2024 Q3 Form 10-Q Financial Statement

#000140658724000085 Filed on July 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $551.4M $318.4M
YoY Change 0.29% -13.69%
Cost Of Revenue $419.5M $246.9M
YoY Change -3.36% -13.03%
Gross Profit $131.9M $71.50M
YoY Change 14.0% -15.88%
Gross Profit Margin 23.92% 22.46%
Selling, General & Admin $32.00M $29.30M
YoY Change 21.21% 10.98%
% of Gross Profit 24.26% 40.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $700.0K $900.0K
YoY Change 0.0% 12.5%
% of Gross Profit 0.53% 1.26%
Operating Expenses $32.00M $29.30M
YoY Change 21.21% 10.98%
Operating Profit $99.90M $42.20M
YoY Change 11.87% -27.99%
Interest Expense $4.100M $4.400M
YoY Change -32.79% 15.79%
% of Operating Profit 4.1% 10.43%
Other Income/Expense, Net
YoY Change
Pretax Income $108.5M $51.60M
YoY Change 13.73% -17.31%
Income Tax $26.90M $12.90M
% Of Pretax Income 24.79% 25.0%
Net Earnings $81.60M $38.70M
YoY Change 12.71% -17.31%
Net Earnings / Revenue 14.8% 12.15%
Basic Earnings Per Share $0.76
Diluted Earnings Per Share $1.60 $0.76
COMMON SHARES
Basic Shares Outstanding 50.65M shares 50.60M shares
Diluted Shares Outstanding 51.06M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $481.2M $359.2M
YoY Change -21.88% -10.42%
Cash & Equivalents $481.2M $359.2M
Short-Term Investments
Other Short-Term Assets $13.20M $13.00M
YoY Change -15.92% -28.57%
Inventory
Prepaid Expenses
Receivables $37.30M $33.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $481.2M $359.2M
YoY Change -26.8% -19.06%
LONG-TERM ASSETS
Property, Plant & Equipment $2.273B $6.500M
YoY Change 38430.51% -99.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $300.0K $300.0K
YoY Change -40.0% -40.0%
Other Assets
YoY Change
Total Long-Term Assets $2.359B $2.316B
YoY Change 30.09% 19.89%
TOTAL ASSETS
Total Short-Term Assets $481.2M $359.2M
Total Long-Term Assets $2.359B $2.316B
Total Assets $2.840B $2.675B
YoY Change 14.95% 12.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.90M $70.90M
YoY Change 25.58% 3.35%
Accrued Expenses $212.9M $168.5M
YoY Change 48.78% 39.83%
Deferred Revenue $2.700M $5.500M
YoY Change -73.0% -26.67%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $471.1M $403.2M
YoY Change 39.67% 24.98%
LONG-TERM LIABILITIES
Long-Term Debt $706.4M $706.1M
YoY Change 1.64% -0.16%
Other Long-Term Liabilities $12.50M $13.10M
YoY Change -29.78% -12.67%
Total Long-Term Liabilities $706.4M $706.1M
YoY Change -0.9% -2.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $471.1M $403.2M
Total Long-Term Liabilities $706.4M $706.1M
Total Liabilities $1.246B $1.162B
YoY Change 13.19% 7.61%
SHAREHOLDERS EQUITY
Retained Earnings $878.2M $796.7M
YoY Change 30.14% 32.25%
Common Stock $715.9M $715.2M
YoY Change 3.14% 3.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.594B $1.512B
YoY Change
Total Liabilities & Shareholders Equity $2.840B $2.675B
YoY Change 14.95% 12.61%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $81.60M $38.70M
YoY Change 12.71% -17.31%
Depreciation, Depletion And Amortization $700.0K $900.0K
YoY Change 0.0% 12.5%
Cash From Operating Activities $119.2M -$61.70M
YoY Change -47.7% -153.7%
INVESTING ACTIVITIES
Capital Expenditures $800.0K $600.0K
YoY Change 60.0% 20.0%
Acquisitions
YoY Change
Other Investing Activities $4.400M $5.100M
YoY Change
Cash From Investing Activities $3.600M $4.500M
YoY Change -820.0% -1000.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -800.0K 200.0K
YoY Change -93.55% -300.0%
NET CHANGE
Cash From Operating Activities 119.2M -61.70M
Cash From Investing Activities 3.600M 4.500M
Cash From Financing Activities -800.0K 200.0K
Net Change In Cash 122.0M -57.00M
YoY Change -43.26% -149.87%
FREE CASH FLOW
Cash From Operating Activities $119.2M -$61.70M
Capital Expenditures $800.0K $600.0K
Free Cash Flow $118.4M -$62.30M
YoY Change -47.93% -154.46%

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<div style="text-indent:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Seasonality</span></div><div style="text-indent:9pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although the growth of our business and significant changes in market conditions have impacted our seasonal patterns in the past and could do so again in the future, we generally deliver more lots and generate greater revenues and pre-tax income in the fourth quarter of our fiscal year. As a result of seasonal activity, our quarterly results of operations and financial position at the end of a particular fiscal quarter are not necessarily representative of the balance of our fiscal year.</span></div>
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