2021 Q1 Form 10-Q Financial Statement

#000102312821000065 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $4.343B $2.804B
YoY Change 54.9% -1.61%
Cost Of Revenue $3.628B $2.343B
YoY Change 54.83% -2.34%
Gross Profit $715.5M $460.9M
YoY Change 55.24% 2.26%
Gross Profit Margin 16.47% 16.44%
Selling, General & Admin $450.4M $346.0M
YoY Change 30.17% 7.52%
% of Gross Profit 62.95% 75.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.80M $22.00M
YoY Change 21.82% 11.11%
% of Gross Profit 3.75% 4.77%
Operating Expenses $450.4M $346.0M
YoY Change 30.17% 7.52%
Operating Profit $238.3M $92.90M
YoY Change 156.51% -14.46%
Interest Expense -$30.60M -$31.00M
YoY Change -1.29% -7.19%
% of Operating Profit -12.84% -33.37%
Other Income/Expense, Net $3.400M $2.300M
YoY Change 47.83% -11.54%
Pretax Income $211.4M $64.20M
YoY Change 229.28% -17.48%
Income Tax $55.20M $18.00M
% Of Pretax Income 26.11% 28.04%
Net Earnings $156.2M $46.20M
YoY Change 238.1% -18.09%
Net Earnings / Revenue 3.6% 1.65%
Basic Earnings Per Share $5.86 $1.99
Diluted Earnings Per Share $5.81 $1.97
COMMON SHARES
Basic Shares Outstanding 26.60M shares 23.30M shares
Diluted Shares Outstanding 26.90M shares 23.50M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $170.3M $56.60M
YoY Change 200.88% 25.78%
Cash & Equivalents $170.3M $56.60M
Short-Term Investments
Other Short-Term Assets $48.20M $58.20M
YoY Change -17.18% 14.34%
Inventory $2.330B $2.513B
Prepaid Expenses
Receivables $910.0M $504.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.289B $2.926B
YoY Change 12.41% -3.37%
LONG-TERM ASSETS
Property, Plant & Equipment $2.221B $1.632B
YoY Change 36.13% 12.18%
Goodwill $617.5M $457.7M
YoY Change 34.91% 0.2%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.498B $382.5M
YoY Change 291.5% 96.36%
Total Long-Term Assets $4.963B $3.152B
YoY Change 57.47% 20.48%
TOTAL ASSETS
Total Short-Term Assets $3.289B $2.926B
Total Long-Term Assets $4.963B $3.152B
Total Assets $8.252B $6.077B
YoY Change 35.78% 7.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $199.4M $108.9M
YoY Change 83.1% -8.72%
Accrued Expenses $529.0M $291.0M
YoY Change 81.79% -6.19%
Deferred Revenue
YoY Change
Short-Term Debt $1.822B $1.986B
YoY Change -8.24% -6.6%
Long-Term Debt Due $60.30M $45.80M
YoY Change 31.66% 86.18%
Total Short-Term Liabilities $2.611B $2.432B
YoY Change 7.38% -5.95%
LONG-TERM LIABILITIES
Long-Term Debt $2.124B $1.490B
YoY Change 42.57% 14.98%
Other Long-Term Liabilities $147.9M $126.9M
YoY Change 16.55% 13.4%
Total Long-Term Liabilities $147.9M $126.9M
YoY Change 16.55% 13.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.611B $2.432B
Total Long-Term Liabilities $147.9M $126.9M
Total Liabilities $5.444B $4.615B
YoY Change 17.98% 3.8%
SHAREHOLDERS EQUITY
Retained Earnings $1.986B $1.397B
YoY Change 42.18% 20.12%
Common Stock $36.00M $26.00M
YoY Change 38.46% -7.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.808B $1.457B
YoY Change
Total Liabilities & Shareholders Equity $8.252B $6.077B
YoY Change 35.78% 7.68%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $156.2M $46.20M
YoY Change 238.1% -18.09%
Depreciation, Depletion And Amortization $26.80M $22.00M
YoY Change 21.82% 11.11%
Cash From Operating Activities $499.5M $121.7M
YoY Change 310.44% 57.64%
INVESTING ACTIVITIES
Capital Expenditures $50.00M $41.60M
YoY Change 20.19% 42.96%
Acquisitions $383.5M $72.30M
YoY Change 430.43%
Other Investing Activities -$392.8M -$76.70M
YoY Change 412.13% 1137.1%
Cash From Investing Activities -$442.8M -$118.3M
YoY Change 274.3% 235.13%
FINANCING ACTIVITIES
Cash Dividend Paid $8.200M $7.000M
YoY Change 17.14% 4.48%
Common Stock Issuance & Retirement, Net $11.70M $45.60M
YoY Change -74.34% 5600.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$43.50M -$30.80M
YoY Change 41.23% 8.07%
NET CHANGE
Cash From Operating Activities $499.5M $121.7M
Cash From Investing Activities -$442.8M -$118.3M
Cash From Financing Activities -$43.50M -$30.80M
Net Change In Cash $13.40M -$27.40M
YoY Change -148.91% -304.48%
FREE CASH FLOW
Cash From Operating Activities $499.5M $121.7M
Capital Expenditures $50.00M $41.60M
Free Cash Flow $449.5M $80.10M
YoY Change 461.17% 66.53%

Facts In Submission

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8300000 USD
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6500000 USD
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400000 USD
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4200000 USD
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2600000 USD
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15900000 USD
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48200000 USD
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8200000 USD
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7000000.0 USD
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1400000 USD
CY2020Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
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0 USD
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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160200000 USD
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84000000.0 USD
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56600000 USD
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30000000.0 USD
CY2020Q1 us-gaap Interest Paid Net
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31500000 USD
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2500000 USD
CY2020Q1 us-gaap Income Taxes Paid
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1300000 USD
CY2021Q1 lad Cash Paid For Repayments Of Debt Due To Disposal Group
CashPaidForRepaymentsOfDebtDueToDisposalGroup
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CY2020Q1 lad Cash Paid For Repayments Of Debt Due To Disposal Group
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<div><span style="color:#00497f;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain immaterial reclassifications of amounts previously reported have been made to the accompanying condensed Consolidated Financial Statements to maintain consistency and comparability between periods presented.</span></div>
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CY2020Q4 us-gaap Contract With Customer Liability
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3500000 USD
CY2020Q4 us-gaap Goodwill
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CY2021Q1 us-gaap Goodwill
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CY2008Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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100000 USD
CY2021Q1 us-gaap Indefinite Lived Franchise Rights
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51900000 USD
CY2021Q1 us-gaap Indefinitelived Intangible Assets Acquired
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17800000 USD
CY2021Q1 us-gaap Unrealized Gain Loss On Investments
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CY2020Q1 us-gaap Unrealized Gain Loss On Investments
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0 USD
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2803800000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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211400000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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64200000 USD
CY2021Q1 us-gaap Assets
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CY2020Q4 us-gaap Assets
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CY2021Q1 lad Lessee Operating Lease Option To Renew
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CY2021Q1 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
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71300000 USD
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3800000 USD
CY2021Q1 us-gaap Business Combination Acquisition Related Costs
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1300000 USD
CY2020Q1 us-gaap Business Combination Acquisition Related Costs
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500000 USD
CY2021Q1 us-gaap Business Acquisitions Pro Forma Revenue
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4463000000.0 USD
CY2020Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
2948200000 USD
CY2021Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
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160400000 USD
CY2020Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
49600000 USD
CY2021Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
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6.02
CY2020Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
2.13
CY2021Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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5.97
CY2020Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
2.12
CY2021Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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Recent Accounting Pronouncements<div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We adopted the new guidance in the first quarter of 2021. The adoption of the guidance did not have a material impact on our consolidated financial statements.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2020, the FASB issued ASU 2020-10, “Codification Improvements.” The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We adopted the new guidance in the first quarter of 2021. The adoption of the guidance did not have a material impact on our consolidated financial statements.</span></div>

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