2023 Q4 Form 10-K Financial Statement

#000138490524000013 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $571.3M $2.202B $1.988B
YoY Change 8.87% 10.77% 24.68%
Cost Of Revenue $170.2M $664.3M $641.7M
YoY Change 6.0% 3.52% 43.13%
Gross Profit $401.0M $1.538B $1.347B
YoY Change 10.13% 14.22% 17.46%
Gross Profit Margin 70.2% 69.84% 67.73%
Selling, General & Admin $361.2M $1.401B $1.350B
YoY Change 3.04% 3.78% 18.6%
% of Gross Profit 90.07% 91.09% 100.26%
Research & Development $84.89M $335.9M $362.3M
YoY Change -4.37% -7.29% 16.96%
% of Gross Profit 21.17% 21.83% 26.9%
Depreciation & Amortization $59.24M $82.90M $72.00M
YoY Change -5.06% 15.14% 22.24%
% of Gross Profit 14.77% 5.39% 5.35%
Operating Expenses $446.1M $1.737B $1.996B
YoY Change 1.54% -12.98% 37.83%
Operating Profit -$45.04M -$198.8M -$649.5M
YoY Change -40.07% -69.39% 115.21%
Interest Expense -$16.50M $36.00M $4.807M
YoY Change -104.4% 648.85% -92.53%
% of Operating Profit
Other Income/Expense, Net $16.44M $41.97M -$224.6M
YoY Change -104.09% -118.69% 212.19%
Pretax Income -$45.11M -$156.8M -$874.1M
YoY Change -84.0% -82.06% 133.88%
Income Tax $2.137M $8.395M $5.113M
% Of Pretax Income
Net Earnings -$47.24M -$165.2M -$879.2M
YoY Change -83.37% -81.2% 133.67%
Net Earnings / Revenue -8.27% -7.5% -44.22%
Basic Earnings Per Share -$1.74 -$9.23
Diluted Earnings Per Share -$0.50 -$1.74 -$9.23
COMMON SHARES
Basic Shares Outstanding 94.91M shares 95.24M shares
Diluted Shares Outstanding 94.91M shares 95.24M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $222.2M $222.2M $270.0M
YoY Change -17.7% -17.7% 1.06%
Cash & Equivalents $222.2M $108.5M $181.8M
Short-Term Investments
Other Short-Term Assets $43.46M $260.5M $213.5M
YoY Change 38.71% 22.02% 47.16%
Inventory $1.492M $1.492M $1.209M
Prepaid Expenses $32.44M
Receivables $364.4M $364.4M $311.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $848.6M $848.6M $796.0M
YoY Change 6.61% 6.61% 22.32%
LONG-TERM ASSETS
Property, Plant & Equipment $184.4M $227.4M $220.8M
YoY Change -0.54% 2.96% 3.09%
Goodwill $67.37M
YoY Change 23.99%
Intangibles $393.8M
YoY Change -25.43%
Long-Term Investments $4.559M
YoY Change -97.83%
Other Assets $12.02M $407.7M $469.9M
YoY Change -61.57% -13.22% -35.77%
Total Long-Term Assets $1.096B $1.096B $1.278B
YoY Change -14.2% -14.2% -33.74%
TOTAL ASSETS
Total Short-Term Assets $848.6M $848.6M $796.0M
Total Long-Term Assets $1.096B $1.096B $1.278B
Total Assets $1.945B $1.945B $2.074B
YoY Change -6.21% -6.21% -19.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.30M $53.30M $62.72M
YoY Change -15.03% -15.03% -10.43%
Accrued Expenses $325.6M $325.6M $380.1M
YoY Change -14.33% -14.33% 35.85%
Deferred Revenue $233.6M
YoY Change 11.39%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00M $20.00M
YoY Change
Total Short-Term Liabilities $632.5M $632.5M $652.6M
YoY Change -3.07% -3.07% 24.0%
LONG-TERM LIABILITIES
Long-Term Debt $1.525B $1.525B $1.638B
YoY Change -6.89% -6.89% 17.16%
Other Long-Term Liabilities $61.83M $90.01M $66.03M
YoY Change 34.85% 36.31% -43.01%
Total Long-Term Liabilities $1.587B $1.615B $1.704B
YoY Change 3362.11% -5.22% 12.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $632.5M $632.5M $652.6M
Total Long-Term Liabilities $1.587B $1.615B $1.704B
Total Liabilities $2.248B $2.248B $2.357B
YoY Change -4.62% -4.62% 15.5%
SHAREHOLDERS EQUITY
Retained Earnings -$1.699B
YoY Change 10.77%
Common Stock $1.205B
YoY Change 13.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$502.6M -$303.1M -$283.3M
YoY Change
Total Liabilities & Shareholders Equity $1.945B $1.945B $2.074B
YoY Change -6.21% -6.21% -19.6%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$47.24M -$165.2M -$879.2M
YoY Change -83.37% -81.2% 133.67%
Depreciation, Depletion And Amortization $59.24M $82.90M $72.00M
YoY Change -5.06% 15.14% 22.24%
Cash From Operating Activities $113.9M $399.7M $191.3M
YoY Change 189.2% 108.91% 25.73%
INVESTING ACTIVITIES
Capital Expenditures $19.94M $23.51M $32.71M
YoY Change -13.22% -28.12% 12.96%
Acquisitions $14.71M $0.00
YoY Change
Other Investing Activities -$9.000K -$14.71M $3.223M
YoY Change -556.38% -127.13%
Cash From Investing Activities -$19.95M -$90.45M -$87.21M
YoY Change -13.18% 3.71% -78.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $311.1M $99.79M
YoY Change 211.73%
Debt Paid & Issued, Net $10.00M $0.00
YoY Change
Cash From Financing Activities -306.2M -$358.0M -$98.22M
YoY Change 473.03% 264.51% -22.69%
NET CHANGE
Cash From Operating Activities 113.9M $399.7M $191.3M
Cash From Investing Activities -19.95M -$90.45M -$87.21M
Cash From Financing Activities -306.2M -$358.0M -$98.22M
Net Change In Cash -212.3M -$47.79M $2.822M
YoY Change 473.13% -1793.44% -100.76%
FREE CASH FLOW
Cash From Operating Activities $113.9M $399.7M $191.3M
Capital Expenditures $19.94M $23.51M $32.71M
Free Cash Flow $93.92M $376.1M $158.6M
YoY Change 472.87% 137.18% 28.74%

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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Repayments Of Notes Payable
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CY2022 us-gaap Payment For Contingent Consideration Liability Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 rng Common Stock Issued For Acquisition Of Intangible Assets
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CY2021 rng Earnout Related Matters Including Issuance Of Common Stock For Milestone Achievements
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CY2021 us-gaap Fair Value Of Assets Acquired
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<div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The significant estimates made by management affect revenues, the allowance for doubtful accounts, deferred and prepaid sales commission costs, goodwill, useful lives of intangible assets, share-based compensation, capitalization of internally developed software, return reserves, derivative instruments, provision for income taxes, uncertain tax positions, loss contingencies, sales tax liabilities and accrued liabilities. Management periodically evaluates these estimates and will make adjustments prospectively based upon the results of such periodic evaluations. Actual results may differ from these estimates.</span></div>
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023 us-gaap Payments To Develop Software
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CY2022 us-gaap Payments To Develop Software
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CY2023Q4 us-gaap Capitalized Computer Software Net
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CY2022Q4 us-gaap Capitalized Computer Software Net
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CY2022Q4 us-gaap Supplier Finance Program Obligation
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CY2023 us-gaap Advertising Expense
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Goodwill Impairment Loss
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CY2023Q4 us-gaap Supplier Finance Program Payment Timing Period
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CY2023Q4 us-gaap Supplier Finance Program Obligation
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CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. The Company’s accounts receivable are primarily derived from sales by resellers and to larger direct customers. The Company maintains an allowance for doubtful accounts for estimated potential credit losses. As of December 31, 2023, 2022 and 2021, and for the years then ended, none of the Company’s customers accounted for more than 10% of total accounts receivable, total revenues, or subscription revenues.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Long-lived assets by geographic location is based on the location of the legal entity that owns the asset. As of December 31, 2023 and 2022, approximately 94% of the Company’s consolidated long-lived assets were located in the U.S. No other single country outside of the U.S. represented more than 10% of the Company’s consolidated long-lived assets as of December 31, 2023 and 2022.</span></div>
CY2022 us-gaap Advertising Expense
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation Percentage
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CY2023Q4 us-gaap Cash
Cash
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CY2022Q4 us-gaap Money Market Funds At Carrying Value
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2022Q4 us-gaap Preferred Stock Shares Authorized
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2023 rng Year Of Anniversary
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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