2022 Q4 Form 10-K Financial Statement

#000143774923004505 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $1.072B $3.676B
YoY Change 48.68% 52.34%
Cost Of Revenue $596.0M $2.242B
YoY Change 26.27% 39.25%
Gross Profit $476.0M $1.434B
YoY Change 91.16% 78.58%
Gross Profit Margin 44.4% 39.01%
Selling, General & Admin $23.00M $102.0M
YoY Change -72.62% -35.85%
% of Gross Profit 4.83% 7.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $96.00M $129.0M
YoY Change 26.32% 24.04%
% of Gross Profit 20.17% 9.0%
Operating Expenses $107.0M $2.686B
YoY Change -27.7% 32.19%
Operating Profit $369.0M $990.0M
YoY Change 265.35% 159.84%
Interest Expense -$100.0M -$354.0M
YoY Change 61.29% 72.68%
% of Operating Profit -27.1% -35.76%
Other Income/Expense, Net -$1.000M -$4.000M
YoY Change 0.0% -50.0%
Pretax Income $244.0M $614.0M
YoY Change 480.95% 265.48%
Income Tax $58.00M $159.0M
% Of Pretax Income 23.77% 25.9%
Net Earnings $173.0M $455.0M
YoY Change 496.55% 405.56%
Net Earnings / Revenue 16.14% 12.38%
Basic Earnings Per Share $4.38
Diluted Earnings Per Share $1.86 $4.33
COMMON SHARES
Basic Shares Outstanding 92.00M
Diluted Shares Outstanding 93.00M

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.00M $61.00M
YoY Change -67.72% -67.72%
Cash & Equivalents $61.00M
Short-Term Investments
Other Short-Term Assets $124.0M $124.0M
YoY Change -3.88% -3.88%
Inventory
Prepaid Expenses
Receivables $650.0M $650.0M
Other Receivables $22.00M $22.00M
Total Short-Term Assets $857.0M $857.0M
YoY Change -11.01% -11.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.466B $1.541B
YoY Change 25.84% 24.78%
Goodwill $2.663B
YoY Change 0.53%
Intangibles
YoY Change
Long-Term Investments $105.0M $105.0M
YoY Change -10.26% -10.26%
Other Assets $14.00M $19.00M
YoY Change -12.5% 18.75%
Total Long-Term Assets $10.30B $10.30B
YoY Change 1.48% 1.48%
TOTAL ASSETS
Total Short-Term Assets $857.0M $857.0M
Total Long-Term Assets $10.30B $10.30B
Total Assets $11.15B $11.15B
YoY Change 0.4% 0.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.00M $55.00M
YoY Change -6.78% -6.78%
Accrued Expenses $50.00M $257.0M
YoY Change 13.64% 8.9%
Deferred Revenue $24.00M
YoY Change 71.43%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $15.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $409.0M $409.0M
YoY Change 6.51% 6.51%
LONG-TERM LIABILITIES
Long-Term Debt $6.440B $6.440B
YoY Change -4.45% -4.45%
Other Long-Term Liabilities $14.00M $83.00M
YoY Change 0.0% -21.7%
Total Long-Term Liabilities $6.454B $6.523B
YoY Change -4.44% -4.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $409.0M $409.0M
Total Long-Term Liabilities $6.454B $6.523B
Total Liabilities $8.386B $8.386B
YoY Change -3.62% -3.62%
SHAREHOLDERS EQUITY
Retained Earnings $1.242B
YoY Change 42.92%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.116B $2.766B
YoY Change
Total Liabilities & Shareholders Equity $11.15B $11.15B
YoY Change 0.4% 0.4%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $173.0M $455.0M
YoY Change 496.55% 405.56%
Depreciation, Depletion And Amortization $96.00M $129.0M
YoY Change 26.32% 24.04%
Cash From Operating Activities $233.0M $829.0M
YoY Change 1270.59% 176.33%
INVESTING ACTIVITIES
Capital Expenditures $138.0M $436.0M
YoY Change -360.38% 110.63%
Acquisitions $58.00M
YoY Change -98.46%
Other Investing Activities -$3.000M $4.000M
YoY Change -99.89% 100.0%
Cash From Investing Activities -$141.0M -$503.0M
YoY Change -95.09% -85.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00M
YoY Change 66.67%
Debt Paid & Issued, Net $315.0M
YoY Change
Cash From Financing Activities -175.0M -$454.0M
YoY Change -106.43% -117.13%
NET CHANGE
Cash From Operating Activities 233.0M $829.0M
Cash From Investing Activities -141.0M -$503.0M
Cash From Financing Activities -175.0M -$454.0M
Net Change In Cash -83.00M -$128.0M
YoY Change -37.59% -78.08%
FREE CASH FLOW
Cash From Operating Activities $233.0M $829.0M
Capital Expenditures $138.0M $436.0M
Free Cash Flow $95.00M $393.0M
YoY Change 35.71% 322.58%

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;"><i>Use of Estimates. </i>The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are our allowance for credit losses in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;"><i>Concentration of Credit Risk. </i>We sell advertising airtime on our broadcasts and advertising space on our websites to national and local advertisers within the geographic areas in which we operate. Credit is extended based on an evaluation of the customer’s financial condition, and generally advance payment is <em style="font: inherit;">not</em> required, except for political advertising. Credit losses are provided for in the financial statements and consistently have been within our expectations that are based upon our prior experience.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt;">We derived a material portion of our non-political broadcast advertising revenue from advertisers in a limited number of industries, particularly the services sector, comprising financial, legal and medical advertisers, and the automotive industry. The services sector has become an increasingly important source of advertising revenue over the past few years. During the years ended <em style="font: inherit;"> December 31, 2022, </em><em style="font: inherit;">2021</em> and <em style="font: inherit;">2020</em> approximately 28%, 29% and 28%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to the services sector. During the years ended <em style="font: inherit;"> December 31, 2022, </em><em style="font: inherit;">2021</em> and <em style="font: inherit;">2020</em> approximately 17%, 17% and 21%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to automotive customers. Although our revenues can be affected by changes within our customer base, we believe this risk is in part mitigated due to the fact that <em style="font: inherit;">no</em> <em style="font: inherit;">one</em> customer accounted for in excess of <em style="font: inherit;">5%</em> of our broadcast advertising revenue in any of these periods. Furthermore, we believe that our large geographic operating area partially mitigates the potential effect of regional economic impacts.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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