2024 Q3 Form 10-Q Financial Statement

#000111171124000032 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $1.076B $1.085B $1.090B
YoY Change 4.76% -0.49% -7.88%
Cost Of Revenue $165.9M $164.7M $251.9M
YoY Change -8.49% -34.62% -34.35%
Gross Profit $910.4M $920.0M $838.1M
YoY Change 7.6% 9.77% 4.83%
Gross Profit Margin 84.59% 84.82% 76.89%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $269.5M $253.5M $233.1M
YoY Change 27.79% 8.75% 11.69%
% of Gross Profit 29.6% 27.55% 27.81%
Operating Expenses $692.6M $678.5M $669.5M
YoY Change 12.93% 1.34% 2.03%
Operating Profit $218.3M $237.0M $168.6M
YoY Change -6.31% 40.57% 17.66%
Interest Expense $3.400M $129.3M -$108.7M
YoY Change -97.37% -218.95% -228.64%
% of Operating Profit 1.56% 54.56% -64.47%
Other Income/Expense, Net -$105.4M -$116.3M $200.0K
YoY Change -19.42% -58250.0% -100.26%
Pretax Income $112.9M $120.7M $60.40M
YoY Change 10.47% 99.83% -10.91%
Income Tax $15.90M $17.60M $14.10M
% Of Pretax Income 14.08% 14.58% 23.34%
Net Earnings $85.70M $85.80M $39.90M
YoY Change 0.71% 115.04% -40.45%
Net Earnings / Revenue 7.96% 7.91% 3.66%
Basic Earnings Per Share $0.19 $0.19 $0.10
Diluted Earnings Per Share $0.19 $0.19 $0.09
COMMON SHARES
Basic Shares Outstanding 448.5M shares 448.3M shares 413.1M shares
Diluted Shares Outstanding 454.5M shares 450.2M shares 446.8M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.2M $101.2M $151.3M
YoY Change 125.36% -33.11% 94.47%
Cash & Equivalents $126.2M $101.2M $151.3M
Short-Term Investments
Other Short-Term Assets $141.7M $138.2M $596.2M
YoY Change -12.85% -76.82% 104.39%
Inventory $391.3M $373.2M $462.7M
Prepaid Expenses
Receivables $572.0M $624.0M $603.6M
Other Receivables $22.50M $13.00M $43.10M
Total Short-Term Assets $1.616B $1.944B $1.857B
YoY Change -10.98% 4.68% -2.87%
LONG-TERM ASSETS
Property, Plant & Equipment $24.88B $23.61B $21.18B
YoY Change 14.6% 11.51% 14.39%
Goodwill $1.486B $1.486B $1.486B
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $233.4M $235.8M $237.2M
YoY Change -4.34% -0.59% 5.85%
Other Assets $4.097B $4.105B $2.589B
YoY Change 0.99% 58.6% -37.87%
Total Long-Term Assets $29.21B $27.95B $25.49B
YoY Change 12.3% 9.68% 11.29%
TOTAL ASSETS
Total Short-Term Assets $1.616B $1.944B $1.857B
Total Long-Term Assets $29.21B $27.95B $25.49B
Total Assets $30.83B $29.90B $27.34B
YoY Change 10.78% 9.34% 10.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $614.6M $584.0M $718.4M
YoY Change -5.18% -18.71% 10.47%
Accrued Expenses $538.4M $487.5M $779.9M
YoY Change 6.61% -37.49% -9.34%
Deferred Revenue $261.6M $187.7M $207.6M
YoY Change -8.72% -9.59% 12.4%
Short-Term Debt $257.0M $644.0M $1.590B
YoY Change -88.42% -59.49% 186.47%
Long-Term Debt Due $1.271B $23.40M $29.40M
YoY Change 4608.15% -20.41% -21.18%
Total Short-Term Liabilities $3.486B $2.508B $4.091B
YoY Change -20.7% -38.7% 35.69%
LONG-TERM LIABILITIES
Long-Term Debt $12.09B $12.81B $11.00B
YoY Change 9.77% 16.42% 15.57%
Other Long-Term Liabilities $311.8M $308.3M $2.692B
YoY Change 6.96% -88.55% 716.59%
Total Long-Term Liabilities $4.928B $4.760B $13.70B
YoY Change 5.92% -65.24% 189.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.486B $2.508B $4.091B
Total Long-Term Liabilities $4.928B $4.760B $13.70B
Total Liabilities $8.413B $7.268B $20.11B
YoY Change -7.01% -63.86% 159.42%
SHAREHOLDERS EQUITY
Retained Earnings -$934.9M -$896.2M -$1.174B
YoY Change -22.13% -23.65% -16.69%
Common Stock $9.409B $8.899B $7.387B
YoY Change 27.2% 20.46% 2.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $99.90M $99.90M $99.90M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $8.345B $7.869B $7.230B
YoY Change
Total Liabilities & Shareholders Equity $30.83B $29.90B $27.34B
YoY Change 10.78% 9.34% 10.2%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $85.70M $85.80M $39.90M
YoY Change 0.71% 115.04% -40.45%
Depreciation, Depletion And Amortization $269.5M $253.5M $233.1M
YoY Change 27.79% 8.75% 11.69%
Cash From Operating Activities $340.0M $445.5M $507.6M
YoY Change -1.42% -12.23% 55.04%
INVESTING ACTIVITIES
Capital Expenditures $743.6M $629.8M $604.8M
YoY Change -11.73% 4.13% -229.54%
Acquisitions
YoY Change
Other Investing Activities -$76.90M -$241.2M -$43.00M
YoY Change -73.05% 460.93% -62.21%
Cash From Investing Activities -$820.5M -$871.0M -$647.8M
YoY Change -27.24% 34.46% 11.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 503.4M 420.9M 183.0M
YoY Change -27.91% 130.0% -17.72%
NET CHANGE
Cash From Operating Activities 340.0M 445.5M 507.6M
Cash From Investing Activities -820.5M -871.0M -647.8M
Cash From Financing Activities 503.4M 420.9M 183.0M
Net Change In Cash 22.90M -4.600M 42.80M
YoY Change -127.1% -110.75% -238.51%
FREE CASH FLOW
Cash From Operating Activities $340.0M $445.5M $507.6M
Capital Expenditures $743.6M $629.8M $604.8M
Free Cash Flow -$403.6M -$184.3M -$97.20M
YoY Change -18.87% 89.61% -112.24%

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<div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our accompanying Condensed Consolidated Financial Statements (unaudited) reflect all normal recurring adjustments that are necessary, in the opinion of management, to present fairly the results of operations in accordance with GAAP in the United States of America. The accompanying financial statements include the accounts of us, our majority-owned subsidiaries, and VIEs of which we are the primary beneficiary after the elimination of all intercompany accounts and transactions. </span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Income for interim periods may not be indicative of results for the calendar year due to weather variations and other factors.</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Condensed Consolidated Financial Statements (unaudited) have been prepared pursuant to the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made in this Quarterly Report on Form 10-Q are adequate to make the information herein not misleading.</span></div>
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us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
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AllowanceForDoubtfulAccountsReceivable
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39800000 usd
CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
20800000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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NetIncomeLossAvailableToCommonStockholdersBasic
39900000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
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400000 usd
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700000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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200000 usd
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39900000 usd
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358900000 usd
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800000 usd
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NetIncomeLossAvailableToCommonStockholdersDiluted
40300000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
429400000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
359700000 usd
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448500000 shares
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WeightedAverageNumberOfSharesOutstandingBasic
413300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
448200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
413100000 shares
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
31300000 shares
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0 shares
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
31200000 shares
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0 shares
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseContractPaymentBalance
1200000 shares
nix Incremental Common Shares Attributable To Dilutive Effect Of Equity Unit Purchase Contract Payment Balance
IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseContractPaymentBalance
0 shares
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseContractPaymentBalance
1500000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
700000 shares
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IncrementalCommonSharesAttributableToContingentlyIssuableShares
600000 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
800000 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
700000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
300000 shares
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2160000000 usd
CY2024Q1 us-gaap Proceeds From Contributed Capital
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2160000000 usd
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1360000000 usd
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63500000 usd
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59700000 usd
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39900000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
430100000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
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359100000 usd
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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39900000 usd
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us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
429400000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
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359700000 usd
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448500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
448200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
413100000 shares
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CY2023Q2 nix Incremental Common Shares Attributable To Dilutive Effect Of Equity Unit Purchase Agreements If Converted
IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
31300000 shares
CY2024Q2 nix Incremental Common Shares Attributable To Dilutive Effect Of Equity Unit Purchase Contract Payment Balance
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0 shares
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseAgreementsIfConverted
31200000 shares
CY2024Q2 nix Incremental Common Shares Attributable To Dilutive Effect Of Equity Unit Purchase Contract Payment Balance
IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseContractPaymentBalance
0 shares
CY2023Q2 nix Incremental Common Shares Attributable To Dilutive Effect Of Equity Unit Purchase Contract Payment Balance
IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseContractPaymentBalance
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nix Incremental Common Shares Attributable To Dilutive Effect Of Equity Unit Purchase Contract Payment Balance
IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseContractPaymentBalance
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IncrementalCommonSharesAttributableToDilutiveEffectOfEquityUnitPurchaseContractPaymentBalance
1500000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
700000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
600000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
300000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
400000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
300000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
400000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
300000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
400000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
700000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
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us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
500000 shares
us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2024Q2 us-gaap Forward Contract Indexed To Issuers Equity Forward Rate
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us-gaap Forward Contract Indexed To Issuers Equity Forward Rate
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
400000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
0 shares
us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
500000 shares
us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
0 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareDiluted
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CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.95
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2024Q2 us-gaap Forward Contract Indexed To Issuers Equity Forward Rate
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CY2024Q2 us-gaap Forward Contract Indexed To Issuers Equity Forward Rate
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us-gaap Forward Contract Indexed To Issuers Equity Forward Rate
ForwardContractIndexedToIssuersEquityForwardRate
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CY2023Q4 us-gaap Termination Loans
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650000000 usd
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LIFOInventoryAmount
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LIFOInventoryAmount
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DepreciationNonproduction
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us-gaap Depreciation Nonproduction
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16600000 usd
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us-gaap Depreciation Nonproduction
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9300000 usd
CY2024Q2 us-gaap Derivative Asset After Offset Subject To Master Netting Arrangement
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DerivativeAssetAfterOffsetSubjectToMasterNettingArrangement
13900000 usd
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us-gaap Depreciation Nonproduction
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us-gaap Depreciation Nonproduction
DepreciationNonproduction
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CY2024Q2 us-gaap Derivative Asset After Offset Subject To Master Netting Arrangement
DerivativeAssetAfterOffsetSubjectToMasterNettingArrangement
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DerivativeAssetAfterOffsetSubjectToMasterNettingArrangement
13900000 usd
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DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
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FinancialLiabilitiesFairValueDisclosure
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CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
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DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
300000 usd
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AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
500000 usd
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
10200000 usd
CY2024Q2 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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