2022 Q3 Form 10-Q Financial Statement

#000095017022015043 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $105.3M $97.84M $92.75M
YoY Change 20.82% 18.77% 25.56%
Cost Of Revenue $36.56M $32.62M $28.92M
YoY Change 44.2% 24.94% 29.08%
Gross Profit $68.76M $65.22M $63.84M
YoY Change 11.23% 15.91% 23.95%
Gross Profit Margin 65.29% 66.66% 68.82%
Selling, General & Admin $21.71M $21.43M $19.69M
YoY Change 4.45% 29.28% 39.62%
% of Gross Profit 31.58% 32.85% 30.84%
Research & Development $8.000M $8.000M $5.400M
YoY Change 33.33% 23.08% -1.82%
% of Gross Profit 11.63% 12.27% 8.46%
Depreciation & Amortization $2.716M $3.499M $3.791M
YoY Change -34.71% -1.35% -7.92%
% of Gross Profit 3.95% 5.37% 5.94%
Operating Expenses $29.71M $29.43M $25.09M
YoY Change 10.92% 27.54% 27.99%
Operating Profit $36.34M $32.34M $34.95M
YoY Change 17.56% 9.23% 25.81%
Interest Expense $8.781M $9.772M $10.89M
YoY Change -19.76% -40.2% -62.83%
% of Operating Profit 24.16% 30.22% 31.16%
Other Income/Expense, Net -$8.186M -$9.621M -$10.82M
YoY Change -25.93% -89.95% -67.84%
Pretax Income $28.16M $22.72M $24.13M
YoY Change 41.77% -134.36% -512.6%
Income Tax $8.000M $700.0K $1.900M
% Of Pretax Income 28.41% 3.08% 7.87%
Net Earnings $20.18M $22.02M $22.20M
YoY Change 84.1% -131.79% -388.82%
Net Earnings / Revenue 19.16% 22.5% 23.93%
Basic Earnings Per Share $0.16 $0.18 $0.20
Diluted Earnings Per Share $0.15 $0.17 $0.18
COMMON SHARES
Basic Shares Outstanding 128.7M 123.3K 111.4K
Diluted Shares Outstanding 134.2K 134.7K 134.1K

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.2M $164.0M $152.8M
YoY Change 14.21% 50.21% -66.43%
Cash & Equivalents $152.2M $164.0M $152.8M
Short-Term Investments
Other Short-Term Assets $36.15M $25.29M $15.81M
YoY Change 216.66% 204.86% 129.17%
Inventory $46.60M $42.54M $36.47M
Prepaid Expenses
Receivables $49.23M $44.57M $42.10M
Other Receivables $0.00 $17.69M $18.42M
Total Short-Term Assets $290.4M $300.0M $271.1M
YoY Change 20.77% 59.24% -48.82%
LONG-TERM ASSETS
Property, Plant & Equipment $98.69M $84.59M $71.60M
YoY Change 68.98% 42.86% 16.38%
Goodwill $600.0K $600.0K $600.0K
YoY Change 0.0% 0.0% 0.0%
Intangibles $49.60M $48.22M $48.54M
YoY Change 4.33% -1.25% -3.9%
Long-Term Investments
YoY Change
Other Assets $49.51M $41.98M $44.56M
YoY Change 99.96% 76.17% 241.65%
Total Long-Term Assets $438.2M $423.6M $414.2M
YoY Change 116.16% 158.84% 162.0%
TOTAL ASSETS
Total Short-Term Assets $290.4M $300.0M $271.1M
Total Long-Term Assets $438.2M $423.6M $414.2M
Total Assets $728.6M $723.6M $685.3M
YoY Change 64.4% 105.54% -0.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.41M $20.66M $18.12M
YoY Change 31.77% 40.32% 60.35%
Accrued Expenses $50.68M $62.25M $58.68M
YoY Change -46.55% 0.66% -37.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.250M $7.250M $109.9M
YoY Change -93.37% -93.35% 36532.33%
Total Short-Term Liabilities $77.94M $91.67M $188.3M
YoY Change -64.63% -51.27% 72.41%
LONG-TERM LIABILITIES
Long-Term Debt $691.3M $692.5M $693.6M
YoY Change -0.65% -0.65% -40.4%
Other Long-Term Liabilities $7.523M $7.293M $7.326M
YoY Change -19.79% -23.81% -25.58%
Total Long-Term Liabilities $779.0M $777.5M $778.0M
YoY Change -0.52% 10.04% -33.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.94M $91.67M $188.3M
Total Long-Term Liabilities $779.0M $777.5M $778.0M
Total Liabilities $856.9M $869.2M $966.3M
YoY Change -14.6% -2.85% -24.68%
SHAREHOLDERS EQUITY
Retained Earnings -$1.387B -$1.407B -$1.429B
YoY Change -16.95%
Common Stock $1.384B $1.379B $1.259B
YoY Change 11.58% 11.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $158.4M $140.0M $128.8M
YoY Change 22.96% 8.69%
Treasury Stock Shares
Shareholders Equity -$128.3M -$145.6M -$281.0M
YoY Change
Total Liabilities & Shareholders Equity $728.6M $723.6M $685.3M
YoY Change 64.4% 105.54% -0.35%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $20.18M $22.02M $22.20M
YoY Change 84.1% -131.79% -388.82%
Depreciation, Depletion And Amortization $2.716M $3.499M $3.791M
YoY Change -34.71% -1.35% -7.92%
Cash From Operating Activities $27.70M $26.37M $17.87M
YoY Change 3.57% -275.84% -24.93%
INVESTING ACTIVITIES
Capital Expenditures -$19.98M -$10.90M $7.598M
YoY Change 817.45% 867.58% 2010.56%
Acquisitions
YoY Change
Other Investing Activities $803.0K $0.00
YoY Change -19.7% -100.0%
Cash From Investing Activities -$19.18M -$10.90M -$9.055M
YoY Change 1528.1% 11.69% 1193.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.41M -4.364M -1.879M
YoY Change 1475.98% -98.64% -43.06%
NET CHANGE
Cash From Operating Activities 27.70M 26.37M 17.87M
Cash From Investing Activities -19.18M -10.90M -9.055M
Cash From Financing Activities -20.41M -4.364M -1.879M
Net Change In Cash -11.89M 11.12M 6.916M
YoY Change -148.98% -103.21% -65.08%
FREE CASH FLOW
Cash From Operating Activities $27.70M $26.37M $17.87M
Capital Expenditures -$19.98M -$10.90M $7.598M
Free Cash Flow $47.68M $37.27M $10.27M
YoY Change 64.85% -368.64% -56.19%

Facts In Submission

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<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates the significant estimates and bases such estimates on historical experience and various other assumptions believed to be reasonable under the circumstances. However, actual results could differ materially from those estimates.</span></p>
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CY2022Q2 us-gaap Finance Lease Liability
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us-gaap Income Tax Expense Benefit
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0
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0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2022Q2 gogo Reserve For Unrecognized Tax Benefits
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense
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2892000
us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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4741000
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1
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CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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500
CY2021Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
900
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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900
us-gaap Discontinued Operation Provision For Loss Gain On Disposal Before Income Tax
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100000
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us-gaap Research And Development Expense
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CY2021Q2 us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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CY2022Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
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0
CY2021Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
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0
us-gaap Disposal Group Including Discontinued Operation Revenue
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0
us-gaap Disposal Group Including Discontinued Operation Revenue
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CY2022Q2 gogo Disposal Group Including Discontinued Operation Engineering Design And Development
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0
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0
gogo Disposal Group Including Discontinued Operation Engineering Design And Development
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0
gogo Disposal Group Including Discontinued Operation Engineering Design And Development
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gogo Disposal Group Including Discontinued Operation Sales And Marketing
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us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
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us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
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CY2022Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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CY2021Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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CY2022Q2 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
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CY2021Q2 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
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us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
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CY2021Q2 gogo Disposal Group Including Discontinued Operation Other Income Expense
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gogo Disposal Group Including Discontinued Operation Other Income Expense
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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CY2022Q2 us-gaap Discontinued Operation Provision For Loss Gain On Disposal Before Income Tax
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gogo Additional Costs Due To Employer Paid Taxes
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800000

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