2024 Q1 Form 10-K Financial Statement

#000116486324000015 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $257.5M $249.1M $1.059B
YoY Change -8.88% -8.39% -3.63%
Cost Of Revenue $151.3M $152.8M $632.5M
YoY Change -9.13% -8.17% -6.42%
Gross Profit $106.2M $96.30M $426.8M
YoY Change -8.53% -8.72% 0.83%
Gross Profit Margin 41.24% 38.66% 40.29%
Selling, General & Admin $77.40M $73.90M $284.2M
YoY Change 8.25% -4.89% 0.5%
% of Gross Profit 72.88% 76.74% 66.59%
Research & Development $9.500M
YoY Change -5.94%
% of Gross Profit 2.23%
Depreciation & Amortization $5.900M $23.40M $94.50M
YoY Change -1.67% -7.14% -8.34%
% of Gross Profit 5.56% 24.3% 22.14%
Operating Expenses $78.20M $75.80M $350.0M
YoY Change 8.16% -2.57% -0.31%
Operating Profit $28.00M $20.50M $76.80M
YoY Change -36.07% -25.99% 6.37%
Interest Expense $10.30M -$6.500M $45.00M
YoY Change -11.97% -35.0% 26.4%
% of Operating Profit 36.79% -31.71% 58.59%
Other Income/Expense, Net -$5.500M -$4.700M -$9.000M
YoY Change 205.56% -43.37% -10.0%
Pretax Income $14.30M $9.300M $37.70M
YoY Change -58.06% -116.46% 33.22%
Income Tax $1.800M $13.80M $30.80M
% Of Pretax Income 12.59% 148.39% 81.7%
Net Earnings $12.50M -$4.900M $22.20M
YoY Change -66.58% -103.97% -89.18%
Net Earnings / Revenue 4.85% -1.97% 2.1%
Basic Earnings Per Share $0.60 $1.06
Diluted Earnings Per Share $0.59 -$0.23 $1.05
COMMON SHARES
Basic Shares Outstanding 21.09M shares 20.91M shares 20.90M shares
Diluted Shares Outstanding 21.10M shares 21.00M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $163.9M $369.8M $369.8M
YoY Change -55.83% 10.59% 10.59%
Cash & Equivalents $163.9M $369.8M $369.8M
Short-Term Investments
Other Short-Term Assets $19.90M $21.20M $21.20M
YoY Change -47.21% -65.13% -65.13%
Inventory $146.4M $142.6M $142.6M
Prepaid Expenses
Receivables $134.0M $116.7M $116.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $464.2M $650.3M $650.3M
YoY Change -35.1% -4.95% -4.95%
LONG-TERM ASSETS
Property, Plant & Equipment $194.7M $193.8M $193.8M
YoY Change 5.41% 4.64% -15.99%
Goodwill $903.4M $808.4M
YoY Change 4.31% -6.41%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $112.4M $113.5M $113.5M
YoY Change -7.57% -1.13% 63.78%
Total Long-Term Assets $2.064B $1.849B $1.849B
YoY Change 5.49% -5.83% -5.83%
TOTAL ASSETS
Total Short-Term Assets $464.2M $650.3M $650.3M
Total Long-Term Assets $2.064B $1.849B $1.849B
Total Assets $2.528B $2.500B $2.500B
YoY Change -5.38% -5.6% -5.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.40M $68.70M $68.70M
YoY Change -12.34% -6.4% -6.4%
Accrued Expenses $108.7M $119.6M $119.6M
YoY Change -5.81% -0.5% 48.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.10M $8.100M $8.100M
YoY Change -35.26% -48.08% -48.08%
Total Short-Term Liabilities $179.2M $196.4M $196.4M
YoY Change -10.36% -7.14% -7.14%
LONG-TERM LIABILITIES
Long-Term Debt $670.0M $638.7M $638.7M
YoY Change -13.12% -17.6% -17.6%
Other Long-Term Liabilities $112.0M $116.1M $116.1M
YoY Change 0.81% 3.94% 3.94%
Total Long-Term Liabilities $782.0M $754.8M $754.8M
YoY Change -11.37% -14.88% -14.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $179.2M $196.4M $196.4M
Total Long-Term Liabilities $782.0M $754.8M $754.8M
Total Liabilities $1.114B $1.072B $1.090B
YoY Change -8.58% -13.19% -13.0%
SHAREHOLDERS EQUITY
Retained Earnings $1.134B $1.128B
YoY Change -2.35% -0.19%
Common Stock $306.6M $305.1M
YoY Change 1.86% 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.414B $1.410B $1.410B
YoY Change
Total Liabilities & Shareholders Equity $2.528B $2.500B $2.500B
YoY Change -5.38% -5.6% -5.6%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $12.50M -$4.900M $22.20M
YoY Change -66.58% -103.97% -89.18%
Depreciation, Depletion And Amortization $5.900M $23.40M $94.50M
YoY Change -1.67% -7.14% -8.34%
Cash From Operating Activities $6.300M $53.60M $207.8M
YoY Change -75.58% 764.52% 69.91%
INVESTING ACTIVITIES
Capital Expenditures $8.200M $13.20M $33.90M
YoY Change 64.0% -31.25% 15.31%
Acquisitions $208.9M $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $1.100M -$600.0K
YoY Change -100.0% -99.59% -700.0%
Cash From Investing Activities -$217.0M -$12.10M -$7.400M
YoY Change 1366.22% -104.88% -102.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $6.500M $145.1M
YoY Change 62.5% -63.54%
Cash From Financing Activities $6.200M -8.100M -$170.9M
YoY Change -151.67% -91.81% -53.56%
NET CHANGE
Cash From Operating Activities 6.300M 53.60M 207.8M
Cash From Investing Activities -$217.0M -12.10M -7.400M
Cash From Financing Activities $6.200M -8.100M -$170.9M
Net Change In Cash -$205.9M 33.40M $35.40M
YoY Change -12211.76% -78.48% -1056.76%
FREE CASH FLOW
Cash From Operating Activities $6.300M $53.60M $207.8M
Capital Expenditures $8.200M $13.20M $33.90M
Free Cash Flow -$1.900M $40.40M $173.9M
YoY Change -109.13% -410.77% 87.19%

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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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20800000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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100000 shares
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Goodwill
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CY2023 us-gaap Goodwill Impairment Loss
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CY2023Q4 us-gaap Goodwill
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341400000 usd
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1080000000 usd
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280200000 usd
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44300000 usd
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69100000 usd
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Operating Lease Liability
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12900000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2023Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Current
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Derivative Assets
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CY2023Q4 us-gaap Assets Fair Value Disclosure
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CY2022Q4 us-gaap Assets Fair Value Disclosure
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10300000 usd
CY2023Q4 npo Employee Service Share Based Compensation Non Vested Award Total Compensation Cost Expected To Be Settled In Common Stock Shares
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CY2023 us-gaap Number Of Reportable Segments
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CY2023 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Defined Benefit Plan Pension Plan With Projected Benefit Obligation In Excess Of Plan Assets Projected Benefit Obligation
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5300000 usd
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4300000 usd
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CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2022Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2023 us-gaap Payments Of Dividends Common Stock
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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