2018 Q1 Form 10-Q Financial Statement

#000159767218000020 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $522.0M $201.4M
YoY Change 159.16% -7.49%
Cost Of Revenue $441.6M $164.0M
YoY Change 169.22% -7.58%
Gross Profit $68.91M $37.37M
YoY Change 84.41% -7.13%
Gross Profit Margin 13.2% 18.55%
Selling, General & Admin $23.19M $9.363M
YoY Change 147.7% 26.9%
% of Gross Profit 33.65% 25.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.74M $21.53M
YoY Change 70.63% -2.46%
% of Gross Profit 53.32% 57.62%
Operating Expenses $23.19M $9.363M
YoY Change 147.7% 26.9%
Operating Profit $35.23M $27.08M
YoY Change 30.1% -15.16%
Interest Expense $14.99M $8.828M
YoY Change 69.85% 1.81%
% of Operating Profit 42.56% 32.6%
Other Income/Expense, Net $842.0K $481.0K
YoY Change 75.05% 48000.0%
Pretax Income $34.30M $17.62M
YoY Change 94.68% -45.11%
Income Tax $9.844M $7.976M
% Of Pretax Income 28.7% 45.27%
Net Earnings $24.46M $9.642M
YoY Change 153.63% -53.85%
Net Earnings / Revenue 4.68% 4.79%
Basic Earnings Per Share $0.41 $0.15
Diluted Earnings Per Share $0.38 $0.15
COMMON SHARES
Basic Shares Outstanding 51.13M shares 42.35M shares
Diluted Shares Outstanding 63.98M shares 43.10M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.10M $345.1M
YoY Change -74.18% 213.44%
Cash & Equivalents $89.08M $345.1M
Short-Term Investments
Other Short-Term Assets $77.40M $29.80M
YoY Change 159.73% 26.81%
Inventory $358.1M $121.6M
Prepaid Expenses
Receivables $180.3M $50.58M
Other Receivables $0.00 $0.00
Total Short-Term Assets $704.9M $547.1M
YoY Change 28.85% 79.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.409B $787.4M
YoY Change 78.95% -0.93%
Goodwill
YoY Change
Intangibles $57.72M
YoY Change
Long-Term Investments
YoY Change
Other Assets $129.8M $49.45M
YoY Change 162.51% 2.74%
Total Long-Term Assets $1.989B $881.8M
YoY Change 125.57% -5.07%
TOTAL ASSETS
Total Short-Term Assets $704.9M $547.1M
Total Long-Term Assets $1.989B $881.8M
Total Assets $2.694B $1.429B
YoY Change 88.54% 15.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $194.4M $43.74M
YoY Change 344.44% 9.1%
Accrued Expenses $95.20M $51.60M
YoY Change 84.5% 8.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.27M $10.30M
YoY Change 9.5% 29.62%
Total Short-Term Liabilities $342.2M $134.7M
YoY Change 154.0% 9.97%
LONG-TERM LIABILITIES
Long-Term Debt $1.226B $771.2M
YoY Change 59.02% -3.23%
Other Long-Term Liabilities $12.82M $9.410M
YoY Change 36.27% 39.55%
Total Long-Term Liabilities $12.82M $9.410M
YoY Change 36.27% -98.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $342.2M $134.7M
Total Long-Term Liabilities $12.82M $9.410M
Total Liabilities $355.0M $144.1M
YoY Change 146.31% -84.44%
SHAREHOLDERS EQUITY
Retained Earnings $394.3M $78.57M
YoY Change 401.81% 98.68%
Common Stock $519.0K $432.0K
YoY Change 20.14% -0.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $722.0M $215.5M
YoY Change
Total Liabilities & Shareholders Equity $2.694B $1.429B
YoY Change 88.54% 15.81%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $24.46M $9.642M
YoY Change 153.63% -53.85%
Depreciation, Depletion And Amortization $36.74M $21.53M
YoY Change 70.63% -2.46%
Cash From Operating Activities $32.52M $37.75M
YoY Change -13.86% -48.97%
INVESTING ACTIVITIES
Capital Expenditures $29.00M $13.54M
YoY Change 114.24% -33.61%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$29.00M -$13.54M
YoY Change 114.24% -33.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.929M $141.0K
YoY Change 1977.3% 74.07%
Debt Paid & Issued, Net $1.661M $2.165M
YoY Change -23.28% -95.16%
Cash From Financing Activities -$11.98M -$5.756M
YoY Change 108.1% -87.16%
NET CHANGE
Cash From Operating Activities $32.52M $37.75M
Cash From Investing Activities -$29.00M -$13.54M
Cash From Financing Activities -$11.98M -$5.756M
Net Change In Cash -$8.464M $18.45M
YoY Change -145.87% 110.48%
FREE CASH FLOW
Cash From Operating Activities $32.52M $37.75M
Capital Expenditures $29.00M $13.54M
Free Cash Flow $3.514M $24.21M
YoY Change -85.48% -54.82%

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CY2018Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
11371718 shares
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
59869000 USD
CY2018Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
57717000 USD
CY2017Q1 us-gaap Interest Expense
InterestExpense
8828000 USD
CY2018Q1 us-gaap Interest Expense
InterestExpense
14994000 USD
CY2017Q1 us-gaap Interest Paid Net
InterestPaidNet
1775000 USD
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
190140000 USD
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
213809000 USD
CY2017Q4 us-gaap Inventory Net
InventoryNet
302086000 USD
CY2018Q1 us-gaap Inventory Net
InventoryNet
358149000 USD
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
82940000 USD
CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
114808000 USD
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
18889000 USD
CY2018Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
18826000 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1232179000 USD
CY2018Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1226381000 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
9425000 USD
CY2018Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
11274000 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
1241604000 USD
CY2018Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
1237655000 USD
CY2017Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
9425000 USD
CY2018Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
11274000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
967776000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
208737000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
14555000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
23227000 USD
CY2017Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
0 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
123039000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
125597000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
129800000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
127040000 USD
CY2018Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
123039000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12783000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
18137000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
6912000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5756000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11978000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13537000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-29002000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
37746000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
32516000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
9642000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
24455000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6466000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21052000 USD
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 segment
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
27081000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
46257000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
127040000 USD
CY2018Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
1272000 USD
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
7749000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2030000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
11418000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2030000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2397000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12823000 USD
CY2017Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-779000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1566000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
481000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
842000 USD
CY2017Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-925000 USD
CY2018Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2576000 USD
CY2017Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
21899000 USD
CY2018Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
27820000 USD
CY2017Q1 us-gaap Payments For Environmental Liabilities
PaymentsForEnvironmentalLiabilities
562000 USD
CY2018Q1 us-gaap Payments For Environmental Liabilities
PaymentsForEnvironmentalLiabilities
1774000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
141000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3050000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1661000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3938000 USD
CY2017Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3450000 USD
CY2018Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3450000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13537000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29002000 USD
CY2017Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
553000 USD
CY2018Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
2870000 USD
CY2017Q1 us-gaap Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash
PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash
2536000 USD
CY2018Q1 us-gaap Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash
PensionAndOtherPostretirementBenefitsExpenseReversalOfExpenseNoncash
1647000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
212810000 USD
CY2018Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
208278000 USD
CY2017Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3176000 USD
CY2018Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3403000 USD
CY2017Q4 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
172500000 USD
CY2018Q1 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
172500000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1725000 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1725000 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1725000 shares
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1725000 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
17000 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
17000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
66918000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
77415000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
121000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1407762000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1408984000 USD
CY2018Q1 us-gaap Recorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
RecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear
16755000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2165000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
377020000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
394289000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
201415000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
521992000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9363000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23192000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2274000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2000000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2000000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2480000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
324789 shares
CY2018Q1 us-gaap Site Contingency Loss Exposure In Excess Of Accrual Best Estimate
SiteContingencyLossExposureInExcessOfAccrualBestEstimate
67000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
693756000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
721994000 USD
CY2018Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
0 USD
CY2018Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
0 USD
CY2018Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
1696000 USD
CY2018Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
1696000 USD
CY2018Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
20147000 USD
CY2018Q1 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
0 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43096360 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63977952 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42348148 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51127726 shares

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