2022 Q2 Form 10-Q Financial Statement

#000179466922000041 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $506.7M $399.4M $351.0M
YoY Change 44.36% 89.38% 147.53%
Cost Of Revenue $400.9M $315.3M $272.9M
YoY Change 46.9% 97.56% 147.64%
Gross Profit $105.8M $84.10M $78.10M
YoY Change 35.47% 63.94% 147.15%
Gross Profit Margin 20.88% 21.06% 22.25%
Selling, General & Admin $62.70M $51.00M $52.70M
YoY Change 18.98% 60.88% -36.51%
% of Gross Profit 59.26% 60.64% 67.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $27.60M $1.400M
YoY Change -14.29% 14.52% 7.69%
% of Gross Profit 1.13% 32.82% 1.79%
Operating Expenses $82.90M $67.30M $73.20M
YoY Change 13.25% 18.49% -17.19%
Operating Profit $22.90M $16.80M $4.900M
YoY Change 367.35% -405.45% -108.63%
Interest Expense $8.400M -$7.800M $6.300M
YoY Change 33.33% -196.3% -46.15%
% of Operating Profit 36.68% -46.43% 128.57%
Other Income/Expense, Net $100.0K $100.0K $0.00
YoY Change -100.0%
Pretax Income $16.00M -$12.70M -$1.400M
YoY Change -1242.86% -45.02% -98.14%
Income Tax $1.000M $1.000M -$5.900M
% Of Pretax Income 6.25%
Net Earnings $10.30M -$9.400M $3.200M
YoY Change 221.88% -24.19% -420.0%
Net Earnings / Revenue 2.03% -2.35% 0.91%
Basic Earnings Per Share
Diluted Earnings Per Share $128.4K -$165.8K $38.60K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.019B $1.232B $699.7M
YoY Change 45.69% 32.73% 186.76%
Cash & Equivalents $1.018B $1.232B $699.7M
Short-Term Investments $1.200M
Other Short-Term Assets $600.0K $300.0K $300.0K
YoY Change 100.0% -70.0% 200.0%
Inventory $2.300M $3.500M $1.600M
Prepaid Expenses
Receivables $251.3M $205.9M $68.60M
Other Receivables $1.800M $2.000M $4.300M
Total Short-Term Assets $1.284B $1.454B $893.3M
YoY Change 43.73% 40.65% 169.07%
LONG-TERM ASSETS
Property, Plant & Equipment $17.70M $18.40M $17.50M
YoY Change 1.14% 21.85% -53.33%
Goodwill $627.1M $537.7M $525.2M
YoY Change 19.4% 12.73%
Intangibles
YoY Change
Long-Term Investments $32.00M $30.50M $29.50M
YoY Change 8.47%
Other Assets $1.900M $1.900M $500.0K
YoY Change 280.0% 216.67% -61.54%
Total Long-Term Assets $1.016B $889.0M $837.8M
YoY Change 21.23% 19.2% 22.79%
TOTAL ASSETS
Total Short-Term Assets $1.284B $1.454B $893.3M
Total Long-Term Assets $1.016B $889.0M $837.8M
Total Assets $2.300B $2.343B $1.731B
YoY Change 32.84% 31.66% 70.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $155.2M $121.1M $116.4M
YoY Change 33.33% 99.83% 79.63%
Accrued Expenses $4.800M $4.800M $3.500M
YoY Change 37.14% 33.33% -16.67%
Deferred Revenue $18.70M $15.00M $8.200M
YoY Change 128.05% 92.31% 0.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $275.3M $183.8M $164.6M
YoY Change 67.25% 84.91% 64.6%
LONG-TERM LIABILITIES
Long-Term Debt $1.738B $1.739B $1.118B
YoY Change 55.49% 72.92% 155.51%
Other Long-Term Liabilities $1.900M $2.400M $2.100M
YoY Change -9.52% 41.18% -19.23%
Total Long-Term Liabilities $1.757B $1.759B $1.120B
YoY Change 56.82% 74.19% 154.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $275.3M $183.8M $164.6M
Total Long-Term Liabilities $1.757B $1.759B $1.120B
Total Liabilities $2.032B $1.943B $1.285B
YoY Change 58.16% 75.15% 70.37%
SHAREHOLDERS EQUITY
Retained Earnings -$422.8M -$325.3M -$306.7M
YoY Change 37.85% 16.72% 17.37%
Common Stock $635.5M $619.2M $601.3M
YoY Change 5.69% -16.13% 16.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.80M $21.10M
YoY Change
Treasury Stock Shares 726.7K shares 378.5K shares
Shareholders Equity $183.5M $272.8M $294.6M
YoY Change
Total Liabilities & Shareholders Equity $2.300B $2.343B $1.731B
YoY Change 32.84% 31.66% 70.67%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income $10.30M -$9.400M $3.200M
YoY Change 221.88% -24.19% -420.0%
Depreciation, Depletion And Amortization $1.200M $27.60M $1.400M
YoY Change -14.29% 14.52% 7.69%
Cash From Operating Activities $47.90M $3.600M $6.700M
YoY Change 614.93% -43.75% -323.33%
INVESTING ACTIVITIES
Capital Expenditures -$36.00M -$27.40M -$24.80M
YoY Change 45.16% 47.31% 249.3%
Acquisitions
YoY Change
Other Investing Activities -$7.200M -$7.300M -$13.20M
YoY Change -45.45% -85.85%
Cash From Investing Activities -$43.20M -$34.70M -$38.00M
YoY Change 13.68% -50.57% 435.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -175.3M -25.50M -113.9M
YoY Change 53.91% -103.85% -161.94%
NET CHANGE
Cash From Operating Activities 47.90M 3.600M 6.700M
Cash From Investing Activities -43.20M -34.70M -38.00M
Cash From Financing Activities -175.3M -25.50M -113.9M
Net Change In Cash -170.6M -56.60M -145.2M
YoY Change 17.49% -109.45% -183.54%
FREE CASH FLOW
Cash From Operating Activities $47.90M $3.600M $6.700M
Capital Expenditures -$36.00M -$27.40M -$24.80M
Free Cash Flow $83.90M $31.00M $31.50M
YoY Change 166.35% 24.0% 668.29%

Facts In Submission

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<div style="margin-bottom:6pt;margin-top:18pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"><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 U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying unaudited condensed consolidated financial statements include estimates of fair value of acquired assets and liabilities through business combinations, fair value of contingent liabilities related to earnout payments, fair value of debt instruments, allowance for doubtful accounts, income taxes, investments in securities and noncontrolling interests. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ from these estimates.</span></div>
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