2023 Q1 Form 10-K Financial Statement

#000162828023004043 Filed on February 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.180B $2.404B $8.589B
YoY Change 11.39% 10.77% 4.77%
Cost Of Revenue $1.711B $1.830B $6.623B
YoY Change 9.61% 6.1% 5.88%
Gross Profit $469.2M $573.7M $1.966B
YoY Change 18.4% 28.86% 1.18%
Gross Profit Margin 21.53% 23.86% 22.89%
Selling, General & Admin $228.4M $230.2M $836.7M
YoY Change -0.74% 4.02% -12.0%
% of Gross Profit 48.68% 40.13% 42.56%
Research & Development $96.50M $100.6M $366.7M
YoY Change 16.55% 23.28% 8.91%
% of Gross Profit 20.57% 17.54% 18.65%
Depreciation & Amortization $61.80M $62.90M $232.8M
YoY Change 0.82% 6.79% -1.81%
% of Gross Profit 13.17% 10.96% 11.84%
Operating Expenses $324.9M $330.8M $1.203B
YoY Change 3.84% 9.21% -6.53%
Operating Profit $161.1M $242.9M $762.3M
YoY Change 69.94% 70.7% 7.52%
Interest Expense $28.30M -$10.20M -$23.30M
YoY Change 139.83% -828.57% -152.71%
% of Operating Profit 17.57% -4.2% -3.06%
Other Income/Expense, Net $12.40M $14.70M $28.60M
YoY Change 300.0% -286.08% -1343.48%
Pretax Income $145.2M $246.7M $761.4M
YoY Change 68.64% 149.19% 21.69%
Income Tax $31.60M $50.10M $158.0M
% Of Pretax Income 21.76% 20.31% 20.75%
Net Earnings $113.4M $195.5M $447.1M
YoY Change 62.23% 125.23% -9.48%
Net Earnings / Revenue 5.2% 8.13% 5.21%
Basic Earnings Per Share $1.98 $7.54
Diluted Earnings Per Share $1.95 $3.342M $7.439M
COMMON SHARES
Basic Shares Outstanding 57.08M shares 57.96M shares 59.30M shares
Diluted Shares Outstanding 58.10M shares 60.10M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $322.9M $324.5M $324.5M
YoY Change -13.99% -36.27% -36.27%
Cash & Equivalents $322.9M $324.5M $324.5M
Short-Term Investments
Other Short-Term Assets $190.1M $183.7M $183.7M
YoY Change 29.58% 14.45% 14.45%
Inventory $1.947B $1.896B $1.896B
Prepaid Expenses
Receivables $324.6M $343.0M $343.0M
Other Receivables $2.500M $20.30M $20.30M
Total Short-Term Assets $2.787B $2.768B $2.768B
YoY Change 4.98% 8.15% 8.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.058B $1.129B $1.129B
YoY Change 8.2% 21.74% -0.98%
Goodwill $387.5M $386.2M
YoY Change -0.72% -1.3%
Intangibles $520.2M $524.4M
YoY Change -18.6% -3.59%
Long-Term Investments $96.50M $93.10M $93.10M
YoY Change 189.79% 88.84% 28.77%
Other Assets $107.2M $317.2M $317.2M
YoY Change 17.29% 226.34% 33.05%
Total Long-Term Assets $2.503B $2.450B $2.450B
YoY Change 1.16% -1.55% -1.55%
TOTAL ASSETS
Total Short-Term Assets $2.787B $2.768B $2.768B
Total Long-Term Assets $2.503B $2.450B $2.450B
Total Assets $5.290B $5.218B $5.218B
YoY Change 3.14% 3.37% 3.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $870.1M $847.6M $847.6M
YoY Change -11.08% 9.23% 6.3%
Accrued Expenses $832.0M $920.9M $920.9M
YoY Change 18.06% 21.73% 6.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $553.6M $553.6M $553.6M
YoY Change 0.05% 0.05% 0.05%
Total Short-Term Liabilities $2.298B $2.329B $2.329B
YoY Change 2.11% 4.42% 4.42%
LONG-TERM LIABILITIES
Long-Term Debt $1.549B $1.504B $1.504B
YoY Change 11.14% 20.59% 20.59%
Other Long-Term Liabilities $273.6M $279.0M $279.0M
YoY Change 46.55% 57.98% -17.58%
Total Long-Term Liabilities $273.6M $1.783B $1.783B
YoY Change 46.55% 25.22% 12.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.298B $2.329B $2.329B
Total Long-Term Liabilities $273.6M $1.783B $1.783B
Total Liabilities $4.121B $4.119B $4.119B
YoY Change 3.11% 8.1% 7.73%
SHAREHOLDERS EQUITY
Retained Earnings $57.30M $33.80M
YoY Change 27.33% -78.51%
Common Stock $600.0K $600.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.152B $1.099B $1.099B
YoY Change
Total Liabilities & Shareholders Equity $5.290B $5.218B $5.218B
YoY Change 3.14% 3.37% 3.37%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $113.4M $195.5M $447.1M
YoY Change 62.23% 125.23% -9.48%
Depreciation, Depletion And Amortization $61.80M $62.90M $232.8M
YoY Change 0.82% 6.79% -1.81%
Cash From Operating Activities $124.2M $395.0M $508.6M
YoY Change -352.95% 181.54% 73.17%
INVESTING ACTIVITIES
Capital Expenditures $94.40M -$113.0M -$306.6M
YoY Change 64.46% 14.14% -202.78%
Acquisitions -$42.20M
YoY Change
Other Investing Activities $5.300M -$53.40M -$18.00M
YoY Change -70.88% 35.88% 221.43%
Cash From Investing Activities -$89.10M -$166.4M -$324.6M
YoY Change 127.3% 20.32% 6.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$470.9M
YoY Change -202.01%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$41.60M -237.9M -363.2M
YoY Change -14.23% -222.95% 237.55%
NET CHANGE
Cash From Operating Activities $124.2M 395.0M 508.6M
Cash From Investing Activities -$89.10M -166.4M -324.6M
Cash From Financing Activities -$41.60M -237.9M -363.2M
Net Change In Cash -$1.600M -9.300M -179.2M
YoY Change -98.83% -104.76% 39.56%
FREE CASH FLOW
Cash From Operating Activities $124.2M $395.0M $508.6M
Capital Expenditures $94.40M -$113.0M -$306.6M
Free Cash Flow $29.80M $508.0M $815.2M
YoY Change -127.98% 112.29% -17821.74%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of estimates. </span><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 accounting principles generally accepted in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span>
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CY2022 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
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CY2021 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
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CY2020 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
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CY2021 pii Defined Contribution Plan Contributions By Employer
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CY2020 pii Defined Contribution Plan Contributions By Employer
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CY2021Q4 us-gaap Unamortized Debt Issuance Expense
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CY2022Q4 us-gaap Debt And Capital Lease Obligations
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CY2021Q4 us-gaap Debt And Capital Lease Obligations
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CY2021Q4 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt
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CY2021Q4 us-gaap Long Term Debt
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CY2020Q4 us-gaap Long Term Debt
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CY2021 us-gaap Line Of Credit Facility Average Outstanding Amount
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CY2021 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
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CY2022Q4 us-gaap Intangible Assets Net Including Goodwill
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CY2020Q4 us-gaap Goodwill
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CY2021Q4 us-gaap Goodwill
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CY2022Q4 us-gaap Goodwill
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CY2022 pii Amortizationof Intangible Assets Adjustmentfor Disposal
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CY2021 pii Finite Lived Intangible Assets Disposalof Intangible Assets
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CY2021 pii Amortizationof Intangible Assets Adjustmentfor Disposal
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2020 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2020 pii Effective Income Tax Rate Reconciliation Deduction For Qualifying Domestic Production Activities
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
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CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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CY2022Q4 pii Deferred Tax Assets Leasing Arrangements
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CY2021Q4 pii Deferred Tax Assets Leasing Arrangements
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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CY2021Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
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CY2022 us-gaap Stock Repurchased And Retired During Period Shares
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CY2021 us-gaap Stock Repurchased And Retired During Period Shares
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CY2020 us-gaap Stock Repurchased And Retired During Period Shares
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CY2022 us-gaap Stock Repurchased And Retired During Period Value
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CY2021 us-gaap Stock Repurchased And Retired During Period Value
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CY2020 us-gaap Stock Repurchased And Retired During Period Value
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CY2022Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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CY2022 pii Employee Stock Purchase Plan Number Of Shares Available For Issuance
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CY2022Q4 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2022 us-gaap Lease Cost
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CY2021 us-gaap Operating Lease Payments
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CY2022 dei Auditor Firm
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