2023 Q3 Form 10-Q Financial Statement

#000076374423000067 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $959.3M $1.015B
YoY Change -15.26% -33.95%
Cost Of Revenue $748.4M $796.5M
YoY Change -14.86% -29.33%
Gross Profit $210.9M $218.1M
YoY Change -16.64% -46.68%
Gross Profit Margin 21.99% 21.5%
Selling, General & Admin $165.4M $162.9M
YoY Change -0.07% -14.37%
% of Gross Profit 78.39% 74.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.27M $33.05M
YoY Change 3.17% 3.58%
% of Gross Profit 15.77% 15.15%
Operating Expenses $165.4M $162.9M
YoY Change -0.07% -14.37%
Operating Profit $45.59M $55.17M
YoY Change -47.94% -74.78%
Interest Expense -$10.33M -$10.25M
YoY Change 49.42% 65.55%
% of Operating Profit -22.65% -18.58%
Other Income/Expense, Net
YoY Change
Pretax Income $35.27M $44.93M
YoY Change -56.28% -78.87%
Income Tax $9.378M $11.50M
% Of Pretax Income 26.59% 25.6%
Net Earnings $25.89M $33.43M
YoY Change -57.83% -78.37%
Net Earnings / Revenue 2.7% 3.29%
Basic Earnings Per Share $1.02 $1.32
Diluted Earnings Per Share $1.02 $1.31
COMMON SHARES
Basic Shares Outstanding 25.32M shares 25.30M shares
Diluted Shares Outstanding 25.50M shares 25.44M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.24M $22.09M
YoY Change 33.5% -59.82%
Cash & Equivalents $31.24M $22.09M
Short-Term Investments
Other Short-Term Assets $68.67M $83.66M
YoY Change 3.67% 18.65%
Inventory $791.9M $830.0M
Prepaid Expenses
Receivables $338.8M $299.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.231B $1.235B
YoY Change -18.26% -27.24%
LONG-TERM ASSETS
Property, Plant & Equipment $472.5M $478.9M
YoY Change 0.41% 4.9%
Goodwill $579.9M $584.3M
YoY Change 5.13% 5.31%
Intangibles $462.4M $477.3M
YoY Change -5.54% -6.91%
Long-Term Investments
YoY Change
Other Assets $54.59M $59.50M
YoY Change -2.29% 3.17%
Total Long-Term Assets $1.803B $1.841B
YoY Change 2.25% 3.15%
TOTAL ASSETS
Total Short-Term Assets $1.231B $1.235B
Total Long-Term Assets $1.803B $1.841B
Total Assets $3.034B $3.076B
YoY Change -7.19% -11.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $198.9M $182.6M
YoY Change -1.05% -36.51%
Accrued Expenses $179.9M $196.1M
YoY Change -26.01% -33.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $566.0K $27.71M
YoY Change -97.44% 32.09%
Total Short-Term Liabilities $414.0M $441.5M
YoY Change -17.22% -30.83%
LONG-TERM LIABILITIES
Long-Term Debt $908.2M $915.8M
YoY Change -12.66% -16.88%
Other Long-Term Liabilities $102.8M $103.4M
YoY Change -2.95% -26.18%
Total Long-Term Liabilities $1.011B $1.019B
YoY Change -11.76% -17.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $414.0M $441.5M
Total Long-Term Liabilities $1.011B $1.019B
Total Liabilities $1.662B $1.706B
YoY Change -9.96% -18.33%
SHAREHOLDERS EQUITY
Retained Earnings $1.207B $1.208B
YoY Change -4.65% -1.9%
Common Stock $241.3M $235.8M
YoY Change 4.08% 5.02%
Preferred Stock
YoY Change
Treasury Stock (at cost) $82.22M $82.22M
YoY Change 41.36% 41.36%
Treasury Stock Shares
Shareholders Equity $1.372B $1.371B
YoY Change
Total Liabilities & Shareholders Equity $3.034B $3.076B
YoY Change -7.19% -11.67%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $25.89M $33.43M
YoY Change -57.83% -78.37%
Depreciation, Depletion And Amortization $33.27M $33.05M
YoY Change 3.17% 3.58%
Cash From Operating Activities $115.7M $198.9M
YoY Change -15.88% -6.64%
INVESTING ACTIVITIES
Capital Expenditures $15.98M $16.92M
YoY Change -148.55% -158.76%
Acquisitions
YoY Change
Other Investing Activities -$60.00K -$17.22M
YoY Change -98.5% -2481.33%
Cash From Investing Activities -$16.04M -$34.14M
YoY Change -56.53% 21.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.13M -166.5M
YoY Change -30.96% -10.04%
NET CHANGE
Cash From Operating Activities 115.7M 198.9M
Cash From Investing Activities -16.04M -34.14M
Cash From Financing Activities -90.13M -166.5M
Net Change In Cash 9.532M -1.746M
YoY Change -131.88% 1547.17%
FREE CASH FLOW
Cash From Operating Activities $115.7M $198.9M
Capital Expenditures $15.98M $16.92M
Free Cash Flow $99.72M $182.0M
YoY Change -41.5% -24.76%

Facts In Submission

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.</span></div>
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