2024 Q3 Form 10-Q Financial Statement

#000162828024032580 Filed on July 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.722B $1.961B
YoY Change -23.41% -11.52%
Cost Of Revenue $1.368B $1.537B
YoY Change -21.4% -10.19%
Gross Profit $354.6M $424.0M
YoY Change -30.31% -16.04%
Gross Profit Margin 20.59% 21.62%
Selling, General & Admin $228.5M $243.0M
YoY Change -3.34% 2.79%
% of Gross Profit 64.44% 57.31%
Research & Development $84.10M $86.80M
YoY Change -8.39% -6.87%
% of Gross Profit 23.72% 20.47%
Depreciation & Amortization $68.40M $64.10M
YoY Change 10.32% 9.2%
% of Gross Profit 19.29% 15.12%
Operating Expenses $312.6M $329.8M
YoY Change -4.75% 0.06%
Operating Profit $66.10M $119.7M
YoY Change -67.13% -31.76%
Interest Expense -$12.10M $34.60M
YoY Change -137.23% -420.37%
% of Operating Profit -18.31% 28.91%
Other Income/Expense, Net $5.100M $800.0K
YoY Change -61.07% -90.12%
Pretax Income $35.00M $85.90M
YoY Change -80.74% -50.26%
Income Tax $7.400M $17.00M
% Of Pretax Income 21.14% 19.79%
Net Earnings $27.70M $68.70M
YoY Change -81.74% -48.85%
Net Earnings / Revenue 1.61% 3.5%
Basic Earnings Per Share $0.49 $1.21
Diluted Earnings Per Share $0.49 $1.21
COMMON SHARES
Basic Shares Outstanding 55.75M shares 56.51M shares
Diluted Shares Outstanding 56.50M shares 56.90M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $291.3M $322.7M
YoY Change -1.35% -5.2%
Cash & Equivalents $291.3M $322.7M
Short-Term Investments
Other Short-Term Assets $156.4M $210.9M
YoY Change -11.79% 0.14%
Inventory $1.999B $2.001B
Prepaid Expenses
Receivables $223.7M $254.9M
Other Receivables $57.90M $11.10M
Total Short-Term Assets $2.728B $2.800B
YoY Change -10.35% -3.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.200B $1.213B
YoY Change 3.31% -2.14%
Goodwill $399.1M $395.7M
YoY Change 2.49% 2.14%
Intangibles $559.0M $564.5M
YoY Change 7.98% 9.44%
Long-Term Investments $140.0M $142.4M
YoY Change 27.62% 44.28%
Other Assets $142.1M $139.4M
YoY Change 7.08% -59.06%
Total Long-Term Assets $2.902B $2.909B
YoY Change 7.87% 12.68%
TOTAL ASSETS
Total Short-Term Assets $2.728B $2.800B
Total Long-Term Assets $2.902B $2.909B
Total Assets $5.630B $5.709B
YoY Change -1.8% 4.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.7M $785.4M
YoY Change -20.59% -12.44%
Accrued Expenses $1.058B $1.094B
YoY Change 9.29% 14.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $454.4M $54.10M
YoY Change -17.96% -90.23%
Total Short-Term Liabilities $2.253B $1.975B
YoY Change -7.61% -18.22%
LONG-TERM LIABILITIES
Long-Term Debt $1.726B $2.089B
YoY Change 4.23% 38.59%
Other Long-Term Liabilities $296.5M $292.6M
YoY Change 1.3% -0.24%
Total Long-Term Liabilities $296.5M $292.6M
YoY Change 1.3% -83.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.253B $1.975B
Total Long-Term Liabilities $296.5M $292.6M
Total Liabilities $4.275B $4.357B
YoY Change -2.55% 3.17%
SHAREHOLDERS EQUITY
Retained Earnings $173.0M $182.6M
YoY Change -9.28% 49.55%
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 $1.342B $1.338B
YoY Change
Total Liabilities & Shareholders Equity $5.630B $5.709B
YoY Change -1.8% 4.38%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $27.70M $68.70M
YoY Change -81.74% -48.85%
Depreciation, Depletion And Amortization $68.40M $64.10M
YoY Change 10.32% 9.2%
Cash From Operating Activities $21.00M $146.3M
YoY Change -25.27% -34.6%
INVESTING ACTIVITIES
Capital Expenditures $68.30M $115.0M
YoY Change -35.26% 2.86%
Acquisitions
YoY Change
Other Investing Activities $15.90M $5.900M
YoY Change -131.61% -45.37%
Cash From Investing Activities -$52.40M -$109.1M
YoY Change -66.37% 8.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.600M -28.30M
YoY Change -105.18% -73.94%
NET CHANGE
Cash From Operating Activities 21.00M 146.3M
Cash From Investing Activities -52.40M -109.1M
Cash From Financing Activities -4.600M -28.30M
Net Change In Cash -36.00M 8.900M
YoY Change -7.46% -36.88%
FREE CASH FLOW
Cash From Operating Activities $21.00M $146.3M
Capital Expenditures $68.30M $115.0M
Free Cash Flow -$47.30M $31.30M
YoY Change -38.89% -72.03%

Facts In Submission

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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%">Property and equipment. </span>The Company recorded $64.1 million and $54.2 million of depreciation expense for the three months ended June 30, 2024 and 2023, respectively, and $122.5 million and $111.6 million for the six months ended June 30, 2024 and 2023, respectively. A majority of the Company’s property and equipment is located in North America.
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