2023 Q4 Form 10-K Financial Statement

#000003778524000033 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $1.146B $4.487B
YoY Change -29.34% -22.67%
Cost Of Revenue $710.4M $2.656B
YoY Change -24.13% -23.59%
Gross Profit $435.7M $1.831B
YoY Change -36.45% -21.31%
Gross Profit Margin 38.02% 40.81%
Selling, General & Admin $171.5M $734.3M
YoY Change -19.29% -5.28%
% of Gross Profit 39.36% 40.1%
Research & Development $81.80M $328.8M
YoY Change -3.08% 4.65%
% of Gross Profit 18.77% 17.96%
Depreciation & Amortization $45.90M $184.3M
YoY Change 7.24% 8.8%
% of Gross Profit 10.53% 10.07%
Operating Expenses $253.3M $1.063B
YoY Change -23.96% -2.41%
Operating Profit $182.4M $767.9M
YoY Change -53.76% -32.89%
Interest Expense -$56.70M -$237.2M
YoY Change 26.56% -256.26%
% of Operating Profit -31.09% -30.89%
Other Income/Expense, Net -$4.800M -$18.20M
YoY Change 128.57% 111.63%
Pretax Income -$43.40M $300.2M
YoY Change -112.49% -69.49%
Income Tax -$1.197B -$1.119B
% Of Pretax Income -372.85%
Net Earnings $1.099B $1.322B
YoY Change 301.06% 79.43%
Net Earnings / Revenue 95.85% 29.45%
Basic Earnings Per Share $8.77 $10.55
Diluted Earnings Per Share $8.77 $10.52
COMMON SHARES
Basic Shares Outstanding 124.9M shares 125.1M shares
Diluted Shares Outstanding 125.2M shares 125.5M shares

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $302.4M $302.4M
YoY Change -47.13% -47.13%
Cash & Equivalents $302.4M $302.4M
Short-Term Investments
Other Short-Term Assets $398.9M $398.9M
YoY Change 278.46% 133.0%
Inventory $1.725B $1.725B
Prepaid Expenses
Receivables $2.703B $2.703B
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.129B $5.129B
YoY Change -5.69% -5.69%
LONG-TERM ASSETS
Property, Plant & Equipment $892.5M $892.5M
YoY Change 5.05% -8.31%
Goodwill $1.594B
YoY Change 0.27%
Intangibles $2.465B
YoY Change -1.71%
Long-Term Investments $19.80M $19.80M
YoY Change 36.55% 36.55%
Other Assets $1.846B $1.846B
YoY Change 229.33% 306.94%
Total Long-Term Assets $6.797B $6.797B
YoY Change 18.57% 18.57%
TOTAL ASSETS
Total Short-Term Assets $5.129B $5.129B
Total Long-Term Assets $6.797B $6.797B
Total Assets $11.93B $11.93B
YoY Change 6.76% 6.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $602.4M $602.4M
YoY Change -51.89% -51.89%
Accrued Expenses $1.172B $1.172B
YoY Change 94.77% 19.74%
Deferred Revenue $482.1M
YoY Change -29.16%
Short-Term Debt $837.5M $837.5M
YoY Change 85.16% 85.16%
Long-Term Debt Due $934.0M $934.0M
YoY Change 955.37% 955.37%
Total Short-Term Liabilities $3.385B $3.385B
YoY Change -10.92% -10.92%
LONG-TERM LIABILITIES
Long-Term Debt $3.024B $3.024B
YoY Change 10.62% 10.62%
Other Long-Term Liabilities $1.085B $1.085B
YoY Change 143.51% 18.39%
Total Long-Term Liabilities $4.108B $4.108B
YoY Change 29.25% 12.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.385B $3.385B
Total Long-Term Liabilities $4.108B $4.108B
Total Liabilities $7.493B $7.493B
YoY Change 7.37% -3.86%
SHAREHOLDERS EQUITY
Retained Earnings $6.587B
YoY Change 18.56%
Common Stock $954.2M
YoY Change 2.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.433B $4.433B
YoY Change
Total Liabilities & Shareholders Equity $11.93B $11.93B
YoY Change 6.76% 6.76%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.099B $1.322B
YoY Change 301.06% 79.43%
Depreciation, Depletion And Amortization $45.90M $184.3M
YoY Change 7.24% 8.8%
Cash From Operating Activities $292.8M -$386.4M
YoY Change -52.66% -166.35%
INVESTING ACTIVITIES
Capital Expenditures $25.10M $133.9M
YoY Change -25.96% -5.9%
Acquisitions $16.50M
YoY Change -91.68%
Other Investing Activities -$2.500M $9.800M
YoY Change -104.05% -141.53%
Cash From Investing Activities -$27.60M -$154.4M
YoY Change -199.28% -42.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.200B
YoY Change 85614.29%
Cash From Financing Activities -230.6M $331.5M
YoY Change -47.0% -239.64%
NET CHANGE
Cash From Operating Activities 292.8M -386.4M
Cash From Investing Activities -27.60M -154.4M
Cash From Financing Activities -230.6M $331.5M
Net Change In Cash 34.60M -$269.6M
YoY Change -83.62% -588.41%
FREE CASH FLOW
Cash From Operating Activities $292.8M -$386.4M
Capital Expenditures $25.10M $133.9M
Free Cash Flow $267.7M -$520.3M
YoY Change -54.21% -218.22%

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<div style="margin-bottom:9pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Estimates and assumptions</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. In preparing the financial statements in conformity with U.S. GAAP we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results are likely to differ from those estimates, but we do not believe such differences will materially affect our financial position, results of operations or cash flows.</span></div>
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CY2022 us-gaap Operating Lease Cost
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IncomeLossFromContinuingOperations
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IncomeLossFromContinuingOperations
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IncomeLossFromContinuingOperations
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IncomeLossFromContinuingOperations
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IncomeLossFromContinuingOperations
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IncomeLossFromContinuingOperations
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IncomeLossFromContinuingOperations
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IncomeLossFromContinuingOperations
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NetIncomeLoss
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NetIncomeLoss
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NetIncomeLoss
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NetIncomeLoss
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NetIncomeLoss
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IncomeLossFromContinuingOperationsPerBasicShare
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IncomeLossFromContinuingOperationsPerBasicShare
0.41
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.04
CY2023Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
9.23
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.77
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.15
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2022Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.61
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IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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CY2023Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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CY2022Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2022Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.44
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.56
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
8.77
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.65
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.06
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.96
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.17
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.64
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.41
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.04
CY2023Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
9.23
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.76
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.15
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.08
CY2022Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.61
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
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CY2023Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
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CY2023Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2023Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2022Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2023Q1 us-gaap Earnings Per Share Diluted
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1.55
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0.24
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EarningsPerShareDiluted
-0.03
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EarningsPerShareDiluted
8.77
CY2022Q1 us-gaap Earnings Per Share Diluted
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1.64
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.06
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.95
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.17
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125300000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125100000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124900000 shares
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124900000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126100000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126200000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126200000 shares
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125600000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126100000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125700000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125300000 shares
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125200000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126800000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126900000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126900000 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126400000 shares
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023 dei Auditor Name
AuditorName
KPMG LLP
CY2023 dei Auditor Location
AuditorLocation
Philadelphia, PA
CY2023 dei Auditor Firm
AuditorFirmId
185

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