions have been eliminated. </span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. We issued our financial statements by filing with the Securities and Exchange Commission and have evaluated subsequent events up to the time of the filing.</span></div>
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CY2021Q4 us-gaap Contract With Customer Liability
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
487300000 shares
CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1131000000 usd
CY2021Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1112000000 usd
CY2021Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
342000000 usd
us-gaap Net Income Loss
NetIncomeLoss
41000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-24000000 usd
CY2021Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
327000000 usd
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-130000000 usd
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-120000000 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-22000000 usd
CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-15000000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-108000000 usd
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-105000000 usd
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
487300000 shares
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
487400000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
487300000 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
487400000 shares
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
51000000 usd
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-7000000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-28000000 usd
CY2022Q1 elan Asset Impairment Charges Including Inventory Write Down
AssetImpairmentChargesIncludingInventoryWriteDown
22000000 usd
elan Asset Impairment Charges Including Inventory Write Down
AssetImpairmentChargesIncludingInventoryWriteDown
81000000 usd
elan Asset Impairment Charges Including Inventory Write Down
AssetImpairmentChargesIncludingInventoryWriteDown
81000000 usd
CY2022Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
332000000 usd
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
384000000 usd
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
385000000 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-64000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-271000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-378000000 usd
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-122000000 usd
CY2021Q1 elan Asset Impairment Charges Including Inventory Write Down
AssetImpairmentChargesIncludingInventoryWriteDown
9000000 usd
elan Asset Impairment Charges Including Inventory Write Down
AssetImpairmentChargesIncludingInventoryWriteDown
284000000 usd
elan Asset Impairment Charges Including Inventory Write Down
AssetImpairmentChargesIncludingInventoryWriteDown
340000000 usd
CY2021Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
184000000 usd
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
190000000 usd
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
243000000 usd
CY2022 dei Auditor Firm
AuditorFirmId
42

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