2023 Q3 Form 10-K Financial Statement

#000162828023030374 Filed on August 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 2022
Revenue $370.8M $1.767B $1.713B
YoY Change -12.15% 3.18% -1.73%
Cost Of Revenue $281.2M $1.198B $924.0M
YoY Change 16.97% 29.65% -3.72%
Gross Profit $89.60M $569.0M $788.6M
YoY Change -50.69% -27.85% 0.7%
Gross Profit Margin 24.16% 32.2% 46.05%
Selling, General & Admin $56.90M $348.8M $265.7M
YoY Change -11.09% 31.28% 10.07%
% of Gross Profit 63.5% 61.3% 33.69%
Research & Development $73.90M $307.8M $220.7M
YoY Change 30.34% 39.47% 2.89%
% of Gross Profit 82.48% 54.09% 27.99%
Depreciation & Amortization $78.70M $106.6M $81.60M
YoY Change 89.18% 30.64% -10.72%
% of Gross Profit 87.83% 18.73% 10.35%
Operating Expenses $142.2M $684.7M $485.3M
YoY Change 12.59% 41.09% 89.5%
Operating Profit -$52.60M -$115.7M $303.3M
YoY Change -194.95% -138.15% -42.45%
Interest Expense $9.600M $35.50M $80.20M
YoY Change -152.46% -55.74% 20.24%
% of Operating Profit 26.44%
Other Income/Expense, Net $900.0K $48.80M $12.00M
YoY Change 306.67% 328.57%
Pretax Income -$45.40M -$102.4M $235.1M
YoY Change -222.37% -143.56% -49.23%
Income Tax $14.80M $29.20M $36.20M
% Of Pretax Income 15.4%
Net Earnings -$60.20M -$131.6M $198.9M
YoY Change -273.49% -166.16% -49.94%
Net Earnings / Revenue -16.24% -7.45% 11.61%
Basic Earnings Per Share -$1.02 -$1.93 $2.79
Diluted Earnings Per Share -$0.88 -$1.93 $2.68
COMMON SHARES
Basic Shares Outstanding 66.70M shares 68.30M shares 71.20M shares
Diluted Shares Outstanding 66.70M shares 68.30M shares 74.20M shares

Balance Sheet

Concept 2023 Q3 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.014B $2.014B $2.549B
YoY Change -21.0% -21.0% 30.99%
Cash & Equivalents $859.0M $604.7M $1.054B
Short-Term Investments $1.155B $1.155B $1.259B
Other Short-Term Assets $109.6M $109.6M $78.10M
YoY Change 40.33% 40.33% -4.29%
Inventory $408.6M $408.6M $250.1M
Prepaid Expenses
Receivables $246.1M $246.1M $262.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.778B $2.778B $3.139B
YoY Change -11.51% -11.51% 28.82%
LONG-TERM ASSETS
Property, Plant & Equipment $566.8M $566.8M $434.1M
YoY Change 30.57% 30.57% 1.31%
Goodwill $695.1M
YoY Change 88.43%
Intangibles $459.2M
YoY Change 194.93%
Long-Term Investments
YoY Change
Other Assets $16.80M $133.1M $64.30M
YoY Change -54.96% 107.0% -15.62%
Total Long-Term Assets $1.854B $1.854B $1.023B
YoY Change 81.25% 81.25% -8.23%
TOTAL ASSETS
Total Short-Term Assets $2.778B $2.778B $3.139B
Total Long-Term Assets $1.854B $1.854B $1.023B
Total Assets $4.632B $4.632B $4.162B
YoY Change 11.29% 11.29% 17.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $169.4M $169.4M $156.7M
YoY Change 8.1% 8.1% 34.05%
Accrued Expenses $51.20M $116.8M $120.5M
YoY Change 14.54% -3.07% 9.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $311.6M $311.6M $409.9M
YoY Change -23.98% -23.98% 4.91%
Total Short-Term Liabilities $633.8M $633.8M $716.5M
YoY Change -11.54% -11.54% 7.81%
LONG-TERM LIABILITIES
Long-Term Debt $2.500B $2.500B $1.466B
YoY Change 70.52% 70.52% 85.63%
Other Long-Term Liabilities $91.40M $139.1M $91.70M
YoY Change 113.05% 51.69% 3.62%
Total Long-Term Liabilities $91.40M $2.639B $1.558B
YoY Change 113.05% 69.41% 77.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $633.8M $633.8M $716.5M
Total Long-Term Liabilities $91.40M $2.639B $1.558B
Total Liabilities $3.276B $3.276B $2.287B
YoY Change 43.25% 43.25% 44.87%
SHAREHOLDERS EQUITY
Retained Earnings -$340.6M
YoY Change 163.83%
Common Stock $100.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.356B $1.356B $1.875B
YoY Change
Total Liabilities & Shareholders Equity $4.632B $4.632B $4.162B
YoY Change 11.29% 11.29% 17.19%

Cashflow Statement

Concept 2023 Q3 2023 2022
OPERATING ACTIVITIES
Net Income -$60.20M -$131.6M $198.9M
YoY Change -273.49% -166.16% -49.94%
Depreciation, Depletion And Amortization $78.70M $106.6M $81.60M
YoY Change 89.18% 30.64% -10.72%
Cash From Operating Activities $49.20M $179.8M $459.3M
YoY Change -56.96% -60.85% -37.82%
INVESTING ACTIVITIES
Capital Expenditures $36.30M $128.5M $91.20M
YoY Change -226.92% 40.9% 7.55%
Acquisitions $861.6M $0.00
YoY Change
Other Investing Activities -$34.60M -$745.5M -$135.1M
YoY Change -120.2% 451.81% -241.02%
Cash From Investing Activities -$70.90M -$874.0M -$226.3M
YoY Change -149.68% 286.21% -22730.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $175.6M $543.9M
YoY Change -67.71% 130.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 331.5M $263.0M $282.9M
YoY Change -441.4% -7.03% -207.4%
NET CHANGE
Cash From Operating Activities 49.20M $179.8M $459.3M
Cash From Investing Activities -70.90M -$874.0M -$226.3M
Cash From Financing Activities 331.5M $263.0M $282.9M
Net Change In Cash 309.8M -$431.2M $515.9M
YoY Change 93.75% -183.58% 8.31%
FREE CASH FLOW
Cash From Operating Activities $49.20M $179.8M $459.3M
Capital Expenditures $36.30M $128.5M $91.20M
Free Cash Flow $12.90M $51.30M $368.1M
YoY Change -90.97% -86.06% -43.71%

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CY2021 us-gaap Proceeds From Divestiture Of Businesses
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CY2022 us-gaap Payments To Acquire Short Term Investments
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CY2022 lite Repurchase Of Common Stock Pending Settlement
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CY2022 lite Adjustments To Additional Paid In Capital Equity Component In Connection With Cash Settlement
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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fiscal Years</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We utilize a 52-53 week fiscal year ending on the Saturday closest to June 30th. Every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week year is added to the third quarter, making such quarter consist of 14 weeks. Our fiscal 2023 and 2022 were 52-week years, ending on July 1, 2023 and July 2, 2022, respectively. Our fiscal 2021 was a 53-week year, ending on July 3, 2021.</span></div>
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Cash
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57400000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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