2024 Q1 Form 10-K Financial Statement

#000174033224000019 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.486B $1.537B $6.242B
YoY Change -5.01% -2.01%
Cost Of Revenue $1.086B $1.114B $4.546B
YoY Change -6.23% -1.26%
Gross Profit $400.0M $423.0M $1.696B
YoY Change -1.63% -3.96%
Gross Profit Margin 26.92% 27.52% 27.17%
Selling, General & Admin $231.0M $241.0M $960.0M
YoY Change 2.12% -1.44%
% of Gross Profit 57.75% 56.97% 56.6%
Research & Development $25.00M $25.00M $109.0M
YoY Change -13.79% -1.8%
% of Gross Profit 6.25% 5.91% 6.43%
Depreciation & Amortization $24.00M $27.00M $59.00M
YoY Change 80.0% 0.0%
% of Gross Profit 6.0% 6.38% 3.48%
Operating Expenses $272.0M $276.0M $1.149B
YoY Change 4.15% 5.9%
Operating Profit $128.0M $147.0M $547.0M
YoY Change -5.16% -10.47%
Interest Expense -$13.00M -$15.00M -$65.00M
YoY Change -200.0% 12.07%
% of Operating Profit -10.16% -10.2% -11.88%
Other Income/Expense, Net -$42.00M $19.00M -$169.0M
YoY Change -143.18% 25.19%
Pretax Income $73.00M $101.0M $313.0M
YoY Change 5.21% -25.12%
Income Tax $30.00M $19.00M $103.0M
% Of Pretax Income 41.1% 18.81% 32.91%
Net Earnings $43.00M $82.00M $210.0M
YoY Change 30.16% -25.8%
Net Earnings / Revenue 2.89% 5.34% 3.36%
Basic Earnings Per Share $0.29 $1.43
Diluted Earnings Per Share $0.29 $0.56 $1.42
COMMON SHARES
Basic Shares Outstanding 145.3M shares 146.1M shares 147.0M shares
Diluted Shares Outstanding 148.0M shares 148.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $603.0M $636.0M $636.0M
YoY Change 152.38% 95.09%
Cash & Equivalents $603.0M $636.0M $636.0M
Short-Term Investments
Other Short-Term Assets $212.0M $193.0M $193.0M
YoY Change -2.53% -3.02%
Inventory $929.0M $941.0M $941.0M
Prepaid Expenses
Receivables $933.0M $973.0M $973.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.677B $2.743B $2.743B
YoY Change 11.96% 9.63%
LONG-TERM ASSETS
Property, Plant & Equipment $369.0M $390.0M $582.0M
YoY Change 11.11% 4.49%
Goodwill $2.689B $2.705B
YoY Change 1.01%
Intangibles $456.0M $461.0M
YoY Change 156.11%
Long-Term Investments
YoY Change
Other Assets $329.0M $346.0M $154.0M
YoY Change 7.12% 19.38%
Total Long-Term Assets $3.843B $3.902B $3.902B
YoY Change 2.36% 0.44%
TOTAL ASSETS
Total Short-Term Assets $2.677B $2.743B $2.743B
Total Long-Term Assets $3.843B $3.902B $3.902B
Total Assets $6.520B $6.645B $6.645B
YoY Change 6.12% 4.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $858.0M $905.0M $905.0M
YoY Change -3.31% 1.23%
Accrued Expenses $515.0M $608.0M $574.0M
YoY Change 2.36% -4.65%
Deferred Revenue $65.00M $104.0M
YoY Change 6.12%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $12.00M $12.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $1.385B $1.525B $1.525B
YoY Change -1.1% -1.36%
LONG-TERM LIABILITIES
Long-Term Debt $1.394B $1.396B $1.396B
YoY Change -0.78% -0.57%
Other Long-Term Liabilities $355.0M $366.0M $975.0M
YoY Change 8.28% 7.38%
Total Long-Term Liabilities $1.749B $1.762B $2.371B
YoY Change 0.97% 2.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.385B $1.525B $1.525B
Total Long-Term Liabilities $1.749B $1.762B $2.371B
Total Liabilities $3.751B $3.896B $3.896B
YoY Change 0.88% 0.98%
SHAREHOLDERS EQUITY
Retained Earnings $853.0M $810.0M
YoY Change 44.39%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $101.0M $93.00M
YoY Change 200.0%
Treasury Stock Shares
Shareholders Equity $2.769B $2.749B $2.749B
YoY Change
Total Liabilities & Shareholders Equity $6.520B $6.645B $6.645B
YoY Change 6.12% 4.04%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $43.00M $82.00M $210.0M
YoY Change 30.16% -25.8%
Depreciation, Depletion And Amortization $24.00M $27.00M $59.00M
YoY Change 80.0% 0.0%
Cash From Operating Activities $2.000M $263.0M $440.0M
YoY Change 610.81% 189.47%
INVESTING ACTIVITIES
Capital Expenditures $21.00M $31.00M $105.0M
YoY Change -410.0% 23.53%
Acquisitions $0.00 $16.00M
YoY Change -97.59%
Other Investing Activities $1.000M $77.00M $9.000M
YoY Change -385.19% -35.71%
Cash From Investing Activities -$22.00M $46.00M -$44.00M
YoY Change -224.32% -94.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $41.00M
YoY Change
Debt Paid & Issued, Net $3.000M $12.00M
YoY Change 0.0%
Cash From Financing Activities -$8.000M -17.00M -$64.00M
YoY Change 1600.0% -137.65%
NET CHANGE
Cash From Operating Activities $2.000M 263.0M $440.0M
Cash From Investing Activities -$22.00M 46.00M -$44.00M
Cash From Financing Activities -$8.000M -17.00M -$64.00M
Net Change In Cash -$33.00M 292.0M $308.0M
YoY Change -29300.0% -168.44%
FREE CASH FLOW
Cash From Operating Activities $2.000M $263.0M $440.0M
Capital Expenditures $21.00M $31.00M $105.0M
Free Cash Flow -$19.00M $232.0M $335.0M
YoY Change 393.62% 400.0%

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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div>For the purposes of comparability, certain prior period amounts have been reclassified to conform to current period classification.
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Use of Estimates<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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the Consolidated Financial Statements and accompanying notes. Estimates are used for, but not limited to, provisions for expected credit losses and inventory reserves, accounting for business combinations and dispositions, valuation of reporting units for purposes of assessing goodwill for impairment, valuation of long-lived asset groups for impairment testing, accruals for employee benefits, stock-based compensation, pension benefits, indemnification liabilities, deferred taxes, warranties and certain contingencies. We base our estimates on historical experience, market participant fair value considerations, projected future cash flows, and various other factors that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</span>
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CY2023 us-gaap Derivatives Reporting Of Derivative Activity
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Derivatives<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—Our interest rate swap agreements effectively modify our exposure to interest rate risk by converting floating rate debt to a fixed rate for the term of the swap agreements, reducing the impact of interest rate changes on future interest expense. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount.</span><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Our interest rate swap agreements are designated as cash flow hedges with effectiveness of the hedges assessed at inception and quarterly thereafter. To the extent the hedging relationship is highly effective, the unrealized gains or losses on the swaps are recorded in accumulated other comprehensive loss and reclassified into earnings within interest expense, net when the payments occur. We classify our cash flows related to interest rate swap agreements as operating activities in the Consolidated Statements of Cash Flows.</span></div>The fair values of the interest rate swaps are reflected as an other asset or liability in the Consolidated Balance Sheets and the change in fair value is reported in accumulated other comprehensive loss. The fair values of the interest rate swaps are estimated as the net present value of projected cash flows based upon forward interest rates at the balance sheet date. We do not offset fair value amounts recognized in our Consolidated Balance Sheets for presentation purposes.
CY2023 us-gaap Guarantees Indemnifications And Warranties Policies
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Warranties and Guarantees—Expected warranty costs for products sold are recognized based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, length of the warranty and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of the warranty accrual at the time an obligation becomes probable and can be reasonably estimated. We periodically adjust these provisions to reflect actual experience and other facts and circumstances that impact the status of existing claims.
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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