2024 Q3 Form 10-Q Financial Statement

#000180116924000139 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.377B $1.511B
YoY Change 40.51% -23.53%
Cost Of Revenue $1.272B $1.382B
YoY Change 43.89% -24.36%
Gross Profit $105.0M $129.0M
YoY Change 9.38% -13.42%
Gross Profit Margin 7.63% 8.54%
Selling, General & Admin $142.0M $164.0M
YoY Change 6.77% -2.38%
% of Gross Profit 135.24% 127.13%
Research & Development $30.00M $37.00M
YoY Change -28.57% -2.63%
% of Gross Profit 28.57% 28.68%
Depreciation & Amortization $7.000M $9.000M
YoY Change -12.5% -47.06%
% of Gross Profit 6.67% 6.98%
Operating Expenses $172.0M $201.0M
YoY Change -1.71% -2.43%
Operating Profit -$67.00M -$72.00M
YoY Change -15.19% 26.32%
Interest Expense -$37.00M -$30.00M
YoY Change -178.72% -43.4%
% of Operating Profit
Other Income/Expense, Net $23.00M $12.00M
YoY Change 15.0% -70.73%
Pretax Income -$78.00M -$91.00M
YoY Change -26.42% -479.17%
Income Tax $0.00 $1.000M
% Of Pretax Income
Net Earnings -$78.00M -$92.00M
YoY Change -26.42% -500.0%
Net Earnings / Revenue -5.66% -6.09%
Basic Earnings Per Share -$0.11 -$0.13
Diluted Earnings Per Share -$0.11 -$0.13
COMMON SHARES
Basic Shares Outstanding 703.0M shares 691.6M shares
Diluted Shares Outstanding 705.4M shares 693.4M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $837.0M $809.0M
YoY Change -31.73% -33.14%
Cash & Equivalents $829.0M $790.0M
Short-Term Investments $8.000M $19.00M
Other Short-Term Assets $41.00M $61.00M
YoY Change -12.77% -96.46%
Inventory $2.145B $2.234B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.263B $3.249B
YoY Change -14.56% -20.62%
LONG-TERM ASSETS
Property, Plant & Equipment $59.00M $71.00M
YoY Change -13.24% -21.11%
Goodwill $3.000M $4.000M
YoY Change -25.0% 0.0%
Intangibles $0.00 $2.000M
YoY Change -100.0% -77.78%
Long-Term Investments
YoY Change
Other Assets $61.00M $23.00M
YoY Change 177.27% -14.81%
Total Long-Term Assets $148.0M $123.0M
YoY Change 15.63% -5.38%
TOTAL ASSETS
Total Short-Term Assets $3.263B $3.249B
Total Long-Term Assets $148.0M $123.0M
Total Assets $3.411B $3.372B
YoY Change -13.58% -20.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.00M $73.00M
YoY Change 5.97% 12.31%
Accrued Expenses $7.000M $5.000M
YoY Change 0.0% -37.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $643.0M $315.0M
YoY Change 2000.0%
Total Short-Term Liabilities $721.0M $393.0M
YoY Change 874.32% 346.59%
LONG-TERM LIABILITIES
Long-Term Debt $1.868B $2.116B
YoY Change -34.04% -30.12%
Other Long-Term Liabilities $2.000M $0.00
YoY Change 100.0% -100.0%
Total Long-Term Liabilities $2.000M $0.00
YoY Change 100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $721.0M $393.0M
Total Long-Term Liabilities $2.000M $0.00
Total Liabilities $2.610B $2.527B
YoY Change -10.83% -19.45%
SHAREHOLDERS EQUITY
Retained Earnings -$3.612B -$3.534B
YoY Change 11.41% 12.69%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $801.0M $845.0M
YoY Change
Total Liabilities & Shareholders Equity $3.411B $3.372B
YoY Change -13.58% -20.15%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$78.00M -$92.00M
YoY Change -26.42% -500.0%
Depreciation, Depletion And Amortization $7.000M $9.000M
YoY Change -12.5% -47.06%
Cash From Operating Activities $62.00M -$399.0M
YoY Change -128.7% -142.45%
INVESTING ACTIVITIES
Capital Expenditures $6.000M $8.000M
YoY Change -45.45% -11.11%
Acquisitions
YoY Change
Other Investing Activities $6.000M $17.00M
YoY Change -57.14% -29.17%
Cash From Investing Activities $0.00 $9.000M
YoY Change -100.0% -40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 81.00M 15.00M
YoY Change -138.03% -101.85%
NET CHANGE
Cash From Operating Activities 62.00M -399.0M
Cash From Investing Activities 0.000 9.000M
Cash From Financing Activities 81.00M 15.00M
Net Change In Cash 143.0M -375.0M
YoY Change -133.57% -356.85%
FREE CASH FLOW
Cash From Operating Activities $62.00M -$399.0M
Capital Expenditures $6.000M $8.000M
Free Cash Flow $56.00M -$407.0M
YoY Change -124.67% -143.72%

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<div><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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