2024 Q1 Form 10-K Financial Statement

#000180116924000016 Filed on February 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.181B $870.0M $6.946B
YoY Change -62.15% -69.55% -55.38%
Cost Of Revenue $1.067B $798.0M $6.459B
YoY Change -63.83% -71.36% -56.65%
Gross Profit $114.0M $72.00M $487.0M
YoY Change -32.94% 1.41% -26.99%
Gross Profit Margin 9.65% 8.28% 7.01%
Selling, General & Admin $160.0M $137.0M $692.0M
YoY Change -37.01% -36.87% -48.82%
% of Gross Profit 140.35% 190.28% 142.09%
Research & Development $41.00M $41.00M $167.0M
YoY Change 2.5% -10.87% -1.18%
% of Gross Profit 35.96% 56.94% 34.29%
Depreciation & Amortization $9.000M $15.00M $38.00M
YoY Change -10.0% -37.5% 2.7%
% of Gross Profit 7.89% 20.83% 7.8%
Operating Expenses $201.0M $178.0M $873.0M
YoY Change -31.63% -32.32% -45.37%
Operating Profit -$87.00M -$106.0M -$386.0M
YoY Change -29.84% -44.79% -58.54%
Interest Expense $37.00M -$37.00M $211.0M
YoY Change -50.0% -67.26% -45.19%
% of Operating Profit
Other Income/Expense, Net $15.00M $27.00M $107.0M
YoY Change -21.05% 170.0% -1170.0%
Pretax Income -$109.0M -$91.00M -$274.0M
YoY Change 7.92% -77.19% -80.43%
Income Tax $200.0K $0.00 $1.000M
% Of Pretax Income
Net Earnings -$109.0M -$91.00M -$275.0M
YoY Change 7.92% -77.19% -79.67%
Net Earnings / Revenue -9.23% -10.46% -3.96%
Basic Earnings Per Share -$0.16 -$0.42
Diluted Earnings Per Share -$0.16 -$0.14 -$0.42
COMMON SHARES
Basic Shares Outstanding 679.6M shares 670.0M shares 657.1M shares
Diluted Shares Outstanding 682.5M shares 657.1M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $990.0M $1.068B $1.068B
YoY Change -20.86% -16.63% -16.63%
Cash & Equivalents $953.0M $999.0M $999.0M
Short-Term Investments $37.00M $69.00M $69.00M
Other Short-Term Assets $65.00M $52.00M $593.0M
YoY Change 41.3% 26.83% -14.68%
Inventory $1.881B $1.775B $1.775B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.284B $3.445B $3.445B
YoY Change -33.95% -46.72% -46.72%
LONG-TERM ASSETS
Property, Plant & Equipment $66.00M $66.00M $91.00M
YoY Change 11.86% 13.79% -8.08%
Goodwill $4.000M $4.000M
YoY Change 0.0% 0.0%
Intangibles $4.000M $5.000M
YoY Change -63.64% -58.33%
Long-Term Investments
YoY Change
Other Assets $23.00M $22.00M $22.00M
YoY Change -14.81% -18.52% -18.52%
Total Long-Term Assets $120.0M $122.0M $122.0M
YoY Change -14.29% -14.08% -14.08%
TOTAL ASSETS
Total Short-Term Assets $3.284B $3.445B $3.445B
Total Long-Term Assets $120.0M $122.0M $122.0M
Total Assets $3.404B $3.567B $3.567B
YoY Change -33.41% -46.02% -46.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $69.00M $2.000M $2.000M
YoY Change -10.39% -98.18% -60.0%
Accrued Expenses $5.000M $34.00M $65.00M
YoY Change -54.55% -27.66% -43.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $74.00M $70.00M $70.00M
YoY Change -83.3% -95.35% -95.35%
LONG-TERM LIABILITIES
Long-Term Debt $2.412B $2.510B $2.510B
YoY Change -32.96% -36.92% -36.92%
Other Long-Term Liabilities $1.000M $1.000M $20.00M
YoY Change -97.14% -97.37% -47.37%
Total Long-Term Liabilities $1.000M $1.000M $2.530B
YoY Change -99.97% -99.98% -37.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.00M $70.00M $70.00M
Total Long-Term Liabilities $1.000M $1.000M $2.530B
Total Liabilities $2.505B $2.600B $2.600B
YoY Change -38.54% -52.92% -52.92%
SHAREHOLDERS EQUITY
Retained Earnings -$3.442B -$3.333B
YoY Change 8.96% 8.99%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $899.0M $967.0M $967.0M
YoY Change
Total Liabilities & Shareholders Equity $3.404B $3.567B $3.567B
YoY Change -33.41% -46.02% -46.02%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$109.0M -$91.00M -$275.0M
YoY Change 7.92% -77.19% -79.67%
Depreciation, Depletion And Amortization $9.000M $15.00M $38.00M
YoY Change -10.0% -37.5% 2.7%
Cash From Operating Activities -$178.0M -$542.0M $2.344B
YoY Change -108.23% -138.85% 221.1%
INVESTING ACTIVITIES
Capital Expenditures $8.000M $9.000M $37.00M
YoY Change 0.0% 125.0% 0.0%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $30.00M $5.000M $81.00M
YoY Change -21.05% -82.14% -70.11%
Cash From Investing Activities $22.00M -$4.000M $44.00M
YoY Change -26.67% -116.67% -81.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$98.00M -292.0M -$2.639B
YoY Change -92.6% -89.21% 50.71%
NET CHANGE
Cash From Operating Activities -$178.0M -542.0M $2.344B
Cash From Investing Activities $22.00M -4.000M $44.00M
Cash From Financing Activities -$98.00M -292.0M -$2.639B
Net Change In Cash -$254.0M -838.0M -$251.0M
YoY Change -129.3% -34.94% -68.11%
FREE CASH FLOW
Cash From Operating Activities -$178.0M -$542.0M $2.344B
Capital Expenditures $8.000M $9.000M $37.00M
Free Cash Flow -$186.0M -$551.0M $2.307B
YoY Change -108.64% -139.61% 232.9%

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