2024 Q3 Form 10-Q Financial Statement

#000195207324000035 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $138.7M $142.2M
YoY Change -2.46% -64.55%
Cost Of Revenue $97.71M $101.7M
YoY Change -3.92% -59.95%
Gross Profit $41.01M $40.50M
YoY Change 1.25% -72.51%
Gross Profit Margin 29.56% 28.48%
Selling, General & Admin $45.75M $48.82M
YoY Change -6.3% -70.3%
% of Gross Profit 111.56% 120.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.78M $13.59M
YoY Change 1.44% -54.34%
% of Gross Profit 33.61% 33.54%
Operating Expenses $45.75M $48.82M
YoY Change -6.3% -74.86%
Operating Profit -$18.48M -$33.43M
YoY Change -44.71% -28.65%
Interest Expense -$13.77M $14.29M
YoY Change -196.4% 699.5%
% of Operating Profit
Other Income/Expense, Net -$769.0K -$4.469M
YoY Change -82.79% -393.05%
Pretax Income -$32.92M -$51.30M
YoY Change -35.82% 23.51%
Income Tax -$13.60M -$659.0K
% Of Pretax Income
Net Earnings -$19.32M -$50.67M
YoY Change -61.87% 13.21%
Net Earnings / Revenue -13.93% -35.63%
Basic Earnings Per Share -$0.40 -$1.00
Diluted Earnings Per Share -$0.40 -$1.00
COMMON SHARES
Basic Shares Outstanding 48.22M shares 50.44M shares
Diluted Shares Outstanding 48.22M shares 50.44M shares

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.31M $37.20M
YoY Change 0.29% -91.57%
Cash & Equivalents $37.31M $37.18M
Short-Term Investments
Other Short-Term Assets $8.194M $7.888M
YoY Change 3.88% -95.85%
Inventory $4.087M $3.361M
Prepaid Expenses $77.46M
Receivables $95.53M $100.2M
Other Receivables $20.77M $47.45M
Total Short-Term Assets $260.4M $283.6M
YoY Change -8.18% -66.28%
LONG-TERM ASSETS
Property, Plant & Equipment $642.3M $619.9M
YoY Change 3.61% -83.17%
Goodwill $69.04M $69.04M
YoY Change 0.0%
Intangibles $63.80M
YoY Change
Long-Term Investments
YoY Change
Other Assets $102.0M $83.15M
YoY Change 22.62% -53.18%
Total Long-Term Assets $1.350B $1.065B
YoY Change 26.76% -76.77%
TOTAL ASSETS
Total Short-Term Assets $260.4M $283.6M
Total Long-Term Assets $1.350B $1.065B
Total Assets $1.610B $1.349B
YoY Change 19.41% -75.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.02M $18.72M
YoY Change 12.31% -82.39%
Accrued Expenses $42.65M $43.06M
YoY Change -0.95% -90.91%
Deferred Revenue $271.0M $289.0M
YoY Change -6.25%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $20.31M $20.31M
YoY Change 0.0% -76.43%
Total Short-Term Liabilities $521.2M $604.7M
YoY Change -13.8% -34.28%
LONG-TERM LIABILITIES
Long-Term Debt $647.0M $699.4M
YoY Change -7.5% -57.68%
Other Long-Term Liabilities $39.77M $43.74M
YoY Change -9.09% -92.55%
Total Long-Term Liabilities $686.7M $743.2M
YoY Change -7.59% -66.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $521.2M $604.7M
Total Long-Term Liabilities $686.7M $743.2M
Total Liabilities $1.659B $1.584B
YoY Change 4.75% -55.0%
SHAREHOLDERS EQUITY
Retained Earnings $96.28M -$79.37M
YoY Change -221.31%
Common Stock $26.91M $17.98M
YoY Change 49.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$48.70M -$235.2M
YoY Change
Total Liabilities & Shareholders Equity $1.610B $1.349B
YoY Change 19.41% -75.15%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$19.32M -$50.67M
YoY Change -61.87% 13.21%
Depreciation, Depletion And Amortization $13.78M $13.59M
YoY Change 1.44% -54.34%
Cash From Operating Activities -$27.36M $1.378M
YoY Change -2085.41% -101.7%
INVESTING ACTIVITIES
Capital Expenditures $5.905M $3.300M
YoY Change 78.94% -98.78%
Acquisitions
YoY Change
Other Investing Activities $840.0K -$52.20M
YoY Change -101.61% 245.01%
Cash From Investing Activities -$6.690M -$55.49M
YoY Change -87.94% -80.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $51.39M
YoY Change -100.0%
Debt Paid & Issued, Net $4.063M $0.00
YoY Change
Cash From Financing Activities $38.11M $9.273M
YoY Change 310.95% -146.31%
NET CHANGE
Cash From Operating Activities -$27.36M $1.378M
Cash From Investing Activities -$6.690M -$55.49M
Cash From Financing Activities $38.11M $9.273M
Net Change In Cash $4.058M -$44.84M
YoY Change -109.05% -88.4%
FREE CASH FLOW
Cash From Operating Activities -$27.36M $1.378M
Capital Expenditures $5.905M $3.300M
Free Cash Flow -$33.26M -$1.922M
YoY Change 1630.7% -99.45%

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CY2024Q3 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP. The accompanying unaudited condensed consolidated financial information for the three months ended September 30, 2023 has been revised to change the presentation of our revenue and direct operating expenses from an aggregated to a disaggregated basis.</span></div>
CY2024Q3 us-gaap Use Of Estimates
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Use of Estimates<div style="margin-top:6.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, goodwill, intangible assets, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, and other liabilities. In addition, estimates are used in revenue recognition, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the financial statements to be reasonable.</span></div><div style="margin-top:6.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s condensed consolidated financial statements in future periods.</span></div>
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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601000000 usd
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0.57
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P2Y
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Goodwill
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63801000 usd
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63801000 usd
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CY2024Q3 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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CY2023Q3 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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CY2024Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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220000 usd
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4226000 usd
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5063000 usd
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DeferredCompensationLiabilityClassifiedNoncurrent
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6788000 usd
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CashAndCashEquivalentsAtCarryingValue
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306000 usd
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300000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37613000 usd
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CY2024Q3 msge Prepaid Revenue Sharing Expense Current
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CY2024Q3 us-gaap Other Prepaid Expense Current
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20189000 usd
CY2024Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
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CY2024Q3 us-gaap Contract With Customer Asset Net Current
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InventoryNet
4087000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
3871000 usd
CY2024Q3 us-gaap Other Assets Current
OtherAssetsCurrent
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OtherAssetsCurrent
5128000 usd
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Investments
7042000 usd
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Investments
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DeferredCosts
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CY2024Q2 us-gaap Deferred Costs
DeferredCosts
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InvestmentsAndOtherNoncurrentAssets
1843000 usd
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InvestmentsAndOtherNoncurrentAssets
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OtherAssetsNoncurrent
101960000 usd
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OtherAssetsNoncurrent
110283000 usd
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AccountsPayableCurrent
21018000 usd
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AccountsPayableCurrent
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EmployeeRelatedLiabilitiesCurrent
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EmployeeRelatedLiabilitiesCurrent
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CashDueToPromoters
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CY2024Q2 msge Cash Due To Promoters
CashDueToPromoters
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CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
42651000 usd
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AccruedLiabilitiesCurrent
38314000 usd
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AccountsPayableAndAccruedLiabilitiesCurrent
159261000 usd
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AccountsPayableAndAccruedLiabilitiesCurrent
203750000 usd
CY2024Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-101000 usd
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EquitySecuritiesFvNiUnrealizedGainLoss
-5449000 usd
CY2024Q3 msge Other Income Expense
OtherIncomeExpense
-673000 usd
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OtherIncomeExpense
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OtherNonoperatingIncomeExpense
-769000 usd
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OtherNonoperatingIncomeExpense
-4469000 usd
CY2024Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
381000 usd
CY2023Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-13601000 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.41
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-659000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.01

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