2024 Q1 Form 10-K Financial Statement

#000143774924005720 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $551.7M $568.5M $2.102B
YoY Change 11.27% 10.35% -4.62%
Cost Of Revenue $13.10M
YoY Change -12.08%
Gross Profit $551.7M
YoY Change 11.27%
Gross Profit Margin 100.0%
Selling, General & Admin $199.0M $378.2M $1.428B
YoY Change 9.4% 6.03% 77.43%
% of Gross Profit 36.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.100M $4.900M $22.90M
YoY Change -16.39% -33.78% -27.76%
% of Gross Profit 0.92%
Operating Expenses $199.0M $424.8M $1.618B
YoY Change 9.4% 3.21% 101.08%
Operating Profit $119.2M $483.7M
YoY Change 18.73% -1.25%
Interest Expense $3.100M $21.60M $30.70M
YoY Change 0.0% 52.11% 143.65%
% of Operating Profit 2.6% 6.35%
Other Income/Expense, Net $34.60M $11.90M $12.60M
YoY Change 387.32% 147.92% 9.57%
Pretax Income $173.2M $177.2M $527.0M
YoY Change 41.97% 104.15% 40.38%
Income Tax $32.60M $32.90M $100.3M
% Of Pretax Income 18.82% 18.57% 19.03%
Net Earnings $130.1M $117.8M $380.8M
YoY Change 48.86% 87.88% 38.72%
Net Earnings / Revenue 23.58% 20.72% 18.12%
Basic Earnings Per Share $0.81 $2.37
Diluted Earnings Per Share $0.81 $0.74 $2.37
COMMON SHARES
Basic Shares Outstanding 161.7M 165.7M 160.4M
Diluted Shares Outstanding 157.7M 160.5M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.651B $1.487B $1.487B
YoY Change -3.61% -16.12% -16.12%
Cash & Equivalents $904.7M $1.152B $1.152B
Short-Term Investments $728.4M $334.2M $334.2M
Other Short-Term Assets $120.2M $174.5M $182.3M
YoY Change 3.71% 45.05% 47.13%
Inventory
Prepaid Expenses $69.90M
Receivables $183.4M $94.60M $94.60M
Other Receivables $268.4M $294.0M $294.0M
Total Short-Term Assets $2.230B $1.487B $1.487B
YoY Change -2.76% -32.88% -32.88%
LONG-TERM ASSETS
Property, Plant & Equipment $41.70M $44.20M $44.20M
YoY Change -16.27% -14.67% -66.39%
Goodwill $1.282B $1.290B
YoY Change 0.98% 2.97%
Intangibles $2.427B $2.431B
YoY Change 0.19% 0.69%
Long-Term Investments $27.40M $29.50M $29.50M
YoY Change 57.75% 57.75%
Other Assets $202.4M $1.244B $1.244B
YoY Change -8.17% 505.45% 506.93%
Total Long-Term Assets $4.040B $5.010B $5.010B
YoY Change -0.56% 24.53% 24.53%
TOTAL ASSETS
Total Short-Term Assets $2.230B $1.487B $1.487B
Total Long-Term Assets $4.040B $5.010B $5.010B
Total Assets $6.270B $6.497B $6.497B
YoY Change -1.35% 4.15% 4.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $211.2M $234.6M $118.5M
YoY Change -5.04% -0.97% -1.58%
Accrued Expenses $165.3M $297.9M $384.5M
YoY Change 9.33% -0.96% -3.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $100.0K
YoY Change -87.5%
Total Short-Term Liabilities $568.4M $631.0M $631.0M
YoY Change -1.39% 3.36% 3.36%
LONG-TERM LIABILITIES
Long-Term Debt $303.9M $304.6M $304.6M
YoY Change -0.95% -0.94% -1.39%
Other Long-Term Liabilities $109.0M $765.7M $765.7M
YoY Change 14.5% 675.0% 419.82%
Total Long-Term Liabilities $412.9M $1.070B $1.070B
YoY Change 2.71% 163.43% 134.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $568.4M $631.0M $631.0M
Total Long-Term Liabilities $412.9M $1.070B $1.070B
Total Liabilities $1.568B $1.958B $1.958B
YoY Change -0.8% 19.31% 4.28%
SHAREHOLDERS EQUITY
Retained Earnings $1.125B $1.136B
YoY Change 3.84% 7.05%
Common Stock $241.0M $245.0M
YoY Change -3.02% -1.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.427B $4.538B $4.538B
YoY Change
Total Liabilities & Shareholders Equity $6.270B $6.497B $6.497B
YoY Change -1.35% 4.15% 4.15%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $130.1M $117.8M $380.8M
YoY Change 48.86% 87.88% 38.72%
Depreciation, Depletion And Amortization $5.100M $4.900M $22.90M
YoY Change -16.39% -33.78% -27.76%
Cash From Operating Activities -$5.000M $161.5M $441.6M
YoY Change -95.38% 10.62% -6.7%
INVESTING ACTIVITIES
Capital Expenditures $1.800M $2.400M $10.80M
YoY Change -10.0% -67.12% -38.64%
Acquisitions
YoY Change
Other Investing Activities -$52.50M -$84.40M -$318.1M
YoY Change -77.48% 86.73% -518.0%
Cash From Investing Activities -$54.30M -$86.80M -$328.9M
YoY Change -76.9% 65.33% -662.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$179.2M -76.10M -$151.9M
YoY Change -1398.55% 1851.28% -63.76%
NET CHANGE
Cash From Operating Activities -$5.000M 161.5M $441.6M
Cash From Investing Activities -$54.30M -86.80M -$328.9M
Cash From Financing Activities -$179.2M -76.10M -$151.9M
Net Change In Cash -$245.8M -1.400M -$8.300M
YoY Change -21.74% -101.56% -114.36%
FREE CASH FLOW
Cash From Operating Activities -$5.000M $161.5M $441.6M
Capital Expenditures $1.800M $2.400M $10.80M
Free Cash Flow -$6.800M $159.1M $430.8M
YoY Change -93.83% 14.71% -5.46%

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Accounting Estimates</i></b></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;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Actual results could differ from those estimates, and the differences could be material. Our significant estimates relate to investments, goodwill and intangible assets, retirement benefit assets and obligations, and income taxes.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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2.37
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.23
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.57
CY2023 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.56
CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.55
CY2021 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.5
CY2023 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2101800000 usd
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2203600000 usd
CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2767000000 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
2475500000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
2466500000 usd

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