2023 Q4 Form 10-K Financial Statement

#000143774924005295 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $864.0M $3.281B
YoY Change -19.4% -10.75%
Cost Of Revenue $631.0M $2.267B
YoY Change 5.87% 1.12%
Gross Profit $233.0M $1.014B
YoY Change -51.05% -29.29%
Gross Profit Margin 26.97% 30.91%
Selling, General & Admin $33.00M $227.0M
YoY Change 43.48% 122.55%
% of Gross Profit 14.16% 22.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $94.00M $145.0M
YoY Change -2.08% 12.4%
% of Gross Profit 40.34% 14.3%
Operating Expenses $119.0M $2.898B
YoY Change 11.21% 7.89%
Operating Profit $114.0M $383.0M
YoY Change -69.11% -61.31%
Interest Expense -$116.0M -$440.0M
YoY Change 16.0% 24.29%
% of Operating Profit -101.75% -114.88%
Other Income/Expense, Net $20.00M $7.000M
YoY Change -2100.0% -275.0%
Pretax Income -$12.00M -$82.00M
YoY Change -104.92% -113.36%
Income Tax -$3.000M -$6.000M
% Of Pretax Income
Net Earnings -$22.00M -$76.00M
YoY Change -112.72% -116.7%
Net Earnings / Revenue -2.55% -2.32%
Basic Earnings Per Share -$1.39
Diluted Earnings Per Share -$0.24 -$1.39
COMMON SHARES
Basic Shares Outstanding 92.00M
Diluted Shares Outstanding 92.00M

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.00M $21.00M
YoY Change -65.57% -65.57%
Cash & Equivalents $21.00M
Short-Term Investments
Other Short-Term Assets $84.00M $84.00M
YoY Change -32.26% -32.26%
Inventory
Prepaid Expenses
Receivables $342.0M $342.0M
Other Receivables $21.00M $21.00M
Total Short-Term Assets $468.0M $468.0M
YoY Change -45.39% -45.39%
LONG-TERM ASSETS
Property, Plant & Equipment $1.601B $1.676B
YoY Change 9.21% 8.76%
Goodwill $2.643B
YoY Change -0.75%
Intangibles
YoY Change
Long-Term Investments $85.00M $85.00M
YoY Change -19.05% -19.05%
Other Assets $16.00M $33.00M
YoY Change 14.29% 73.68%
Total Long-Term Assets $10.17B $10.17B
YoY Change -1.19% -1.19%
TOTAL ASSETS
Total Short-Term Assets $468.0M $468.0M
Total Long-Term Assets $10.17B $10.17B
Total Assets $10.64B $10.64B
YoY Change -4.59% -4.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.00M $23.00M
YoY Change -58.18% -58.18%
Accrued Expenses $41.00M $262.0M
YoY Change -18.0% 1.95%
Deferred Revenue $39.00M
YoY Change 62.5%
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 $395.0M $395.0M
YoY Change -3.42% -3.42%
LONG-TERM LIABILITIES
Long-Term Debt $6.145B $6.145B
YoY Change -4.58% -4.58%
Other Long-Term Liabilities $50.00M $120.0M
YoY Change 257.14% 44.58%
Total Long-Term Liabilities $6.195B $6.265B
YoY Change -4.01% -3.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $395.0M $395.0M
Total Long-Term Liabilities $6.195B $6.265B
Total Liabilities $8.019B $8.019B
YoY Change -4.38% -4.38%
SHAREHOLDERS EQUITY
Retained Earnings $1.084B
YoY Change -12.72%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.971B $2.621B
YoY Change
Total Liabilities & Shareholders Equity $10.64B $10.64B
YoY Change -4.59% -4.59%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$22.00M -$76.00M
YoY Change -112.72% -116.7%
Depreciation, Depletion And Amortization $94.00M $145.0M
YoY Change -2.08% 12.4%
Cash From Operating Activities $83.00M $648.0M
YoY Change -64.38% -21.83%
INVESTING ACTIVITIES
Capital Expenditures $60.00M $348.0M
YoY Change -56.52% -20.18%
Acquisitions $6.000M
YoY Change -89.66%
Other Investing Activities $28.00M $1.000M
YoY Change -1033.33% -75.0%
Cash From Investing Activities -$32.00M -$291.0M
YoY Change -77.3% -42.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $610.0M
YoY Change 93.65%
Cash From Financing Activities -51.00M -$397.0M
YoY Change -70.86% -12.56%
NET CHANGE
Cash From Operating Activities 83.00M $648.0M
Cash From Investing Activities -32.00M -$291.0M
Cash From Financing Activities -51.00M -$397.0M
Net Change In Cash 0.000 -$40.00M
YoY Change -100.0% -68.75%
FREE CASH FLOW
Cash From Operating Activities $83.00M $648.0M
Capital Expenditures $60.00M $348.0M
Free Cash Flow $23.00M $300.0M
YoY Change -75.79% -23.66%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:23pt;"><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:23pt;">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, 2023, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2021</em> approximately 27%, 28% and 29%, 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, 2023, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2021</em> approximately 20%, 17% and 17%, 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>
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