2023 Q1 Form 10-K Financial Statement

#000192956123000032 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.010B $1.120B $4.796B
YoY Change -23.02% -76.11% 2.28%
Cost Of Revenue $820.0M $901.0M $3.850B
YoY Change -23.79% -76.74% -0.59%
Gross Profit $190.0M $219.0M $946.0M
YoY Change -19.49% -73.16% 15.93%
Gross Profit Margin 18.81% 19.55% 19.72%
Selling, General & Admin $153.0M $155.0M $640.0M
YoY Change -4.97% -71.24% 18.74%
% of Gross Profit 80.53% 70.78% 67.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.00M $21.00M $86.00M
YoY Change -14.29% -48.78% 6.17%
% of Gross Profit 9.47% 9.59% 9.09%
Operating Expenses $153.0M $176.0M $640.0M
YoY Change -15.93% -71.61% 3.23%
Operating Profit $5.000M $43.00M $123.0M
YoY Change -90.74% -78.06% -37.24%
Interest Expense -$8.000M -$5.000M -$4.000M
YoY Change
% of Operating Profit -160.0% -11.63% -3.25%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income -$3.000M -$6.000M $119.0M
YoY Change -105.88% -103.14% -37.7%
Income Tax -$3.000M -$2.000M $27.00M
% Of Pretax Income 22.69%
Net Earnings $0.00 -$4.000M $92.00M
YoY Change -100.0% -102.67% -38.67%
Net Earnings / Revenue 0.0% -0.36% 1.92%
Basic Earnings Per Share $0.00 $0.80
Diluted Earnings Per Share $0.00 -$0.03 $0.79
COMMON SHARES
Basic Shares Outstanding 116.6M shares 116.3M shares 115.3M shares
Diluted Shares Outstanding 119.4M shares 115.8M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.0M $98.00M $98.00M
YoY Change 163.04% 237.93%
Cash & Equivalents $121.0M $98.00M $98.00M
Short-Term Investments
Other Short-Term Assets $46.00M $31.00M $32.00M
YoY Change 9.52% -29.55% -27.27%
Inventory
Prepaid Expenses
Receivables $862.0M $900.0M $907.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.029B $1.029B $1.037B
YoY Change -21.21% -4.99% -4.25%
LONG-TERM ASSETS
Property, Plant & Equipment $269.0M $119.0M $278.0M
YoY Change 8.47% 7.21% 16.32%
Goodwill $630.0M $630.0M
YoY Change 0.0%
Intangibles $76.00M $79.00M
YoY Change -21.0%
Long-Term Investments
YoY Change
Other Assets $14.00M $15.00M $14.00M
YoY Change -17.65% -6.25% -12.5%
Total Long-Term Assets $989.0M $1.002B $1.001B
YoY Change -0.1% 1.73% 1.62%
TOTAL ASSETS
Total Short-Term Assets $1.029B $1.029B $1.037B
Total Long-Term Assets $989.0M $1.002B $1.001B
Total Assets $2.018B $2.031B $2.038B
YoY Change -12.11% -1.79% -1.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $496.0M $501.0M $508.0M
YoY Change -32.43% -3.65% -2.31%
Accrued Expenses $265.0M $256.0M $314.0M
YoY Change -18.21% 3.23% 8.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M $4.000M
YoY Change
Total Short-Term Liabilities $820.0M $823.0M $839.0M
YoY Change -22.86% 0.86% 2.82%
LONG-TERM LIABILITIES
Long-Term Debt $451.0M $451.0M $451.0M
YoY Change
Other Long-Term Liabilities $37.00M $40.00M $143.0M
YoY Change -73.19% 8.11% 10.0%
Total Long-Term Liabilities $613.0M $621.0M $594.0M
YoY Change 344.2% 241.21% 356.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $820.0M $823.0M $839.0M
Total Long-Term Liabilities $613.0M $621.0M $594.0M
Total Liabilities $1.433B $1.444B $1.449B
YoY Change 14.37% 44.69% 45.19%
SHAREHOLDERS EQUITY
Retained Earnings $2.000M $2.000M
YoY Change
Common Stock $1.000M $1.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $585.0M $587.0M $589.0M
YoY Change
Total Liabilities & Shareholders Equity $2.018B $2.031B $2.038B
YoY Change -12.11% -1.79% -1.45%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $0.00 -$4.000M $92.00M
YoY Change -100.0% -102.67% -38.67%
Depreciation, Depletion And Amortization $18.00M $21.00M $86.00M
YoY Change -14.29% -48.78% 6.17%
Cash From Operating Activities $42.00M $76.00M $310.0M
YoY Change -59.22% 28.81% 100.0%
INVESTING ACTIVITIES
Capital Expenditures $12.00M $18.00M $57.00M
YoY Change 0.0% -10.0% 46.15%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.000M
YoY Change 0.0%
Cash From Investing Activities -$12.00M -$18.00M -$56.00M
YoY Change 0.0% -10.0% 47.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$8.000M -145.0M -$183.0M
YoY Change -89.19% 107.14% 15.82%
NET CHANGE
Cash From Operating Activities $42.00M 76.00M $310.0M
Cash From Investing Activities -$12.00M -18.00M -$56.00M
Cash From Financing Activities -$8.000M -145.0M -$183.0M
Net Change In Cash $23.00M -87.00M $69.00M
YoY Change 35.29% 180.65% -268.29%
FREE CASH FLOW
Cash From Operating Activities $42.00M $76.00M $310.0M
Capital Expenditures $12.00M $18.00M $57.00M
Free Cash Flow $30.00M $58.00M $253.0M
YoY Change -67.03% 48.72% 118.1%

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<div style="margin-bottom:9pt;margin-top:9pt;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%">Reclassifications</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation.</span></div>
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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