2023 Q4 Form 10-K Financial Statement

#000187417824000014 Filed on February 26, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $1.315B $4.434B $663.0M
YoY Change 98.34% 167.43% 1127.78%
Cost Of Revenue $1.921B $6.464B $1.777B
YoY Change 8.1% 35.2% 306.64%
Gross Profit -$606.0M -$2.030B -$1.114B
YoY Change -45.6% -35.0% 190.86%
Gross Profit Margin -46.08% -45.78% -168.02%
Selling, General & Admin $393.0M $1.714B $369.0M
YoY Change 6.5% -4.19% -45.89%
% of Gross Profit
Research & Development $507.0M $1.995B $373.0M
YoY Change 35.92% 2.62% -48.62%
% of Gross Profit
Depreciation & Amortization $270.0M $937.0M $199.0M
YoY Change 35.68% 43.71% 76.11%
% of Gross Profit
Operating Expenses $975.0M $3.709B $795.0M
YoY Change 22.64% -0.64% -61.61%
Operating Profit -$1.581B -$5.739B -$1.909B
YoY Change -17.18% -16.29% -22.21%
Interest Expense $58.00M $220.0M $66.00M
YoY Change -12.12% 113.59% -414.29%
% of Operating Profit
Other Income/Expense, Net $2.000M $0.00 $6.000M
YoY Change -66.67% -300.0%
Pretax Income -$1.521B -$5.431B -$1.723B
YoY Change -11.72% -19.52% -29.99%
Income Tax $0.00 $1.000M $0.00
% Of Pretax Income
Net Earnings -$1.521B -$5.432B -$1.723B
YoY Change -11.72% -19.55% -29.99%
Net Earnings / Revenue -115.67% -122.51% -259.88%
Basic Earnings Per Share -$5.74
Diluted Earnings Per Share -$1.58 -$5.74 -$1.86
COMMON SHARES
Basic Shares Outstanding 947.0M shares
Diluted Shares Outstanding 947.0M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.368B $9.368B $11.57B
YoY Change -19.02% -19.02% -36.2%
Cash & Equivalents $7.857B $7.857B $11.57B
Short-Term Investments $1.511B $1.511B
Other Short-Term Assets $164.0M $164.0M $112.0M
YoY Change 46.43% 46.43% -11.11%
Inventory $2.620B $2.620B $1.348B
Prepaid Expenses
Receivables $161.0M $161.0M $102.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.31B $12.31B $13.13B
YoY Change -6.22% -6.22% -29.25%
LONG-TERM ASSETS
Property, Plant & Equipment $4.230B $4.230B $3.758B
YoY Change 12.56% 3.47% 18.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $235.0M $235.0M $658.0M
YoY Change -64.29% -64.29% 103.09%
Total Long-Term Assets $4.465B $4.465B $4.746B
YoY Change -5.92% -5.92% 27.07%
TOTAL ASSETS
Total Short-Term Assets $12.31B $12.31B $13.13B
Total Long-Term Assets $4.465B $4.465B $4.746B
Total Assets $16.78B $16.78B $17.88B
YoY Change -6.14% -6.14% -19.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $981.0M $981.0M $1.000B
YoY Change -1.9% -1.9% 107.04%
Accrued Expenses $1.145B $1.506B $1.154B
YoY Change -0.78% 23.24% 73.01%
Deferred Revenue $88.00M $37.00M
YoY Change 137.84% -50.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $3.000M $0.00
YoY Change
Total Short-Term Liabilities $2.487B $2.487B $2.424B
YoY Change 2.6% 2.6% 84.62%
LONG-TERM LIABILITIES
Long-Term Debt $4.431B $4.431B $1.231B
YoY Change 259.95% 259.95% 0.41%
Other Long-Term Liabilities $395.0M $719.0M $111.0M
YoY Change 255.86% 70.38% 382.61%
Total Long-Term Liabilities $4.826B $5.150B $1.342B
YoY Change 259.61% 211.55% 7.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.487B $2.487B $2.424B
Total Long-Term Liabilities $4.826B $5.150B $1.342B
Total Liabilities $7.637B $7.637B $4.077B
YoY Change 87.32% 87.32% 46.65%
SHAREHOLDERS EQUITY
Retained Earnings -$18.56B -$13.13B
YoY Change 41.38% 105.93%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.141B $9.141B $13.80B
YoY Change
Total Liabilities & Shareholders Equity $16.78B $16.78B $17.88B
YoY Change -6.14% -6.14% -19.82%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.521B -$5.432B -$1.723B
YoY Change -11.72% -19.55% -29.99%
Depreciation, Depletion And Amortization $270.0M $937.0M $199.0M
YoY Change 35.68% 43.71% 76.11%
Cash From Operating Activities -$1.107B -$4.866B -$1.446B
YoY Change -23.44% -3.68% 33.15%
INVESTING ACTIVITIES
Capital Expenditures $298.0M $1.026B $294.0M
YoY Change 1.36% -25.05% -164.62%
Acquisitions
YoY Change
Other Investing Activities -$305.0M -$1.485B
YoY Change
Cash From Investing Activities -$603.0M -$2.511B -$294.0M
YoY Change 105.1% 83.42% -35.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $61.00M
YoY Change -40.2%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.621B $3.130B 37.00M
YoY Change 4281.08% 3061.62% -99.75%
NET CHANGE
Cash From Operating Activities -1.107B -$4.866B -1.446B
Cash From Investing Activities -603.0M -$2.511B -294.0M
Cash From Financing Activities 1.621B $3.130B 37.00M
Net Change In Cash -89.00M -$4.242B -1.703B
YoY Change -94.77% -32.92% -112.88%
FREE CASH FLOW
Cash From Operating Activities -$1.107B -$4.866B -$1.446B
Capital Expenditures $298.0M $1.026B $294.0M
Free Cash Flow -$1.405B -$5.892B -$1.740B
YoY Change -19.25% -8.24% 175.75%

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<div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues, and expenses in the periods presented. Estimates are used for, but not limited to, inventory valuation, property, plant, and equipment, warranty reserves, leases, income taxes, stock-based compensation, and commitments and contingencies. The Company believes that the accounting estimates and related assumptions employed by the Company are appropriate and the resulting balances are </span></div>reasonable under the circumstances. However, due to the inherent uncertainties involved in making estimates, the actual results could differ from the original estimates, requiring adjustments to these amounts in future periods.
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<div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Counterparty Credit Risk </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentration of counterparty credit risk consist of cash and cash equivalents, short-term investments, restricted cash, customer deposits, derivative instruments, and debt. The Company is exposed to credit risk on cash to the extent that a balance with a financial institution exceeds Federal Deposit Insurance Company insurance limits. The Company is exposed to credit risk on cash equivalents and short-term investments to the extent that counterparties are unable to settle maturities or sales of investments and on customer deposits to the extent that counterparties are unable to complete the corresponding purchase transaction. The Company is exposed to credit risk on derivative instruments to the extent that counterparties are unable to settle derivative asset positions and on debt to the extent that the senior secured asset-based revolving credit facility (“ABL Facility”) lenders are not able to extend credit. The degree of counterparty credit risk varies based on many factors including the duration of the transaction and the contractual terms of the agreement. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2022 and 2023, all of the Company’s cash, typically in amounts exceeding insured limits, was distributed across several large financial institutions that the Company believes are of high credit quality. Management evaluates and approves credit standards and oversees the credit risk management function related to cash equivalents, short-term investments, and customer deposits. As of December 31, 2022 and 2023, the counterparties to the Company’s derivative instruments and the ABL Facility lenders are financial institutions that the Company believes are of high credit quality.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Supply Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div>The Company is subject to risks related to its dependence on its suppliers, the majority of which are single-source providers of input materials or product components for the Company’s products. Any inability or unwillingness of the Company’s suppliers to deliver necessary input materials or product components, including semiconductors, at timing, prices, quality, and volumes that are acceptable to the Company could have a material impact on the Company’s business, prospects, financial condition, results of operations, and cash flows. Fluctuations in the cost of input materials or product components and supply interruptions or shortages could materially impact the Company’s business.
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WeightedAverageNumberOfDilutedSharesOutstanding
204000000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
913000000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
947000000 shares
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-22.98
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-22.98
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-7.40
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-7.40
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.74
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.74

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