2022 Q4 Form 10-Q Financial Statement

#000180116922000108 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $2.857B $3.361B
YoY Change -25.25% 48.3%
Cost Of Revenue $2.786B $3.786B
YoY Change -21.53% 83.44%
Gross Profit $71.00M -$425.0M
YoY Change -73.86% -309.89%
Gross Profit Margin 2.49% -12.65%
Selling, General & Admin $217.0M $345.0M
YoY Change -36.57% 41.63%
% of Gross Profit 305.63%
Research & Development $46.00M $40.00M
YoY Change 44.47% 46.55%
% of Gross Profit 64.79%
Depreciation & Amortization $24.00M $10.00M
YoY Change 17.37% 38.89%
% of Gross Profit 33.8%
Operating Expenses $263.0M $385.0M
YoY Change -29.67% 42.12%
Operating Profit -$192.0M -$810.0M
YoY Change 87.6% 1084.09%
Interest Expense -$113.0M $115.0M
YoY Change 55.21% 164.06%
% of Operating Profit
Other Income/Expense, Net $10.00M -$2.000M
YoY Change -164.1% -103.85%
Pretax Income -$399.0M -$927.0M
YoY Change 109.39% 1540.91%
Income Tax $0.00 $1.000M
% Of Pretax Income
Net Earnings -$399.0M -$928.0M
YoY Change 108.97% 1533.26%
Net Earnings / Revenue -13.97% -27.61%
Basic Earnings Per Share -$1.47
Diluted Earnings Per Share -$0.63 -$1.47
COMMON SHARES
Basic Shares Outstanding 634.2M shares 628.9M shares
Diluted Shares Outstanding 629.5M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.281B $1.505B
YoY Change -42.17% -18.2%
Cash & Equivalents $1.137B $1.327B
Short-Term Investments $144.0M $178.0M
Other Short-Term Assets $41.00M $80.00M
YoY Change -54.95% -5.17%
Inventory $4.460B $6.093B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.466B $9.584B
YoY Change -30.77% 8.65%
LONG-TERM ASSETS
Property, Plant & Equipment $58.00M $62.00M
YoY Change 28.89% 61.79%
Goodwill $4.000M $62.00M
YoY Change -93.33% 31.47%
Intangibles $12.00M $7.000M
YoY Change 0.0% -39.1%
Long-Term Investments
YoY Change
Other Assets $27.00M $26.00M
YoY Change 285.71% 280.01%
Total Long-Term Assets $142.0M $200.0M
YoY Change -14.46% 35.49%
TOTAL ASSETS
Total Short-Term Assets $6.466B $9.584B
Total Long-Term Assets $142.0M $200.0M
Total Assets $6.608B $9.784B
YoY Change -30.49% 9.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $110.0M $209.0M
YoY Change 3566.67% 33.95%
Accrued Expenses $47.00M $20.00M
YoY Change -28.79% 39.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.376B $3.372B
YoY Change -67.6% -17.14%
Total Short-Term Liabilities $1.505B $3.601B
YoY Change -65.8% -15.07%
LONG-TERM LIABILITIES
Long-Term Debt $3.979B $4.656B
YoY Change 41.3% 100.65%
Other Long-Term Liabilities $38.00M $39.00M
YoY Change -9.52% 1578.14%
Total Long-Term Liabilities $4.017B $4.695B
YoY Change 40.55% 201922.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.505B $3.601B
Total Long-Term Liabilities $4.017B $4.695B
Total Liabilities $5.522B $8.296B
YoY Change -23.92% 25.59%
SHAREHOLDERS EQUITY
Retained Earnings -$3.058B -$2.659B
YoY Change 79.35% 75.57%
Common Stock $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.086B $1.488B
YoY Change
Total Liabilities & Shareholders Equity $6.608B $9.784B
YoY Change -30.49% 9.09%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$399.0M -$928.0M
YoY Change 108.97% 1533.26%
Depreciation, Depletion And Amortization $24.00M $10.00M
YoY Change 17.37% 38.89%
Cash From Operating Activities $1.395B -$322.0M
YoY Change 1173.3% -91.03%
INVESTING ACTIVITIES
Capital Expenditures $4.000M -$13.00M
YoY Change -138.71% 4.24%
Acquisitions
YoY Change
Other Investing Activities $28.00M $40.00M
YoY Change -182.73% -116.3%
Cash From Investing Activities $24.00M $27.00M
YoY Change -154.33% -110.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.707B 520.0M
YoY Change -504.7% -87.01%
NET CHANGE
Cash From Operating Activities 1.395B -322.0M
Cash From Investing Activities 24.00M 27.00M
Cash From Financing Activities -2.707B 520.0M
Net Change In Cash -1.288B 225.0M
YoY Change -275.41% 46.31%
FREE CASH FLOW
Cash From Operating Activities $1.395B -$322.0M
Capital Expenditures $4.000M -$13.00M
Free Cash Flow $1.391B -$309.0M
YoY Change 1060.23% -91.37%

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<div style="margin-top:12pt"><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-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that have a material impact on the amounts reported in the financial statements and accompanying notes. Significant estimates, assumptions and judgments made by management include, among others, the determination of the fair value of common stock, share-based awards, warrants, and inventory valuation adjustment. Management believes that the estimates and judgments upon which management relies are reasonable based upon information available to management at the time that these estimates and judgments are made. To the extent there are material differences between these estimates, assumptions and judgments and actual results, the carrying values of the Company's assets and liabilities and the results of operations will be affected. The health of the residential housing market and interest rate environment have introduced additional uncertainty with respect to judgments, estimates and assumptions, which may materially impact the estimates previously listed, among others.</span></div>
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-top:12pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents, restricted cash, and investments in marketable securities. The Company places cash and cash equivalents and investments with major financial institutions, which management assesses to be of high credit quality, in order to limit exposure of the Company’s investments.</span></div>
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1000000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
4000000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2000000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7000000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.28
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y10M24D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
13000000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
10824000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.13
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
14546000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.12
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y8M12D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
182000000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2892000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.36
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
344000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
227000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.77
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11083000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y9M18D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
13000000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
52000000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
62000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
178000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
465000000 usd
CY2021Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
19933333 shares
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
22000000 usd
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3000000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-12000000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0008
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0019
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000 usd
us-gaap Dividends
Dividends
0 usd
CY2021Q3 us-gaap Dividends
Dividends
0 usd
CY2022Q3 us-gaap Dividends
Dividends
0 usd
us-gaap Dividends
Dividends
0 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-57000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-954000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-954000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-471000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-471000000 usd
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
629535000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
629535000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
603389000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
603389000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
624581000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
624581000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
585854000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
585854000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.47
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.47
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.80
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.80
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
74726000 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
74369000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
74726000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
74369000 shares
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
5000000 usd

Files In Submission

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