2023 Q2 Form 10-Q Financial Statement

#000104333723000038 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $266.8M $241.3M
YoY Change 20.77% 9.17%
Cost Of Revenue $205.9M $198.5M
YoY Change 12.89% 10.53%
Gross Profit $60.94M $42.80M
YoY Change 58.02% 3.28%
Gross Profit Margin 22.84% 17.74%
Selling, General & Admin $32.05M $29.86M
YoY Change 10.74% 8.99%
% of Gross Profit 52.59% 69.77%
Research & Development $22.65M $16.97M
YoY Change 45.63% -0.35%
% of Gross Profit 37.17% 39.64%
Depreciation & Amortization $8.646M $8.325M
YoY Change 1.31% -4.38%
% of Gross Profit 14.19% 19.45%
Operating Expenses $54.70M $46.83M
YoY Change 22.94% 5.41%
Operating Profit $6.241M -$4.029M
YoY Change -205.28% 35.02%
Interest Expense -$3.449M $2.746M
YoY Change -383.4% 53.75%
% of Operating Profit -55.26%
Other Income/Expense, Net -$2.387M -$1.148M
YoY Change -500.5% -13.75%
Pretax Income -$1.505M -$8.094M
YoY Change -78.27% 30.93%
Income Tax $1.487M -$708.0K
% Of Pretax Income
Net Earnings -$2.992M -$7.386M
YoY Change -59.23% -3.77%
Net Earnings / Revenue -1.12% -3.06%
Basic Earnings Per Share -$0.11 -$0.27
Diluted Earnings Per Share -$0.11 -$0.27
COMMON SHARES
Basic Shares Outstanding 27.51M shares 27.35M shares
Diluted Shares Outstanding 27.45M shares 27.35M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.71M $35.17M
YoY Change -14.71% -15.04%
Cash & Equivalents $34.71M $35.17M
Short-Term Investments
Other Short-Term Assets $43.28M $43.60M
YoY Change -15.55% -13.77%
Inventory $175.3M $168.7M
Prepaid Expenses
Receivables $185.3M $175.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $438.6M $423.1M
YoY Change 10.81% 6.77%
LONG-TERM ASSETS
Property, Plant & Equipment $118.5M $107.6M
YoY Change 12.66% -1.39%
Goodwill $34.87M $34.66M
YoY Change 3.97% -2.13%
Intangibles $46.64M $45.59M
YoY Change 1.55% -7.57%
Long-Term Investments $46.95M $46.42M
YoY Change 10.35% 6.51%
Other Assets
YoY Change
Total Long-Term Assets $246.9M $247.6M
YoY Change 1.76% -2.73%
TOTAL ASSETS
Total Short-Term Assets $438.6M $423.1M
Total Long-Term Assets $246.9M $247.6M
Total Assets $685.5M $670.7M
YoY Change 7.37% 3.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $136.5M $132.0M
YoY Change 24.98% 28.6%
Accrued Expenses $75.58M $68.55M
YoY Change 12.62% -3.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $171.6M $1.456M
YoY Change 4007.16% -71.91%
Total Short-Term Liabilities $383.6M $202.0M
YoY Change 112.58% 12.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $16.25M $6.750M
YoY Change 170.9% 18.05%
Total Long-Term Liabilities $16.25M $192.5M
YoY Change -91.24% 8.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $383.6M $202.0M
Total Long-Term Liabilities $16.25M $192.5M
Total Liabilities $407.9M $394.5M
YoY Change 11.47% 10.53%
SHAREHOLDERS EQUITY
Retained Earnings $191.3M $194.3M
YoY Change -4.69% -6.62%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $277.6M $276.2M
YoY Change
Total Liabilities & Shareholders Equity $685.5M $670.7M
YoY Change 7.37% 3.06%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.992M -$7.386M
YoY Change -59.23% -3.77%
Depreciation, Depletion And Amortization $8.646M $8.325M
YoY Change 1.31% -4.38%
Cash From Operating Activities $4.494M -$9.182M
YoY Change 125.49% -53.65%
INVESTING ACTIVITIES
Capital Expenditures $7.915M $8.911M
YoY Change 36.94% 20.94%
Acquisitions
YoY Change
Other Investing Activities $374.0K $1.355M
YoY Change -88.93% 926.52%
Cash From Investing Activities -$7.541M -$8.755M
YoY Change 81.97% 20.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.042M -$2.119M
YoY Change -17.02% -87.64%
NET CHANGE
Cash From Operating Activities 4.494M -$9.182M
Cash From Investing Activities -7.541M -$8.755M
Cash From Financing Activities 3.042M -$2.119M
Net Change In Cash -5.000K -$19.63M
YoY Change -100.33% -55.54%
FREE CASH FLOW
Cash From Operating Activities $4.494M -$9.182M
Capital Expenditures $7.915M $8.911M
Free Cash Flow -$3.421M -$18.09M
YoY Change -9.66% -33.43%

Facts In Submission

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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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35165000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Income Taxes Paid Net
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2611000 usd
CY2022Q1 us-gaap Income Taxes Paid Net
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1491000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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295950000 usd
CY2022Q1 us-gaap Profit Loss
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1048000 usd
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4161000 usd
CY2022Q1 sri Repurchased Common Shares For Treasury
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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293924000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Profit Loss
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CY2023Q1 sri Repurchased Common Shares For Treasury
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
276243000 usd
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:12pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform to their 2023 presentation in the condensed consolidated financial statements.</span></div>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241325000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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221058000 usd
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CY2023Q1 us-gaap Contract With Customer Liability
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14498000 usd
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
132302000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
121983000 usd
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9414000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
7812000 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
26985000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
22785000 usd
CY2023Q1 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
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CY2022Q4 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
12584000 usd
CY2022Q2 sri Payments For Earn Out Consideration From Operating And Financing Activities
PaymentsForEarnOutConsiderationFromOperatingAndFinancingActivities
8272000 usd
CY2022Q2 sri Payments For Earn Out Consideration
PaymentsForEarnOutConsideration
6276000 usd
CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
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0 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
292860 shares
CY2023Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1456000 usd
CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1450000 usd
CY2023Q1 us-gaap Long Term Debt Current
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1456000 usd
CY2022Q4 us-gaap Long Term Debt Current
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1450000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
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0 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
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0 usd
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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218727 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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27349357 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27198677 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27349357 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27198677 shares
CY2023Q1 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
4069000 usd
CY2023Q1 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
229000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
3840000 usd
CY2022Q1 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
5287000 usd
CY2022Q1 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
78000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
5209000 usd
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
125000 usd
CY2022Q1 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
AccrualForEnvironmentalLossContingenciesChargesToExpenseForNewLosses
0 usd
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
278000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
246000 usd
CY2023Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
4979000 usd
CY2022Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
4437000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
13477000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9846000 usd
CY2023Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
4329000 usd
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3058000 usd
CY2023Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
141000 usd
CY2022Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
0 usd
CY2023Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2025000 usd
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2992000 usd
CY2023Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
66000 usd
CY2022Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-94000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
15988000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9818000 usd
CY2023Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1262000 usd
CY2022Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
34000 usd
CY2023Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1262000 usd
CY2022Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
34000 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
1786000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8911000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-708000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.087
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1493000 usd
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.242
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241325000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221058000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4029000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2984000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8325000 usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8706000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
2746000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7368000 usd
CY2023Q1 us-gaap Assets
Assets
670738000 usd
CY2022Q4 us-gaap Assets
Assets
652105000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241325000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221058000 usd
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
247602000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
242554000 usd
CY2023Q1 us-gaap Increase Decrease In Fair Value Adjustments On Assets And Liabilities Carried At Fair Value Under Fair Value Option
IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption
-171000 usd
CY2022Q1 us-gaap Increase Decrease In Fair Value Adjustments On Assets And Liabilities Carried At Fair Value Under Fair Value Option
IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption
-81000 usd

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