2024 Q3 Form 10-Q Financial Statement

#000157968424000045 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $612.4M $639.8M
YoY Change -6.19% -4.84%
Cost Of Revenue $375.9M $391.5M
YoY Change -9.66% -8.13%
Gross Profit $236.5M $248.4M
YoY Change -0.1% 0.85%
Gross Profit Margin 38.62% 38.82%
Selling, General & Admin $183.9M $183.0M
YoY Change -0.57% -0.6%
% of Gross Profit 77.73% 73.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.40M $38.26M
YoY Change -0.61% -3.84%
% of Gross Profit 17.08% 15.4%
Operating Expenses $183.9M $183.0M
YoY Change -0.57% -18.35%
Operating Profit -$6.023M $6.966M
YoY Change -117.24% -68.51%
Interest Expense -$26.06M -$25.71M
YoY Change -193.33% -9.97%
% of Operating Profit -369.09%
Other Income/Expense, Net -$20.06M -$20.05M
YoY Change -6.11% -643.27%
Pretax Income -$26.08M -$13.09M
YoY Change -292.13% 15.22%
Income Tax -$6.429M -$26.80M
% Of Pretax Income
Net Earnings -$19.65M $13.75M
YoY Change 665.9% -208.45%
Net Earnings / Revenue -3.21% 2.15%
Basic Earnings Per Share -$0.14 $0.10
Diluted Earnings Per Share -$0.14 $0.09
COMMON SHARES
Basic Shares Outstanding 147.6M shares 147.5M shares
Diluted Shares Outstanding 143.2M shares 241.5M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.8M $98.89M
YoY Change -6.43% -7.27%
Cash & Equivalents $101.8M $98.89M
Short-Term Investments
Other Short-Term Assets $21.32M $15.65M
YoY Change 24.62% -83.62%
Inventory $22.42M $22.43M
Prepaid Expenses $43.17M $39.43M
Receivables $244.0M $241.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $432.7M $418.0M
YoY Change -6.66% -13.23%
LONG-TERM ASSETS
Property, Plant & Equipment $247.7M $233.9M
YoY Change 0.59% -51.03%
Goodwill $531.1M $533.7M
YoY Change -0.4% -0.02%
Intangibles $453.1M $478.7M
YoY Change -16.98% -15.98%
Long-Term Investments
YoY Change
Other Assets $247.2M $231.2M
YoY Change 7.69% -5.22%
Total Long-Term Assets $1.631B $1.635B
YoY Change -8.69% -10.39%
TOTAL ASSETS
Total Short-Term Assets $432.7M $418.0M
Total Long-Term Assets $1.631B $1.635B
Total Assets $2.063B $2.053B
YoY Change -8.27% -10.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $161.6M $154.4M
YoY Change 1.46% -3.04%
Accrued Expenses $213.2M $192.2M
YoY Change 7.57% 1.34%
Deferred Revenue $108.3M $112.3M
YoY Change -15.78% -18.34%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $60.50M $60.50M
YoY Change -12.7% -5.1%
Total Short-Term Liabilities $551.2M $527.6M
YoY Change -1.78% -5.05%
LONG-TERM LIABILITIES
Long-Term Debt $931.6M $954.6M
YoY Change -6.21% -9.67%
Other Long-Term Liabilities $125.4M $98.46M
YoY Change 11.73% -73.2%
Total Long-Term Liabilities $1.272B $1.277B
YoY Change -6.6% -10.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $551.2M $527.6M
Total Long-Term Liabilities $1.272B $1.277B
Total Liabilities $1.823B $1.804B
YoY Change -5.19% -8.85%
SHAREHOLDERS EQUITY
Retained Earnings -$1.118B -$1.098B
YoY Change 11.31% 9.63%
Common Stock $1.437B $1.434B
YoY Change 0.95% 0.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $240.5M $249.8M
YoY Change
Total Liabilities & Shareholders Equity $2.063B $2.053B
YoY Change -8.27% -10.98%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$19.65M $13.75M
YoY Change 665.9% -208.45%
Depreciation, Depletion And Amortization $40.40M $38.26M
YoY Change -0.61% -3.84%
Cash From Operating Activities $33.75M $35.13M
YoY Change 63.81% -23.75%
INVESTING ACTIVITIES
Capital Expenditures $13.98M $9.726M
YoY Change 5.14% 27.14%
Acquisitions
YoY Change
Other Investing Activities $13.18M $5.886M
YoY Change -74.79% 201.69%
Cash From Investing Activities -$799.0K -$3.840M
YoY Change -102.04% -32.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.98M -25.28M
YoY Change -50.28% 58.79%
NET CHANGE
Cash From Operating Activities 33.75M 35.13M
Cash From Investing Activities -799.0K -3.840M
Cash From Financing Activities -28.98M -25.28M
Net Change In Cash 3.962M 6.006M
YoY Change 183.0% -75.43%
FREE CASH FLOW
Cash From Operating Activities $33.75M $35.13M
Capital Expenditures $13.98M $9.726M
Free Cash Flow $19.76M $25.40M
YoY Change 170.71% -33.89%

Facts In Submission

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<div><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><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the 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 footnotes thereto. Actual results could differ materially from those estimates. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant estimates inherent in the preparation of the unaudited condensed consolidated financial statements include pension and postretirement benefit obligation assumptions, income taxes, goodwill and intangible asset impairment analysis, </span></div>valuation of property, plant, and equipment and the mark to market of the conversion feature associated with the convertible debt.
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8800000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
10200000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y2M12D
CY2024Q2 us-gaap Preferred Stock Shares Authorized
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CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
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us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
27506000 usd
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
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us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
27537000 usd
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
68000 usd
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
14000 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1275601000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1341274000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest
-31000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest
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CY2024Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
26270000 usd
CY2023Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
28559000 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
52835000 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
56889000 usd
CY2024Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-87000 usd
CY2023Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
530000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
496000 usd
CY2024Q2 gci Non Operating Pension Income
NonOperatingPensionIncome
3137000 usd
CY2023Q2 gci Non Operating Pension Income
NonOperatingPensionIncome
2263000 usd
gci Non Operating Pension Income
NonOperatingPensionIncome
6283000 usd
gci Non Operating Pension Income
NonOperatingPensionIncome
4078000 usd
CY2024Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
38258000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
39784000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
76556000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
83482000 usd
CY2024Q2 us-gaap Restructuring Charges
RestructuringCharges
19775000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
7287000 usd
us-gaap Restructuring Charges
RestructuringCharges
37656000 usd
us-gaap Restructuring Charges
RestructuringCharges
19414000 usd
CY2024Q2 gci Third Party Debt Expenses And Acquisition Costs
ThirdPartyDebtExpensesAndAcquisitionCosts
248000 usd
CY2023Q2 gci Third Party Debt Expenses And Acquisition Costs
ThirdPartyDebtExpensesAndAcquisitionCosts
229000 usd
gci Third Party Debt Expenses And Acquisition Costs
ThirdPartyDebtExpensesAndAcquisitionCosts
426000 usd
gci Third Party Debt Expenses And Acquisition Costs
ThirdPartyDebtExpensesAndAcquisitionCosts
458000 usd
CY2024Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1177000 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
45989000 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1182000 usd
CY2024Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-236000 usd
CY2023Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-146000 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-788000 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
17535000 usd
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3512000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5047000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6338000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
8783000 usd
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2609000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
807000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
792000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-414000 usd
CY2024Q2 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
4977000 usd
CY2023Q2 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
3336000 usd
us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
6913000 usd
us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
3869000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-13086000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11357000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-87776000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-18426000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-26803000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1333000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-16725000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-15996000 usd
CY2024Q2 us-gaap Profit Loss
ProfitLoss
13717000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-12690000 usd
us-gaap Profit Loss
ProfitLoss
-71051000 usd
us-gaap Profit Loss
ProfitLoss
-2430000 usd
CY2024Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-31000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-13000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-31000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-97000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
13748000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-12677000 usd
us-gaap Net Income Loss
NetIncomeLoss
-71020000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2333000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
98886000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
106633000 usd
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
242000 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
998000 usd
CY2024Q2 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
9666000 usd
CY2023Q2 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
10502000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
108794000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
118133000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4781000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3502000 usd
us-gaap Interest Paid Net
InterestPaidNet
41655000 usd
us-gaap Interest Paid Net
InterestPaidNet
45702000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13516000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1802000 usd
CY2024Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
154353000 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
142215000 usd
CY2024Q2 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
67196000 usd
CY2023Q4 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
82160000 usd
CY2024Q2 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
10198000 usd
CY2023Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
9990000 usd
CY2024Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
19862000 usd
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
19422000 usd
CY2024Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
5362000 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
5617000 usd
CY2024Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
47911000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
34040000 usd
CY2024Q2 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
304882000 usd
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
293444000 usd

Files In Submission

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