2024 Q1 Form 10-Q Financial Statement

#000153095024000054 Filed on February 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $1.999B $1.966B $1.566B
YoY Change 23.4% 25.51% -4.71%
Cost Of Revenue $1.419B $1.393B $1.151B
YoY Change 17.69% 21.01% -5.6%
Gross Profit $579.6M $572.6M $414.9M
YoY Change 40.07% 38.01% -2.15%
Gross Profit Margin 28.99% 29.13% 26.49%
Selling, General & Admin $341.3M $322.9M $228.7M
YoY Change 42.62% 41.19% -11.12%
% of Gross Profit 58.89% 56.39% 55.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $119.6M $112.4M $92.60M
YoY Change 26.96% 21.38% -8.95%
% of Gross Profit 20.63% 19.63% 22.32%
Operating Expenses $341.3M $322.9M $228.7M
YoY Change 42.62% 41.19% -11.12%
Operating Profit $190.1M $209.3M $149.9M
YoY Change 38.05% 39.63% 16.47%
Interest Expense $80.00M $78.10M $65.90M
YoY Change 25.39% 18.51% -27.74%
% of Operating Profit 42.08% 37.31% 43.96%
Other Income/Expense, Net $2.800M $3.500M $12.30M
YoY Change -131.11% -71.54% -133.33%
Pretax Income $125.9M $116.7M $118.4M
YoY Change 68.99% -1.44% 3188.89%
Income Tax $28.60M $28.50M $24.70M
% Of Pretax Income 22.72% 24.42% 20.86%
Net Earnings $97.20M $88.10M $91.90M
YoY Change 79.67% -4.13% -541.83%
Net Earnings / Revenue 4.86% 4.48% 5.87%
Basic Earnings Per Share $1.60 $1.46 $1.66
Diluted Earnings Per Share $1.48 $1.35 $1.52
COMMON SHARES
Basic Shares Outstanding 60.68M shares 60.35M shares 58.60M shares
Diluted Shares Outstanding 67.60M shares 67.30M shares 65.80M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $333.4M $150.6M $955.6M
YoY Change -60.45% -84.24% -17.48%
Cash & Equivalents $333.4M $150.6M $606.8M
Short-Term Investments $348.8M
Other Short-Term Assets $105.5M $98.60M $106.1M
YoY Change -10.21% -7.07% -14.16%
Inventory $802.7M $824.8M $596.6M
Prepaid Expenses
Receivables $569.3M $586.7M $539.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.811B $1.661B $2.197B
YoY Change -15.03% -24.42% -9.76%
LONG-TERM ASSETS
Property, Plant & Equipment $2.145B $2.125B $1.757B
YoY Change 20.13% 20.96% -0.71%
Goodwill $4.647B $4.652B $4.416B
YoY Change 4.79% 5.35% -3.29%
Intangibles $3.215B $3.263B $2.707B
YoY Change 19.98% 20.51% -12.59%
Long-Term Investments
YoY Change
Other Assets $373.4M $372.2M $277.6M
YoY Change 30.56% 34.08% -20.25%
Total Long-Term Assets $10.38B $10.41B $9.158B
YoY Change 13.0% 13.69% -10.02%
TOTAL ASSETS
Total Short-Term Assets $1.811B $1.661B $2.197B
Total Long-Term Assets $10.38B $10.41B $9.158B
Total Assets $12.19B $12.07B $11.36B
YoY Change 7.73% 6.32% -9.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $396.3M $412.6M $426.3M
YoY Change -1.59% -3.21% 0.07%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $1.100M $1.100M
YoY Change 9.09% 0.0% -96.95%
Total Short-Term Liabilities $839.5M $835.3M $788.2M
YoY Change 7.7% 5.98% -16.27%
LONG-TERM LIABILITIES
Long-Term Debt $6.415B $6.314B $5.887B
YoY Change 9.89% 7.26% -20.76%
Other Long-Term Liabilities $279.6M $285.7M $240.4M
YoY Change 21.2% 18.84% -54.43%
Total Long-Term Liabilities $6.694B $6.600B $6.127B
YoY Change 10.32% 7.71% -22.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $839.5M $835.3M $788.2M
Total Long-Term Liabilities $6.694B $6.600B $6.127B
Total Liabilities $8.200B $8.120B $7.607B
YoY Change 9.01% 6.74% -21.87%
SHAREHOLDERS EQUITY
Retained Earnings $1.602B $1.505B $1.201B
YoY Change 27.76% 25.28% 267.73%
Common Stock $900.0K $900.0K $900.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.773B $2.765B $2.365B
YoY Change 14.36% 16.9% 14.97%
Treasury Stock Shares
Shareholders Equity $3.980B $3.944B $3.428B
YoY Change
Total Liabilities & Shareholders Equity $12.19B $12.07B $11.36B
YoY Change 7.73% 6.32% -9.97%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income $97.20M $88.10M $91.90M
YoY Change 79.67% -4.13% -541.83%
Depreciation, Depletion And Amortization $119.6M $112.4M $92.60M
YoY Change 26.96% 21.38% -8.95%
Cash From Operating Activities $249.6M $174.4M $98.30M
YoY Change 149.6% 77.42% -7.35%
INVESTING ACTIVITIES
Capital Expenditures $98.70M $80.80M $52.30M
YoY Change 22.46% 54.49% -190.33%
Acquisitions $252.7M $0.00
YoY Change -100.0%
Other Investing Activities -$100.0K $300.0K $300.0K
YoY Change -75.0% 0.0% -99.51%
Cash From Investing Activities -$98.80M -$333.8M -$53.00M
YoY Change 21.98% 529.81% -1756.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $67.60M $90.70M
YoY Change -25.47% 0.67%
Cash From Financing Activities 30.80M $206.3M -$28.30M
YoY Change -123.09% -828.98% -112.45%
NET CHANGE
Cash From Operating Activities 249.6M $174.4M $98.30M
Cash From Investing Activities -98.80M -$333.8M -$53.00M
Cash From Financing Activities 30.80M $206.3M -$28.30M
Net Change In Cash 181.6M $48.80M $19.80M
YoY Change -258.74% 146.46% -94.11%
FREE CASH FLOW
Cash From Operating Activities $249.6M $174.4M $98.30M
Capital Expenditures $98.70M $80.80M $52.30M
Free Cash Flow $150.9M $93.60M $46.00M
YoY Change 677.84% 103.48% -71.95%

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CY2023Q4 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2022Q4 us-gaap Earnings Per Share Diluted
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
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CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023Q4 us-gaap Collateral Already Posted Aggregate Fair Value
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14900000 usd
CY2023Q3 us-gaap Collateral Already Posted Aggregate Fair Value
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23400000 usd
CY2023Q4 post Deffered Compensation Investment Fair Value Disclosure
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15100000 usd
CY2023Q3 post Deffered Compensation Investment Fair Value Disclosure
DefferedCompensationInvestmentFairValueDisclosure
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17200000 usd
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CY2023Q4 us-gaap Assets Fair Value Disclosure
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46200000 usd
CY2023Q3 us-gaap Assets Fair Value Disclosure
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CY2023Q4 post Deferred Compensation Liabilities Fair Value Disclosure
DeferredCompensationLiabilitiesFairValueDisclosure
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CY2023Q3 post Deferred Compensation Liabilities Fair Value Disclosure
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CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
26300000 usd
CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
16100000 usd
CY2023Q4 us-gaap Other Liabilities Fair Value Disclosure
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66100000 usd
CY2023Q3 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
52900000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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CY2023Q4 us-gaap Long Term Debt Current
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1100000 usd
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
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39800000 usd
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42000000.0 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
31200000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
32500000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
6314000000 usd
CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations
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CY2023Q4 post Gross Repaymentsof Longtermdebt
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70900000 usd
CY2023Q4 post Gross Exchanges Of Long Term Debt
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CY2022Q4 post Gross Repaymentsof Longtermdebt
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101100000 usd
CY2022Q4 post Gross Exchanges Of Long Term Debt
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CY2023Q4 post Debt Covenant Leverage Ratio
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CY2023Q4 post Debt Covenant Percentageof Revolving Credit Commitments
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CY2023Q4 post Debt Covenant Interest Coverage Ratio
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CY2023Q4 us-gaap Interest Expense
InterestExpense
78100000 usd
CY2022Q4 us-gaap Interest Expense
InterestExpense
65900000 usd
CY2023Q4 us-gaap Gains Losses On Extinguishment Of Debt
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3100000 usd
CY2022Q4 us-gaap Gains Losses On Extinguishment Of Debt
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8700000 usd
CY2023Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-21100000 usd
CY2022Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
12300000 usd
CY2023Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
116700000 usd
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
118400000 usd
CY2023Q4 us-gaap Depreciation Depletion And Amortization
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112400000 usd
CY2022Q4 us-gaap Depreciation Depletion And Amortization
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92600000 usd
CY2023Q4 us-gaap Assets
Assets
12072400000 usd
CY2023Q3 us-gaap Assets
Assets
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CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
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CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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