2024 Q1 Form 10-K Financial Statement

#000089255324000067 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $950.7M $1.015B $3.353B
YoY Change 76.74% -37.05% 107.92%
Cost Of Revenue $648.4M $680.4M $2.312B
YoY Change 67.81% -43.58% 91.88%
Gross Profit $302.3M $334.6M $1.040B
YoY Change 99.54% -17.67% 155.38%
Gross Profit Margin 31.8% 32.97% 31.03%
Selling, General & Admin $141.5M $127.9M $486.3M
YoY Change 51.34% -40.37% 126.71%
% of Gross Profit 46.81% 38.22% 46.74%
Research & Development $23.30M
YoY Change 72.59%
% of Gross Profit 2.24%
Depreciation & Amortization $65.90M $67.90M $231.1M
YoY Change 202.29% 248.21% 182.17%
% of Gross Profit 21.8% 20.29% 22.21%
Operating Expenses $189.4M $176.3M $649.7M
YoY Change 64.27% -31.11% 153.89%
Operating Profit $112.9M $158.3M $390.7M
YoY Change 211.88% 5.18% 157.89%
Interest Expense -$82.70M -$93.00M -$299.4M
YoY Change 183.22% 431.43% 1610.86%
% of Operating Profit -73.25% -58.75% -76.63%
Other Income/Expense, Net -$3.200M $3.300M $600.0K
YoY Change 300.0% 73.68% -68.42%
Pretax Income $25.90M $58.50M -$100.9M
YoY Change -230.15% -40.85% -424.44%
Income Tax $8.800M $7.200M $3.000M
% Of Pretax Income 33.98% 12.31%
Net Earnings $11.30M $43.00M $47.30M
YoY Change -175.33% 79.17% 97.08%
Net Earnings / Revenue 1.19% 4.24% 1.41%
Basic Earnings Per Share $0.11 $0.48
Diluted Earnings Per Share $0.10 $0.70 $0.43
COMMON SHARES
Basic Shares Outstanding 42.28M shares 42.75M shares 41.97M shares
Diluted Shares Outstanding 46.73M shares 46.82M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $191.9M $188.3M $188.3M
YoY Change 14.98% -71.62% -71.62%
Cash & Equivalents $191.9M $188.3M $188.3M
Short-Term Investments
Other Short-Term Assets $132.9M $121.5M $209.2M
YoY Change -10.44% 178.03% -89.66%
Inventory $572.3M $576.3M $576.3M
Prepaid Expenses $121.0M $74.90M
Receivables $799.6M $758.9M $1.241B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.371B $2.214B $2.214B
YoY Change 9.61% -40.0% -40.0%
LONG-TERM ASSETS
Property, Plant & Equipment $866.9M $853.7M $853.7M
YoY Change 17.4% 98.53% 98.53%
Goodwill $2.949B $2.907B
YoY Change 0.53% 193.02%
Intangibles $2.711B $2.792B
YoY Change -12.7% 421.56%
Long-Term Investments $106.7M $109.9M $201.1M
YoY Change 1.91% 18.17% 6.12%
Other Assets $164.2M $150.6M $134.5M
YoY Change 36.83% 134.58% 109.5%
Total Long-Term Assets $6.877B $6.888B $6.888B
YoY Change -2.95% 211.53% 211.53%
TOTAL ASSETS
Total Short-Term Assets $2.371B $2.214B $2.214B
Total Long-Term Assets $6.877B $6.888B $6.888B
Total Assets $9.248B $9.102B $9.102B
YoY Change -0.01% 54.23% 54.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $868.8M $811.0M $811.0M
YoY Change 29.65% 284.18% 284.18%
Accrued Expenses $139.3M $192.5M $192.5M
YoY Change 33.05% -43.8% -43.8%
Deferred Revenue $389.8M $376.6M
YoY Change -14.05% 120.75%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due $259.9M $258.5M $261.5M
YoY Change -4.94% 0.62%
Total Short-Term Liabilities $1.894B $1.866B $1.866B
YoY Change 9.3% 72.54% 72.54%
LONG-TERM LIABILITIES
Long-Term Debt $3.732B $3.576B $3.591B
YoY Change -7.89% 75.33% 76.03%
Other Long-Term Liabilities $96.20M $95.20M $138.4M
YoY Change 130.7% 183.33% 176.25%
Total Long-Term Liabilities $3.828B $3.672B $3.729B
YoY Change -6.48% 77.08% 78.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.894B $1.866B $1.866B
Total Long-Term Liabilities $3.828B $3.672B $3.729B
Total Liabilities $6.354B $6.163B $6.316B
YoY Change -2.88% 91.55% 95.76%
SHAREHOLDERS EQUITY
Retained Earnings $926.5M $922.1M
YoY Change 5.27% 2.21%
Common Stock $400.0K $400.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.739B $2.787B $2.787B
YoY Change
Total Liabilities & Shareholders Equity $9.248B $9.102B $9.102B
YoY Change -0.01% 54.23% 54.23%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $11.30M $43.00M $47.30M
YoY Change -175.33% 79.17% 97.08%
Depreciation, Depletion And Amortization $65.90M $67.90M $231.1M
YoY Change 202.29% 248.21% 182.17%
Cash From Operating Activities -$95.10M $135.3M $167.2M
YoY Change 4.39% 343.61% 106.93%
INVESTING ACTIVITIES
Capital Expenditures $46.10M $17.60M $135.6M
YoY Change 46.82% -32.31% 82.75%
Acquisitions $0.00 $4.322B
YoY Change -100.0% 16653.1%
Other Investing Activities $600.0K $182.4M -$3.855B
YoY Change -100.01% -3541.51% 13967.52%
Cash From Investing Activities -$51.80M $164.8M -$3.990B
YoY Change -98.82% -626.52% 3827.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.70M
YoY Change -101.73%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $143.9M -265.5M $1.413B
YoY Change -92.9% -110.56% -43.59%
NET CHANGE
Cash From Operating Activities -$95.10M 135.3M $167.2M
Cash From Investing Activities -$51.80M 164.8M -$3.990B
Cash From Financing Activities $143.9M -265.5M $1.413B
Net Change In Cash -$3.000M 34.60M -$2.404B
YoY Change -99.88% -98.62% -196.83%
FREE CASH FLOW
Cash From Operating Activities -$95.10M $135.3M $167.2M
Capital Expenditures $46.10M $17.60M $135.6M
Free Cash Flow -$141.2M $117.7M $31.60M
YoY Change 15.27% 2515.56% 378.79%

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CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts have been reclassified within the balance sheet as of December 31, 2022 and the consolidated statement of cash flows for year ended December 31, 2022 to conform with the current period presentation.</span></div>
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<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:</span> The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates may also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions based on a number of factors including the current macroeconomic conditions such as inflation and supply chain disruptions, as well as risks set forth under
CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To minimize credit risk from trade receivables, we review the financial condition of potential customers in relation to established credit requirements before sales credit is extended and monitor the financial condition and payment history of customers to help ensure timely collections and to minimize losses. Additionally, for certain domestic and foreign customers, we require advance payments, letters of credit, bankers’ acceptances, and other such guarantees of payment. Certain customers also require us to issue letters of credit or performance bonds, particularly in instances where advance payments are involved, as a condition of placing the order.</span></div>
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14200000 usd
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CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Finance Lease Liability
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 gtls Lessee Operating Lease Number Of Contracts
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CY2023Q4 gtls Sales Type Lease Short Term Net Investment In Lease Purchase
SalesTypeLeaseShortTermNetInvestmentInLeasePurchase
21400000 usd
CY2022Q4 gtls Sales Type Lease Short Term Net Investment In Lease Purchase
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14500000 usd
CY2023Q4 gtls Sales Type Lease Long Term Net Investment In Lease Purchase
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62100000 usd
CY2022Q4 gtls Sales Type Lease Long Term Net Investment In Lease Purchase
SalesTypeLeaseLongTermNetInvestmentInLeasePurchase
44300000 usd
CY2023 us-gaap Sales Type Lease Interest Income
SalesTypeLeaseInterestIncome
3300000 usd
CY2022 us-gaap Sales Type Lease Interest Income
SalesTypeLeaseInterestIncome
2400000 usd
CY2021 us-gaap Sales Type Lease Interest Income
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900000 usd
CY2023 us-gaap Sales Type Lease Lease Income
SalesTypeLeaseLeaseIncome
39300000 usd
CY2022 us-gaap Sales Type Lease Lease Income
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28100000 usd
CY2021 us-gaap Sales Type Lease Lease Income
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46500000 usd
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
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22300000 usd
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
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22200000 usd
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
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19500000 usd
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
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13500000 usd
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Five Years
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9700000 usd
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Thereafter
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25300000 usd
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
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112500000 usd
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
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29000000.0 usd
CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable
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83500000 usd
CY2023Q4 us-gaap Sale Leaseback Transaction Historical Cost
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20600000 usd
CY2022Q4 us-gaap Sale Leaseback Transaction Historical Cost
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17300000 usd
CY2023Q4 us-gaap Sale Leaseback Transaction Accumulated Depreciation
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4400000 usd
CY2022Q4 us-gaap Sale Leaseback Transaction Accumulated Depreciation
SaleLeasebackTransactionAccumulatedDepreciation
3100000 usd
CY2023Q4 us-gaap Sale Leaseback Transaction Net Book Value
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16200000 usd
CY2022Q4 us-gaap Sale Leaseback Transaction Net Book Value
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14200000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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400000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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100000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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0 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
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0 usd
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CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received
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500000 usd
CY2023Q4 us-gaap Number Of Real Estate Properties
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1 property
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13500000 usd
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12100000 usd
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1200000 usd
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3500000 usd
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CY2021 us-gaap Restructuring Charges
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3500000 usd
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2000000.0 usd
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2300000 usd
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1100000 usd
CY2022Q4 us-gaap Restructuring Reserve
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200000 usd
CY2023 us-gaap Restructuring Charges
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13500000 usd
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11800000 usd
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1900000 usd

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