2023 Q4 Form 10-Q Financial Statement

#000100069423000055 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $291.3M $187.0M $734.6M
YoY Change -18.48% -74.55% 310.74%
Cost Of Revenue $155.0M $98.93M $434.6M
YoY Change -14.74% -77.24%
Gross Profit $136.4M $88.06M $300.0M
YoY Change -22.36% -70.65% 67.74%
Gross Profit Margin 46.81% 47.09% 40.84%
Selling, General & Admin $155.2M $107.5M $122.9M
YoY Change -3.97% -12.51% 57.95%
% of Gross Profit 113.84% 122.08% 40.96%
Research & Development $164.7M $106.2M $304.3M
YoY Change -36.13% -65.09% -25.45%
% of Gross Profit 120.78% 120.64% 101.44%
Depreciation & Amortization $10.79M $11.30M $8.347M
YoY Change 49.46% 35.38% 95.85%
% of Gross Profit 7.92% 12.83% 2.78%
Operating Expenses $319.9M $106.2M $304.3M
YoY Change -23.74% -65.09% -25.45%
Operating Profit -$183.6M -$125.6M -$127.2M
YoY Change -24.73% -1.22% -58.59%
Interest Expense -$4.117M $2.859M $4.169M
YoY Change -10.52% -31.42% -19.55%
% of Operating Profit
Other Income/Expense, Net $10.98M -$2.982M -$34.78M
YoY Change -82.83% -91.43% 691.6%
Pretax Income -$176.7M -$131.5M -$166.1M
YoY Change -4.23% -20.87% -47.49%
Income Tax $1.688M -$697.0K $2.472M
% Of Pretax Income
Net Earnings -$178.4M -$130.8M -$168.6M
YoY Change -2.12% -22.44% -47.71%
Net Earnings / Revenue -61.23% -69.94% -22.95%
Basic Earnings Per Share -$1.26 -$2.15
Diluted Earnings Per Share -$1.44 -$1.26 -$2.154M
COMMON SHARES
Basic Shares Outstanding 118.8M shares 94.40M shares 78.22M shares
Diluted Shares Outstanding 103.4M shares 78.27M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $568.5M $651.1M $1.281B
YoY Change -57.48% -49.16% -33.89%
Cash & Equivalents $568.5M $651.1M $1.281B
Short-Term Investments
Other Short-Term Assets $155.7M $162.4M $285.3M
YoY Change 103.9% -43.08% 124.26%
Inventory $41.70M $69.59M $82.43M
Prepaid Expenses
Receivables $297.2M $123.7M $111.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.144B $1.007B $1.760B
YoY Change -32.85% -42.8% -19.05%
LONG-TERM ASSETS
Property, Plant & Equipment $305.8M $301.0M $255.5M
YoY Change 3.92% 17.79% 18.99%
Goodwill $127.5M $123.8M $117.5M
YoY Change 0.89% 5.31% -10.95%
Intangibles $8.456M
YoY Change 68.21%
Long-Term Investments
YoY Change
Other Assets $35.16M $34.89M $17.41M
YoY Change 23.5% 100.45% -54.6%
Total Long-Term Assets $653.6M $650.4M $507.5M
YoY Change 17.71% 28.16% 29.54%
TOTAL ASSETS
Total Short-Term Assets $1.144B $1.007B $1.760B
Total Long-Term Assets $653.6M $650.4M $507.5M
Total Assets $1.797B $1.657B $2.267B
YoY Change -20.42% -26.91% -11.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $132.6M $101.9M $145.0M
YoY Change -38.75% -29.71% 143.43%
Accrued Expenses $394.7M $311.2M $551.1M
YoY Change -33.24% -43.53% 70.15%
Deferred Revenue $241.3M $192.2M $404.8M
YoY Change -39.68% -52.52%
Short-Term Debt $0.00 $0.00 $324.5M
YoY Change -100.0%
Long-Term Debt Due $5.142M $1.300M $82.10M
YoY Change -98.54% -98.42% -21.05%
Total Short-Term Liabilities $1.635B $1.469B $1.668B
YoY Change -33.53% -11.95% -4.87%
LONG-TERM LIABILITIES
Long-Term Debt $223.9M $220.8M $31.47M
YoY Change 13.27% 601.53% -90.26%
Other Long-Term Liabilities $33.13M $37.30M $98.57M
YoY Change -40.52% -62.16% 250.93%
Total Long-Term Liabilities $33.13M $37.30M $98.57M
YoY Change -40.52% -62.16% 250.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.635B $1.469B $1.668B
Total Long-Term Liabilities $33.13M $37.30M $98.57M
Total Liabilities $2.514B $2.336B $2.833B
YoY Change -13.08% -17.57% 34.63%
SHAREHOLDERS EQUITY
Retained Earnings -$4.821B -$4.643B -$4.094B
YoY Change 12.75% 13.41% 47.7%
Common Stock $1.405M $1.196M $792.0K
YoY Change 61.87% 51.01% 4.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $89.94M
YoY Change 13.66%
Treasury Stock Shares 727.7K shares
Shareholders Equity -$716.9M -$678.4M -$566.0M
YoY Change
Total Liabilities & Shareholders Equity $1.797B $1.657B $2.267B
YoY Change -20.42% -26.91% -11.63%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$178.4M -$130.8M -$168.6M
YoY Change -2.12% -22.44% -47.71%
Depreciation, Depletion And Amortization $10.79M $11.30M $8.347M
YoY Change 49.46% 35.38% 95.85%
Cash From Operating Activities -$176.8M -$39.70M -$38.71M
YoY Change 50.05% 2.56% -72.77%
INVESTING ACTIVITIES
Capital Expenditures $8.839M $18.10M -$29.52M
YoY Change -59.94% -161.32% 142.16%
Acquisitions
YoY Change
Other Investing Activities -$239.0K -$200.0K $0.00
YoY Change
Cash From Investing Activities -$9.078M -$18.40M -$29.52M
YoY Change -58.86% -37.67% 142.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.4M 197.1M -30.98M
YoY Change -47.56% -736.3% 97.05%
NET CHANGE
Cash From Operating Activities -176.8M -39.70M -38.71M
Cash From Investing Activities -9.078M -18.40M -29.52M
Cash From Financing Activities 100.4M 197.1M -30.98M
Net Change In Cash -85.47M 139.0M -99.20M
YoY Change -265.77% -240.12% -41.66%
FREE CASH FLOW
Cash From Operating Activities -$176.8M -$39.70M -$38.71M
Capital Expenditures $8.839M $18.10M -$29.52M
Free Cash Flow -$185.6M -$57.80M -$9.189M
YoY Change 32.7% 529.01% -92.93%

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nvax Net Proceeds From The Exercise Of Stock Based Awards
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us-gaap Repayments Of Convertible Debt
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CY2023Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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<div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.</span></div>
CY2023Q3 us-gaap Billed Contract Receivables
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CY2021Q4 us-gaap Contract With Customer Liability
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CY2023Q3 us-gaap Revenue Remaining Performance Obligation
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nvax Royalty Period
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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InventoryWriteDown
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CY2023Q3 nvax Inventory Firm Purchase Commitment Recoveries
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CY2022Q3 us-gaap Inventory Write Down
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CY2022Q3 us-gaap Inventory Firm Purchase Commitment Loss
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us-gaap Number Of Reporting Units
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CY2022Q4 us-gaap Goodwill
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126331000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2023Q3 us-gaap Goodwill
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CY2023Q3 nvax Short Term Lease Cost Benefit
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nvax Short Term Lease Cost Benefit
ShortTermLeaseCostBenefit
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CY2022Q3 nvax Short Term Lease Cost Benefit
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nvax Short Term Lease Cost Benefit
ShortTermLeaseCostBenefit
37300000 usd
CY2022Q3 us-gaap Operating Lease Expense
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24200000 usd
us-gaap Operating Lease Expense
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CY2023Q3 us-gaap Finance Lease Interest Expense
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500000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2022Q3 us-gaap Finance Lease Interest Expense
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us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4300000 usd
us-gaap Impairment Of Long Lived Assets Held For Use
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5900000 usd
CY2023Q3 us-gaap Unamortized Debt Issuance Expense
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0 usd
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UnamortizedDebtIssuanceExpense
119000 usd
CY2023Q3 us-gaap Convertible Notes Payable Current
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ConvertibleNotesPayableCurrent
324881000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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7629000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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8784000 usd
CY2023Q3 us-gaap Convertible Long Term Notes Payable
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CY2022Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
166466000 usd
CY2023Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2191000 usd
CY2022Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
3047000 usd
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
7588000 usd
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
9141000 usd
CY2023Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
395000 usd
CY2022Q3 us-gaap Amortization Of Financing Costs
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356000 usd
us-gaap Amortization Of Financing Costs
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1295000 usd
us-gaap Amortization Of Financing Costs
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1068000 usd
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
2586000 usd
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
3403000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
8883000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
10209000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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20760000 usd
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31547000 usd
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us-gaap Allocated Share Based Compensation Expense
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102525000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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500000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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500000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1400000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P7Y1M6D
CY2022Q1 us-gaap Capitalized Contract Cost Amortization Period
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CY2023Q3 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
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CY2022Q3 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
2400000 usd
CY2022Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
100000 usd
CY2023Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2022Q4 us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
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CY2022Q4 nvax Loss Contingency Period To Answer
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CY2022Q4 us-gaap Loss Contingency New Claims Filed Number
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8 lawsuit
nvax Payments For Severance And Employee Benefit Costs
PaymentsForSeveranceAndEmployeeBenefitCosts
4300000 usd
CY2023Q2 us-gaap Asset Impairment Charges
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us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
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CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
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false

Files In Submission

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nvax-20230930_cal.xml Edgar Link unprocessable
0001000694-23-000055-index-headers.html Edgar Link pending
0001000694-23-000055-index.html Edgar Link pending
0001000694-23-000055.txt Edgar Link pending
0001000694-23-000055-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
nvax-20230930_def.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
nvax-20230930.htm Edgar Link pending
nvax-20230930.xsd Edgar Link pending
nvax-20230930xex101.htm Edgar Link pending
nvax-20230930xex311.htm Edgar Link pending
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