2024 Q2 Form 10-Q Financial Statement

#000130940224000092 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $618.8M $597.2M
YoY Change -27.84% -28.3%
Cost Of Revenue $581.0M $588.8M
YoY Change -30.43% -28.63%
Gross Profit $37.82M $8.367M
YoY Change 67.8% 5.32%
Gross Profit Margin 6.11% 1.4%
Selling, General & Admin $33.95M $31.77M
YoY Change -15.95% -0.24%
% of Gross Profit 89.76% 379.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.58M $21.49M
YoY Change -12.35% -15.36%
% of Gross Profit 57.07% 256.81%
Operating Expenses $33.95M $31.77M
YoY Change -47.79% -0.24%
Operating Profit -$17.71M -$44.89M
YoY Change -58.31% -20.61%
Interest Expense -$6.004M $7.786M
YoY Change -13.86% -20.05%
% of Operating Profit
Other Income/Expense, Net -$5.659M -$4.827M
YoY Change 3414.91% -24.39%
Pretax Income -$23.37M -$49.72M
YoY Change -52.89% -20.99%
Income Tax -$300.0K $300.0K
% Of Pretax Income
Net Earnings -$24.35M -$51.41M
YoY Change -53.71% -26.89%
Net Earnings / Revenue -3.93% -8.61%
Basic Earnings Per Share -$0.38 -$0.81
Diluted Earnings Per Share -$0.38 -$0.81
COMMON SHARES
Basic Shares Outstanding 64.62M shares 64.26M shares
Diluted Shares Outstanding 63.93M shares 63.34M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $195.6M $237.3M
YoY Change -37.49% -33.0%
Cash & Equivalents $195.6M $237.3M
Short-Term Investments
Other Short-Term Assets $68.14M $71.72M
YoY Change -39.25% -19.71%
Inventory $188.0M $191.1M
Prepaid Expenses
Receivables $99.07M $87.56M
Other Receivables $1.072M $716.0K
Total Short-Term Assets $551.8M $588.4M
YoY Change -32.4% -29.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.019B $1.022B
YoY Change -8.16% -0.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $48.50M
YoY Change
Other Assets $119.3M $113.7M
YoY Change 23.56% 24.38%
Total Long-Term Assets $1.212B $1.211B
YoY Change 0.44% 0.56%
TOTAL ASSETS
Total Short-Term Assets $551.8M $588.4M
Total Long-Term Assets $1.212B $1.211B
Total Assets $1.764B $1.799B
YoY Change -12.81% -11.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $109.3M $123.6M
YoY Change 4.03% -3.88%
Accrued Expenses $52.08M $50.35M
YoY Change -30.3% 6.53%
Deferred Revenue
YoY Change
Short-Term Debt $124.6M $130.0M
YoY Change -49.59% -38.85%
Long-Term Debt Due $1.830M $1.828M
YoY Change -0.27% -0.22%
Total Short-Term Liabilities $328.5M $336.4M
YoY Change -36.07% -29.75%
LONG-TERM LIABILITIES
Long-Term Debt $483.8M $490.3M
YoY Change -1.99% -0.97%
Other Long-Term Liabilities $18.43M $18.15M
YoY Change -79.43% -22.56%
Total Long-Term Liabilities $502.2M $508.4M
YoY Change -13.88% -1.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $328.5M $336.4M
Total Long-Term Liabilities $502.2M $508.4M
Total Liabilities $882.7M $899.0M
YoY Change -29.09% -15.34%
SHAREHOLDERS EQUITY
Retained Earnings -$311.6M -$287.2M
YoY Change 17.42% 35.01%
Common Stock $67.00K $67.00K
YoY Change 8.06% 8.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $867.4M $887.5M
YoY Change
Total Liabilities & Shareholders Equity $1.764B $1.799B
YoY Change -12.81% -11.57%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$24.35M -$51.41M
YoY Change -53.71% -26.89%
Depreciation, Depletion And Amortization $21.58M $21.49M
YoY Change -12.35% -15.36%
Cash From Operating Activities -$15.12M -$50.60M
YoY Change -70.62% -56.74%
INVESTING ACTIVITIES
Capital Expenditures $17.69M $21.80M
YoY Change 8.45% -33.13%
Acquisitions
YoY Change
Other Investing Activities -$7.615M -$8.408M
YoY Change 29.79% 197.21%
Cash From Investing Activities -$25.30M -$30.20M
YoY Change 14.1% -14.73%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.87M -$20.58M
YoY Change -147.31% -134.04%
NET CHANGE
Cash From Operating Activities -15.12M -$50.60M
Cash From Investing Activities -25.30M -$30.20M
Cash From Financing Activities -11.87M -$20.58M
Net Change In Cash -52.29M -$101.4M
YoY Change 7.68% 10.28%
FREE CASH FLOW
Cash From Operating Activities -$15.12M -$50.60M
Capital Expenditures $17.69M $21.80M
Free Cash Flow -$32.81M -$72.39M
YoY Change -51.59% -51.6%

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates in the Preparation of Consolidated Fina</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">ncial Statements</span></div><div style="margin-top:10pt;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 consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.</span></div>
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