2023 Q1 Form 10-K Financial Statement

#000095017023004215 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $807.6M $776.0M $3.428B
YoY Change -14.88% -3.77% 30.74%
Cost Of Revenue $731.1M $721.0M $3.180B
YoY Change -15.57% -1.84% 35.44%
Gross Profit $76.50M $55.00M $247.7M
YoY Change -7.72% -23.5% -9.57%
Gross Profit Margin 9.47% 7.09% 7.23%
Selling, General & Admin $29.70M $28.00M $101.2M
YoY Change 0.34% 6.46% 9.05%
% of Gross Profit 38.82% 50.91% 40.86%
Research & Development $9.300M
YoY Change 0.0%
% of Gross Profit 3.75%
Depreciation & Amortization $26.30M $26.50M $106.9M
YoY Change 9.58% -2.93% 16.83%
% of Gross Profit 34.38% 48.18% 43.16%
Operating Expenses $56.00M $54.50M $9.300M
YoY Change -1.93% 1.68% 0.0%
Operating Profit $19.10M $500.0K $4.000M
YoY Change -24.21% -97.27% -98.49%
Interest Expense $11.90M -$10.90M $48.30M
YoY Change -2.46% -12.8% -197.58%
% of Operating Profit 62.3% -2180.0% 1207.5%
Other Income/Expense, Net $13.60M -$1.600M $6.400M
YoY Change -950.0% 220.0% -116.45%
Pretax Income $20.80M -$35.00M -$37.90M
YoY Change 82.46% -1072.22% 57.92%
Income Tax $4.900M -$8.600M -$8.300M
% Of Pretax Income 23.56%
Net Earnings $15.90M -$26.40M -$29.60M
YoY Change 96.3% -1652.94% 60.0%
Net Earnings / Revenue 1.97% -3.4% -0.86%
Basic Earnings Per Share $1.00 -$1.86
Diluted Earnings Per Share $0.99 -$1.66 -$1.86
COMMON SHARES
Basic Shares Outstanding 15.94M 15.94M 15.91M
Diluted Shares Outstanding 16.10M 15.91M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.50M $57.40M $57.40M
YoY Change -87.93% -81.07% -81.07%
Cash & Equivalents $31.50M $57.40M $57.40M
Short-Term Investments
Other Short-Term Assets $30.20M $30.50M $30.50M
YoY Change -57.58% -37.37% -37.37%
Inventory $537.7M $525.4M $525.4M
Prepaid Expenses
Receivables $365.0M $297.2M $355.8M
Other Receivables $42.60M $73.50M $73.50M
Total Short-Term Assets $1.060B $1.043B $1.043B
YoY Change -19.79% -13.51% -13.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.038B $1.013B $1.052B
YoY Change 8.08% 6.07% 5.46%
Goodwill $18.80M $18.80M
YoY Change -52.16%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $116.0M $112.3M $120.0M
YoY Change 0.17% 6.75% 6.76%
Total Long-Term Assets $1.270B $1.246B $1.246B
YoY Change 4.08% 2.4% 2.4%
TOTAL ASSETS
Total Short-Term Assets $1.060B $1.043B $1.043B
Total Long-Term Assets $1.270B $1.246B $1.246B
Total Assets $2.330B $2.289B $2.289B
YoY Change -8.33% -5.52% -5.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $282.3M $305.1M $305.1M
YoY Change -36.25% -13.18% -13.18%
Accrued Expenses $110.1M $104.7M $102.6M
YoY Change 15.29% 11.74% 9.5%
Deferred Revenue $0.00 $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.100M
YoY Change 0.0%
Total Short-Term Liabilities $405.9M $418.7M $418.7M
YoY Change -26.81% -8.32% -8.32%
LONG-TERM LIABILITIES
Long-Term Debt $1.078B $1.038B $1.043B
YoY Change 3.96% 0.17% 0.07%
Other Long-Term Liabilities $82.80M $74.70M $190.9M
YoY Change 11.29% 3.03% -13.35%
Total Long-Term Liabilities $1.161B $1.113B $1.234B
YoY Change 4.45% 0.36% -2.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $405.9M $418.7M $418.7M
Total Long-Term Liabilities $1.161B $1.113B $1.234B
Total Liabilities $1.694B $1.658B $1.658B
YoY Change -7.59% -4.18% -4.18%
SHAREHOLDERS EQUITY
Retained Earnings $16.70M $13.30M
YoY Change -81.15% -85.7%
Common Stock $1.093B $1.091B
YoY Change 1.06% 1.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $475.9M $475.9M
YoY Change 0.0% 0.0%
Treasury Stock Shares $6.835M $6.835M
Shareholders Equity $635.6M $631.2M $631.2M
YoY Change
Total Liabilities & Shareholders Equity $2.330B $2.289B $2.289B
YoY Change -8.33% -5.52% -5.52%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $15.90M -$26.40M -$29.60M
YoY Change 96.3% -1652.94% 60.0%
Depreciation, Depletion And Amortization $26.30M $26.50M $106.9M
YoY Change 9.58% -2.93% 16.83%
Cash From Operating Activities -$20.30M -$4.500M -$63.10M
YoY Change -1550.0% -109.76% -179.47%
INVESTING ACTIVITIES
Capital Expenditures $41.10M $60.10M $142.5M
YoY Change -245.23% -109.43% -121.36%
Acquisitions
YoY Change
Other Investing Activities $15.20M $6.000M $16.70M
YoY Change -99.02% 1092.86%
Cash From Investing Activities -$25.90M -$54.10M -$125.8M
YoY Change -8.48% 105.7% -81.11%
FINANCING ACTIVITIES
Cash Dividend Paid $12.50M $50.10M
YoY Change 0.0% 7.28%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.00M -13.60M -56.80M
YoY Change -267.79% 10.57% -152.06%
NET CHANGE
Cash From Operating Activities -20.30M -4.500M -63.10M
Cash From Investing Activities -25.90M -54.10M -125.8M
Cash From Financing Activities 25.00M -13.60M -56.80M
Net Change In Cash -21.20M -72.20M -245.7M
YoY Change -49.28% -1062.67% -48.52%
FREE CASH FLOW
Cash From Operating Activities -$20.30M -$4.500M -$63.10M
Capital Expenditures $41.10M $60.10M $142.5M
Free Cash Flow -$61.40M -$64.60M -$205.6M
YoY Change -306.73% -109.45% -127.54%

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CY2021 us-gaap Earnings Per Share Diluted
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2022 us-gaap Dividends Cash
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CY2022 us-gaap Increase Decrease In Accounts Payable Trade
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CY2022 us-gaap Number Of Operating Segments
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<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates in the Preparation of Financial Statements.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of our consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of our consolidated financial position and results of operations.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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CY2020 us-gaap Hosting Arrangement Service Contract Implementation Cost Expense Amortization
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