2024 Q2 Form 10-Q Financial Statement

#000004288824000014 Filed on April 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $553.2M $492.2M
YoY Change -1.14% -7.07%
Cost Of Revenue $252.4M $226.0M
YoY Change -5.91% -7.57%
Gross Profit $300.9M $266.2M
YoY Change 3.24% -6.64%
Gross Profit Margin 54.38% 54.08%
Selling, General & Admin $117.6M $111.3M
YoY Change 4.0% 3.09%
% of Gross Profit 39.09% 41.82%
Research & Development $21.90M $21.87M
YoY Change 2.87% 6.8%
% of Gross Profit 7.28% 8.22%
Depreciation & Amortization $19.81M $19.52M
YoY Change 9.26% 8.5%
% of Gross Profit 6.58% 7.33%
Operating Expenses $139.5M $133.2M
YoY Change 3.82% 3.68%
Operating Profit $161.4M $133.0M
YoY Change 2.74% -15.11%
Interest Expense $634.0K $744.0K
YoY Change -135.26% -44.77%
% of Operating Profit 0.39% 0.56%
Other Income/Expense, Net $4.453M $8.078M
YoY Change 2.02% 298.13%
Pretax Income $165.2M $140.3M
YoY Change 3.48% -10.82%
Income Tax $32.20M $18.13M
% Of Pretax Income 19.49% 12.92%
Net Earnings $133.0M $122.2M
YoY Change -0.96% -5.39%
Net Earnings / Revenue 24.04% 24.83%
Basic Earnings Per Share $0.79 $0.73
Diluted Earnings Per Share $0.77 $0.71
COMMON SHARES
Basic Shares Outstanding 169.1M shares 168.2M shares
Diluted Shares Outstanding 172.5M shares 172.4M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $666.0M $622.7M
YoY Change 27.92% 57.53%
Cash & Equivalents $666.0M $622.7M
Short-Term Investments
Other Short-Term Assets $50.00M $40.51M
YoY Change 11.34% 2.74%
Inventory $457.6M $459.1M
Prepaid Expenses
Receivables $350.6M $321.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.524B $1.444B
YoY Change 8.07% 12.09%
LONG-TERM ASSETS
Property, Plant & Equipment $767.7M $751.2M
YoY Change 8.25% 18.58%
Goodwill $363.5M $363.4M
YoY Change -2.24% -1.82%
Intangibles $114.0M $117.9M
YoY Change -13.05% -12.14%
Long-Term Investments
YoY Change
Other Assets $41.90M $38.98M
YoY Change -50.77% 14.11%
Total Long-Term Assets $1.356B $1.343B
YoY Change 4.5% 6.74%
TOTAL ASSETS
Total Short-Term Assets $1.524B $1.444B
Total Long-Term Assets $1.356B $1.343B
Total Assets $2.880B $2.787B
YoY Change 6.36% 9.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $75.27M $76.83M
YoY Change -7.69% -4.41%
Accrued Expenses $92.02M $82.51M
YoY Change -8.28% -3.95%
Deferred Revenue $51.41M $48.48M
YoY Change -11.7% 7.41%
Short-Term Debt $30.04M $29.71M
YoY Change -38.82% -29.1%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $362.3M $351.7M
YoY Change -25.95% -7.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $2.094M $2.209M
YoY Change -97.76% -79.66%
Total Long-Term Liabilities $2.094M $2.209M
YoY Change -97.76% -97.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $362.3M $351.7M
Total Long-Term Liabilities $2.094M $2.209M
Total Liabilities $364.4M $353.9M
YoY Change -38.38% -24.31%
SHAREHOLDERS EQUITY
Retained Earnings $1.380B $1.307B
YoY Change 19.56% 23.32%
Common Stock $1.091B $1.082B
YoY Change 6.99% 9.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.418B $2.336B
YoY Change
Total Liabilities & Shareholders Equity $2.880B $2.787B
YoY Change 6.36% 9.45%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $133.0M $122.2M
YoY Change -0.96% -5.39%
Depreciation, Depletion And Amortization $19.81M $19.52M
YoY Change 9.26% 8.5%
Cash From Operating Activities $139.0M $118.9M
YoY Change -27.41% 30.93%
INVESTING ACTIVITIES
Capital Expenditures $36.26M $37.19M
YoY Change -32.79% -2.87%
Acquisitions
YoY Change
Other Investing Activities -$4.000K -$5.572M
YoY Change -99.32% -1682.95%
Cash From Investing Activities -$36.26M -$31.62M
YoY Change -33.5% -18.17%
FINANCING ACTIVITIES
Cash Dividend Paid $42.85M
YoY Change 8.68%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -58.98M -$1.864M
YoY Change 421.61% -156.16%
NET CHANGE
Cash From Operating Activities 139.0M $118.9M
Cash From Investing Activities -36.26M -$31.62M
Cash From Financing Activities -58.98M -$1.864M
Net Change In Cash 43.76M $84.78M
YoY Change -65.18% 51.07%
FREE CASH FLOW
Cash From Operating Activities $139.0M $118.9M
Capital Expenditures $36.26M $37.19M
Free Cash Flow $102.7M $81.73M
YoY Change -25.31% 55.56%

Facts In Submission

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CommonStockDividendsPerShareDeclared
0.235
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
38925000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5863000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1986343000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2024Q1 us-gaap Revenues
Revenues
492189000 usd
CY2023Q1 us-gaap Revenues
Revenues
529646000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
132996000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
156668000 usd
CY2024Q1 us-gaap Assets
Assets
2786825000 usd
CY2023Q4 us-gaap Assets
Assets
2722007000 usd
CY2024Q1 us-gaap Revenues
Revenues
492189000 usd
CY2023Q1 us-gaap Revenues
Revenues
529646000 usd
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
751174000 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
741713000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
122199000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
129166000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
168490000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
168018000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3956000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3658000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
172446000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
171676000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.77
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
940000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
49.09
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
41.46
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
89.30
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
900000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
28.58
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
20000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
72.29
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
54.64
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
7096000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
45.85
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10500000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8900000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
34500000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2024Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
311000000 usd
CY2024Q1 us-gaap Other Receivables
OtherReceivables
11000000 usd
CY2023Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
343000000 usd
CY2023Q4 us-gaap Other Receivables
OtherReceivables
11000000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4655000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6130000 usd
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
137000 usd
CY2024Q1 ggg Accounts Receivable Allowance For Credit Loss Writeoff Recovery
AccountsReceivableAllowanceForCreditLossWriteoffRecovery
32000 usd
CY2023Q1 ggg Accounts Receivable Allowance For Credit Loss Writeoff Recovery
AccountsReceivableAllowanceForCreditLossWriteoffRecovery
1820000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
59000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4593000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4232000 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
245527000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
221847000 usd
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
132715000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
131906000 usd
CY2024Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
198698000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
202294000 usd
CY2024Q1 us-gaap Inventory Gross
InventoryGross
576940000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
556047000 usd
CY2024Q1 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
117822000 usd
CY2023Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
117698000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
459118000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
438349000 usd
CY2024Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
269182000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
141192000 usd
CY2024Q1 ggg Intangible Assets Translation Adjustments
IntangibleAssetsTranslationAdjustments
-10140000 usd
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
117850000 usd
CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
269524000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
137356000 usd
CY2023 ggg Intangible Assets Translation Adjustments
IntangibleAssetsTranslationAdjustments
-5910000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
126258000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4200000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4500000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
12256000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
15939000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
9090000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6378000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
4229000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
8258000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
370228000 usd
CY2024Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-6868000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
363360000 usd
CY2024Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
8792000 usd
CY2023Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
8654000 usd
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14756000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
15408000 usd
CY2024Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
9161000 usd
CY2023Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
14312000 usd
CY2024Q1 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
1730000 usd
CY2023Q4 us-gaap Other Employee Related Liabilities Current
OtherEmployeeRelatedLiabilitiesCurrent
16639000 usd
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
48480000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
51578000 usd
CY2024Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
12121000 usd
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
9837000 usd
CY2024Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
14744000 usd
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
12289000 usd
CY2024Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
18081000 usd
CY2023Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
17826000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7785000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8242000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
24532000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
30574000 usd
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
160182000 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
185359000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
15408000 usd
CY2024Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
2291000 usd
CY2024Q1 ggg Product Warranty Margin Reversed
ProductWarrantyMarginReversed
872000 usd
CY2024Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3815000 usd
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14756000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
28700000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
20600000 usd
CY2024Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
23983000 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
22255000 usd
CY2024Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
7016000 usd
CY2023Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
8242000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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