2023 Q1 Form 10-K Financial Statement

#000185224423000009 Filed on February 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.323B $2.467B $8.993B
YoY Change 11.52% 9.06% 13.26%
Cost Of Revenue $1.906B $2.035B $7.443B
YoY Change 9.04% 6.43% 12.14%
Gross Profit $417.0M $432.0M $1.550B
YoY Change 24.48% 23.43% 18.96%
Gross Profit Margin 17.95% 17.51% 17.24%
Selling, General & Admin $258.0M $253.0M $886.0M
YoY Change 35.79% 19.34% 24.09%
% of Gross Profit 61.87% 58.56% 57.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $83.00M $87.00M $329.0M
YoY Change 9.21% 14.47% -1.79%
% of Gross Profit 19.9% 20.14% 21.23%
Operating Expenses $258.0M $340.0M $886.0M
YoY Change 35.79% 18.06% 24.09%
Operating Profit $42.00M $92.00M $242.0M
YoY Change 13.51% 48.39% 60.26%
Interest Expense $13.00M -$10.00M $29.00M
YoY Change 225.0% 100.0% 38.1%
% of Operating Profit 30.95% -10.87% 11.98%
Other Income/Expense, Net $0.00 -$5.000M $51.00M
YoY Change -100.0% -141.67% 121.74%
Pretax Income $29.00M $59.00M $264.0M
YoY Change -40.82% -15.71% 72.55%
Income Tax $3.000M $13.00M $64.00M
% Of Pretax Income 10.34% 22.03% 24.24%
Net Earnings $25.00M $46.00M $197.0M
YoY Change -32.43% -17.86% 28.76%
Net Earnings / Revenue 1.08% 1.86% 2.19%
Basic Earnings Per Share $0.21 $1.68
Diluted Earnings Per Share $0.21 $0.39 $1.67
COMMON SHARES
Basic Shares Outstanding 118.8M shares 118.6M shares 117.1M shares
Diluted Shares Outstanding 119.2M shares 117.6M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $426.0M $495.0M $495.0M
YoY Change 36.54% 48.65% 48.65%
Cash & Equivalents $426.0M $495.0M $495.0M
Short-Term Investments
Other Short-Term Assets $280.0M $286.0M $286.0M
YoY Change 23.89% 10.42% 10.42%
Inventory
Prepaid Expenses
Receivables $1.605B $1.647B $1.647B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.311B $2.428B $2.428B
YoY Change 13.84% 15.67% 15.67%
LONG-TERM ASSETS
Property, Plant & Equipment $3.132B $3.187B $3.187B
YoY Change 20.28% 20.95% 20.95%
Goodwill $2.765B $2.728B
YoY Change 39.22% 35.25%
Intangibles $555.0M $570.0M
YoY Change 132.22% 121.79%
Long-Term Investments
YoY Change
Other Assets $327.0M $306.0M $116.0M
YoY Change 22.47% 16.35% 0.0%
Total Long-Term Assets $6.779B $6.791B $6.791B
YoY Change 33.03% 31.3% 31.3%
TOTAL ASSETS
Total Short-Term Assets $2.311B $2.428B $2.428B
Total Long-Term Assets $6.779B $6.791B $6.791B
Total Assets $9.090B $9.219B $9.219B
YoY Change 27.56% 26.79% 26.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $652.0M $717.0M $717.0M
YoY Change 18.76% 14.9% 14.9%
Accrued Expenses $908.0M $995.0M $1.555B
YoY Change -3.4% -0.3% 7.17%
Deferred Revenue $169.0M $154.0M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $84.00M $67.00M $67.00M
YoY Change 162.5% 97.06% 97.06%
Total Short-Term Liabilities $2.421B $2.532B $2.532B
YoY Change 14.09% 8.72% 8.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.697B $1.739B $1.739B
YoY Change 87.1% 87.59% 87.59%
Other Long-Term Liabilities $453.0M $417.0M $2.270B
YoY Change 35.63% 78.21% 39.69%
Total Long-Term Liabilities $3.950B $4.009B $4.009B
YoY Change 50.25% 57.09% 57.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.421B $2.532B $2.532B
Total Long-Term Liabilities $3.950B $4.009B $4.009B
Total Liabilities $6.371B $6.541B $6.574B
YoY Change 34.1% 34.01% 33.62%
SHAREHOLDERS EQUITY
Retained Earnings $348.0M $323.0M
YoY Change 113.5% 156.35%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.685B $2.645B $2.645B
YoY Change
Total Liabilities & Shareholders Equity $9.090B $9.219B $9.219B
YoY Change 27.56% 26.79% 26.79%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $25.00M $46.00M $197.0M
YoY Change -32.43% -17.86% 28.76%
Depreciation, Depletion And Amortization $83.00M $87.00M $329.0M
YoY Change 9.21% 14.47% -1.79%
Cash From Operating Activities $39.00M $226.0M $542.0M
YoY Change -15.22% 10.78% 19.12%
INVESTING ACTIVITIES
Capital Expenditures $91.00M $103.0M $342.0M
YoY Change 40.0% -247.14% 36.8%
Acquisitions $876.0M
YoY Change -2837.5%
Other Investing Activities $0.00 $10.00M -$8.000M
YoY Change -100.0% 233.33% -118.6%
Cash From Investing Activities -$82.00M -$93.00M -$1.149B
YoY Change 86.36% 38.81% 455.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$29.00M -76.00M $787.0M
YoY Change 61.11% 0.0% -426.56%
NET CHANGE
Cash From Operating Activities $39.00M 226.0M $542.0M
Cash From Investing Activities -$82.00M -93.00M -$1.149B
Cash From Financing Activities -$29.00M -76.00M $787.0M
Net Change In Cash -$69.00M 57.00M $162.0M
YoY Change 228.57% -6.56% 3140.0%
FREE CASH FLOW
Cash From Operating Activities $39.00M $226.0M $542.0M
Capital Expenditures $91.00M $103.0M $342.0M
Free Cash Flow -$52.00M $123.0M $200.0M
YoY Change 173.68% -55.11% -2.44%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div><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 the use of estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. The Company bases its estimates and judgments on historical information and on various other assumptions that it believes are reasonable under the circumstances. GAAP requires the Company to make estimates and judgments in several areas, including, but not limited to, those related to revenue recognition, income taxes, loss contingencies, valuation of long-lived assets including goodwill and intangible assets and their associated estimated useful lives, collectability of accounts receivable and the fair value of financial instruments. Actual results may vary from those estimates.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic and Russia’s invasion of Ukraine has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the logistics business, and adversely impact the Company’s estimates, particularly those that require consideration of forecasted financial information. The business and economic uncertainty resulting from the COVID-19 pandemic and Russia’s invasion of Ukraine has made calculating estimates and assumptions more difficult.</span></div>
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