2021 Q2 Form 10-Q Financial Statement

#000001561521000027 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $1.963B $1.569B
YoY Change 25.07% -19.07%
Cost Of Revenue $1.675B $1.342B
YoY Change 24.85% -17.85%
Gross Profit $287.4M $227.5M
YoY Change 26.34% -25.56%
Gross Profit Margin 14.64% 14.5%
Selling, General & Admin $75.96M $80.00M
YoY Change -5.05% 12.99%
% of Gross Profit 26.43% 35.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $107.4M $67.50M
YoY Change 59.11% 12.69%
% of Gross Profit 37.37% 29.67%
Operating Expenses $182.3M $142.9M
YoY Change 27.57% 5.38%
Operating Profit $105.1M $84.60M
YoY Change 24.27% -50.24%
Interest Expense -$6.304M -$8.000M
YoY Change -21.2% -20.79%
% of Operating Profit -6.0% -9.46%
Other Income/Expense, Net $10.63M $10.53M
YoY Change 1.0% -318.77%
Pretax Income $102.8M $77.60M
YoY Change 32.47% -51.5%
Income Tax $27.06M $20.74M
% Of Pretax Income 26.32% 26.72%
Net Earnings $75.45M $57.01M
YoY Change 32.36% -52.38%
Net Earnings / Revenue 3.84% 3.63%
Basic Earnings Per Share $1.04 $0.79
Diluted Earnings Per Share $1.02 $0.78
COMMON SHARES
Basic Shares Outstanding 72.50M shares 72.05M shares
Diluted Shares Outstanding 73.98M shares 72.78M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.3M $48.60M
YoY Change 388.21% -17.91%
Cash & Equivalents $237.3M $48.64M
Short-Term Investments
Other Short-Term Assets $44.82M $45.73M
YoY Change -2.0% -16.87%
Inventory $87.36M $104.9M
Prepaid Expenses $69.89M $44.14M
Receivables $865.2M $927.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.408B $2.137B
YoY Change 12.69% 0.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.317B $972.2M
YoY Change 35.44% 14.0%
Goodwill $1.332B $1.227B
YoY Change 8.5% 7.27%
Intangibles $521.0M $202.2M
YoY Change 157.67% 6.37%
Long-Term Investments
YoY Change
Other Assets $323.8M $252.3M
YoY Change 28.32% 4.4%
Total Long-Term Assets $3.493B $2.853B
YoY Change 22.45% 6.84%
TOTAL ASSETS
Total Short-Term Assets $2.408B $2.137B
Total Long-Term Assets $3.493B $2.853B
Total Assets $5.902B $4.990B
YoY Change 18.27% 4.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $629.9M $630.5M
YoY Change -0.09% -0.44%
Accrued Expenses $207.6M $163.6M
YoY Change 26.85% 3.35%
Deferred Revenue $238.9M $338.2M
YoY Change -29.36% 52.69%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $163.1M $126.7M
YoY Change 28.74% 18.52%
Total Short-Term Liabilities $1.639B $1.523B
YoY Change 7.59% 9.5%
LONG-TERM LIABILITIES
Long-Term Debt $1.420B $1.116B
YoY Change 27.3% -10.79%
Other Long-Term Liabilities $214.1M $198.9M
YoY Change 7.65% 11.19%
Total Long-Term Liabilities $214.1M $198.9M
YoY Change 7.65% 11.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.639B $1.523B
Total Long-Term Liabilities $214.1M $198.9M
Total Liabilities $3.740B $3.239B
YoY Change 15.47% -0.21%
SHAREHOLDERS EQUITY
Retained Earnings $1.975B $1.604B
YoY Change 23.11% 25.19%
Common Stock $850.5M $830.9M
YoY Change 2.37% 2.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.158B $1.747B
YoY Change
Total Liabilities & Shareholders Equity $5.902B $4.990B
YoY Change 18.27% 4.01%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $75.45M $57.01M
YoY Change 32.36% -52.38%
Depreciation, Depletion And Amortization $107.4M $67.50M
YoY Change 59.11% 12.69%
Cash From Operating Activities $92.14M $293.2M
YoY Change -68.57% -26.39%
INVESTING ACTIVITIES
Capital Expenditures -$48.93M -$72.20M
YoY Change -32.23% 212.55%
Acquisitions
YoY Change
Other Investing Activities -$492.5M -$5.800M
YoY Change 8391.12% -150.43%
Cash From Investing Activities -$541.5M -$78.00M
YoY Change 594.25% 572.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 174.0M -238.6M
YoY Change -172.94% -35.62%
NET CHANGE
Cash From Operating Activities 92.14M 293.2M
Cash From Investing Activities -541.5M -78.00M
Cash From Financing Activities 174.0M -238.6M
Net Change In Cash -275.3M -23.40M
YoY Change 1076.64% -245.34%
FREE CASH FLOW
Cash From Operating Activities $92.14M $293.2M
Capital Expenditures -$48.93M -$72.20M
Free Cash Flow $141.1M $365.4M
YoY Change -61.39% -13.29%

Facts In Submission

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<div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Management Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">    The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of the COVID-19 pandemic, climate change, and other global and/or macroeconomic trends and events. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue, less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to acquisitions, valuations of goodwill and intangible assets, acquisition-related contingent consideration and other liabilities, equity investments and other long-lived assets; allowances for credit losses; asset lives used in </span></div>computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies.
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75451000 USD
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1443000 shares
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Goodwill Purchase Accounting Adjustments
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367200000 USD
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1000000.0 USD
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31200000 USD
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521000000.0 USD
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358200000 USD
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us-gaap Business Acquisitions Pro Forma Net Income Loss
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95500000 USD
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271400000 USD
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3500000 USD
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4700000 USD
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63500000 USD
us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
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6800000 USD

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