2024 Q2 Form 10-Q Financial Statement

#000174033224000045 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q2
Revenue $1.589B $1.486B $1.549B
YoY Change 2.58% 2.86%
Cost Of Revenue $1.142B $1.086B $1.129B
YoY Change 1.15% 5.32%
Gross Profit $447.0M $400.0M $420.0M
YoY Change 6.43% -3.23%
Gross Profit Margin 28.13% 26.92% 27.11%
Selling, General & Admin $280.0M $231.0M $244.0M
YoY Change 14.75% 2.52%
% of Gross Profit 62.64% 57.75% 58.1%
Research & Development $21.00M $25.00M $27.00M
YoY Change -22.22% 12.5%
% of Gross Profit 4.7% 6.25% 6.43%
Depreciation & Amortization $28.00M $24.00M $24.00M
YoY Change 16.67% 20.0%
% of Gross Profit 6.26% 6.0% 5.71%
Operating Expenses $325.0M $272.0M $271.0M
YoY Change 19.93% 3.44%
Operating Profit $122.0M $128.0M $138.0M
YoY Change -11.59% -19.77%
Interest Expense -$15.00M -$13.00M -$18.00M
YoY Change -16.67% -263.64%
% of Operating Profit -12.3% -10.16% -13.04%
Other Income/Expense, Net -$48.00M -$42.00M -$39.00M
YoY Change 23.08% -2.5%
Pretax Income $59.00M $73.00M $81.00M
YoY Change -27.16% -33.06%
Income Tax $29.00M $30.00M $24.00M
% Of Pretax Income 49.15% 41.1% 29.63%
Net Earnings $30.00M $43.00M $57.00M
YoY Change -47.37% -34.48%
Net Earnings / Revenue 1.89% 2.89% 3.68%
Basic Earnings Per Share $0.19 $0.29 $0.39
Diluted Earnings Per Share $0.19 $0.29 $0.38
COMMON SHARES
Basic Shares Outstanding 146.0M shares 145.3M shares 147.0M shares
Diluted Shares Outstanding 149.0M shares 148.0M shares 149.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $413.0M $603.0M $292.0M
YoY Change 41.44% 19.67%
Cash & Equivalents $413.0M $603.0M $292.0M
Short-Term Investments
Other Short-Term Assets $212.0M $212.0M $210.0M
YoY Change 0.95% 27.27%
Inventory $1.188B $929.0M $1.008B
Prepaid Expenses
Receivables $1.071B $933.0M $985.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.884B $2.677B $2.495B
YoY Change 15.59% 6.67%
LONG-TERM ASSETS
Property, Plant & Equipment $424.0M $369.0M $379.0M
YoY Change 11.87% 8.29%
Goodwill $3.079B $2.689B $2.736B
YoY Change 12.54% -12.45%
Intangibles $1.218B $456.0M $471.0M
YoY Change 158.6%
Long-Term Investments
YoY Change
Other Assets $379.0M $329.0M $318.0M
YoY Change 19.18% -26.22%
Total Long-Term Assets $5.100B $3.843B $3.904B
YoY Change 30.64% -0.05%
TOTAL ASSETS
Total Short-Term Assets $2.884B $2.677B $2.495B
Total Long-Term Assets $5.100B $3.843B $3.904B
Total Assets $7.984B $6.520B $6.399B
YoY Change 24.77% 2.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $980.0M $858.0M $894.0M
YoY Change 9.62% -6.68%
Accrued Expenses $602.0M $515.0M $563.0M
YoY Change 6.93% -2.26%
Deferred Revenue $28.00M $65.00M $75.00M
YoY Change -62.67%
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 $1.594B $1.385B $1.469B
YoY Change 8.51% -4.98%
LONG-TERM LIABILITIES
Long-Term Debt $1.979B $1.394B $1.402B
YoY Change 41.16% -0.71%
Other Long-Term Liabilities $492.0M $355.0M $340.0M
YoY Change 44.71% 1.8%
Total Long-Term Liabilities $2.471B $1.749B $1.742B
YoY Change 41.85% -0.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.594B $1.385B $1.469B
Total Long-Term Liabilities $2.471B $1.749B $1.742B
Total Liabilities $4.690B $3.751B $3.795B
YoY Change 23.58% 15.28%
SHAREHOLDERS EQUITY
Retained Earnings $881.0M $853.0M $657.0M
YoY Change 34.09% 62.62%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $103.0M $101.0M $44.00M
YoY Change 134.09% 62.96%
Treasury Stock Shares
Shareholders Equity $3.294B $2.769B $2.604B
YoY Change
Total Liabilities & Shareholders Equity $7.984B $6.520B $6.399B
YoY Change 24.77% 2.47%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q2
OPERATING ACTIVITIES
Net Income $30.00M $43.00M $57.00M
YoY Change -47.37% -34.48%
Depreciation, Depletion And Amortization $28.00M $24.00M $24.00M
YoY Change 16.67% 20.0%
Cash From Operating Activities $92.00M $2.000M -$4.000M
YoY Change -2400.0% -93.22%
INVESTING ACTIVITIES
Capital Expenditures $15.00M $21.00M $20.00M
YoY Change -25.0% -205.26%
Acquisitions $0.00 $6.000M
YoY Change -99.05%
Other Investing Activities -$1.327B $1.000M $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.342B -$22.00M -$26.00M
YoY Change 5061.54% -96.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.000M $3.000M
YoY Change 0.0%
Cash From Financing Activities 1.060B -$8.000M -$9.000M
YoY Change -11877.78% -104.76%
NET CHANGE
Cash From Operating Activities 92.00M $2.000M -$4.000M
Cash From Investing Activities -1.342B -$22.00M -$26.00M
Cash From Financing Activities 1.060B -$8.000M -$9.000M
Net Change In Cash -190.0M -$33.00M -$33.00M
YoY Change 475.76% -93.83%
FREE CASH FLOW
Cash From Operating Activities $92.00M $2.000M -$4.000M
Capital Expenditures $15.00M $21.00M $20.00M
Free Cash Flow $77.00M -$19.00M -$24.00M
YoY Change -420.83% -40.0%

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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div style="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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the purpose of comparability, certain prior period amounts have been reclassified to conform to current period classification. Refer to </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 4. Segment Financial Data</span> for additional information on reclassified corporate expenses to the segments.
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CY2024Q1 rezi Liabilities Held For Sale Not Part Of Disposal Group Current
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CY2023Q4 rezi Liabilities Held For Sale Not Part Of Disposal Group Current
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CY2024Q1 us-gaap Number Of Operating Segments
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CY2024Q1 rezi Number Of Homes
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CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q1 us-gaap Operating Income Loss
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CY2024Q1 us-gaap Number Of Operating Segments
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CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q4 us-gaap Goodwill
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CY2024Q1 us-gaap Goodwill
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CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2024Q1 us-gaap Finite Lived Intangible Assets Net
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2024Q1 us-gaap Operating Lease Cost
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CY2023Q2 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Variable Lease Cost
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CY2023Q2 us-gaap Variable Lease Cost
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CY2023Q2 us-gaap Variable Lease Cost
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CY2024Q1 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2024Q1 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2024Q1 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2024Q1 rezi Freight Payable
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CY2023Q4 rezi Freight Payable
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CY2024Q1 us-gaap Customer Refund Liability Current
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CY2023Q4 us-gaap Customer Refund Liability Current
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CY2024Q1 us-gaap Other Accrued Liabilities Current
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CY2024Q1 us-gaap Operating Lease Payments
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CY2023Q2 us-gaap Operating Lease Payments
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CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q1 us-gaap Debt Instrument Carrying Amount
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
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CY2024Q1 us-gaap Long Term Debt Current
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CY2023Q4 us-gaap Long Term Debt Current
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CY2024Q1 us-gaap Unamortized Debt Issuance Expense
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CY2023Q4 us-gaap Unamortized Debt Issuance Expense
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CY2024Q1 us-gaap Long Term Debt Noncurrent
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
30000000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
30000000 usd
CY2024Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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103000000 usd
CY2024Q1 us-gaap Long Term Debt
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1417000000 usd
CY2024Q1 us-gaap Long Term Debt Fair Value
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1388000000 usd
CY2023Q4 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt Fair Value
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CY2024Q1 rezi Obligations Payable Under Indemnification Agreements Current
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CY2023Q4 rezi Obligations Payable Under Indemnification Agreements Current
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140000000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
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71000000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
110000000 usd
CY2024Q1 us-gaap Contract With Customer Liability Current
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65000000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
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104000000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
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38000000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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39000000 usd
CY2024Q1 us-gaap Taxes Payable Current
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29000000 usd
CY2023Q4 us-gaap Taxes Payable Current
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34000000 usd
CY2024Q1 us-gaap Restructuring Reserve
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CY2024Q1 us-gaap Accrued Liabilities Current
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515000000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
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CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2024Q1 us-gaap Accrual For Environmental Loss Contingencies
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22000000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual
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CY2022Q4 us-gaap Standard Product Warranty Accrual
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CY2024Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2023Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2024Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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CY2023Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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CY2024Q1 us-gaap Standard Product Warranty Accrual
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CY2023Q4 us-gaap Standard Product Warranty Accrual
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
43000000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
57000000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146000000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147000000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148000000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
149000000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2024Q1 us-gaap Earnings Per Share Diluted
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CY2023Q2 us-gaap Earnings Per Share Diluted
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