2024 Q1 Form 10-K Financial Statement

#000009721624000013 Filed on February 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.293B $1.223B $5.152B
YoY Change 4.6% 0.41% 16.61%
Cost Of Revenue $995.2M $960.1M $3.975B
YoY Change 3.99% -2.25% 12.08%
Gross Profit $297.3M $262.5M $1.177B
YoY Change 6.67% 11.51% 35.06%
Gross Profit Margin 23.0% 21.47% 22.84%
Selling, General & Admin $139.0M $146.8M $540.1M
YoY Change 6.11% 28.1% 19.7%
% of Gross Profit 46.75% 55.92% 45.9%
Research & Development $66.70M
YoY Change 19.53%
% of Gross Profit 5.67%
Depreciation & Amortization $14.90M $19.10M $56.40M
YoY Change 23.14% 57.85% 19.49%
% of Gross Profit 5.01% 7.28% 4.79%
Operating Expenses $139.0M $146.8M $606.8M
YoY Change 6.11% 28.1% 19.68%
Operating Profit $158.3M $115.7M $636.5M
YoY Change 7.18% -4.22% 51.55%
Interest Expense -$11.40M -$13.60M $63.30M
YoY Change -176.51% 7.94% 28.92%
% of Operating Profit -7.2% -11.75% 9.95%
Other Income/Expense, Net -$10.40M $3.600M -$1.100M
YoY Change 550.0% -263.64% -83.82%
Pretax Income $136.5M $105.7M $579.7M
YoY Change 2.48% -0.09% 58.13%
Income Tax $28.00M -$22.20M $63.00M
% Of Pretax Income 20.51% -21.0% 10.87%
Net Earnings $108.5M $126.9M $518.0M
YoY Change -3.64% 37.64% 72.67%
Net Earnings / Revenue 8.39% 10.38% 10.06%
Basic Earnings Per Share $1.62 $7.67
Diluted Earnings Per Share $1.60 $1.88 $7.58
COMMON SHARES
Basic Shares Outstanding 67.00M shares 67.30M shares 67.50M shares
Diluted Shares Outstanding 67.90M shares 68.30M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $364.9M $370.7M $370.7M
YoY Change 43.55% 21.9% 21.9%
Cash & Equivalents $364.9M $370.7M $370.7M
Short-Term Investments
Other Short-Term Assets $121.8M $1.875B $1.875B
YoY Change -0.9% 1436.48% 1436.48%
Inventory $1.218B $1.186B $1.186B
Prepaid Expenses $121.8M $140.7M
Receivables $685.3M $547.8M $547.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.390B $2.245B $2.245B
YoY Change 14.31% 14.43% 14.43%
LONG-TERM ASSETS
Property, Plant & Equipment $573.7M $569.8M $569.8M
YoY Change 19.8% 22.38% 22.38%
Goodwill $292.0M $294.6M
YoY Change 1.67% 3.59%
Intangibles $14.80M $15.70M
YoY Change -11.9% -9.77%
Long-Term Investments
YoY Change
Other Assets $489.8M $490.2M $800.5M
YoY Change 20.08% 26.11% 105.94%
Total Long-Term Assets $1.370B $1.370B $1.370B
YoY Change 15.07% 18.53% 18.53%
TOTAL ASSETS
Total Short-Term Assets $2.390B $2.245B $2.245B
Total Long-Term Assets $1.370B $1.370B $1.370B
Total Assets $3.760B $3.616B $3.616B
YoY Change 14.59% 15.95% 15.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $699.3M $702.6M $702.6M
YoY Change 1.83% 12.49% 12.49%
Accrued Expenses $164.0M $164.0M
YoY Change 26.84% 26.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.200M $2.800M $2.800M
YoY Change 52.38% 47.37% 47.37%
Total Short-Term Liabilities $1.105B $1.119B $1.119B
YoY Change 5.21% 12.08% 12.08%
LONG-TERM LIABILITIES
Long-Term Debt $720.9M $620.4M $620.4M
YoY Change -6.97% -19.8% -19.8%
Other Long-Term Liabilities $201.9M $203.6M $203.6M
YoY Change 25.25% 23.62% 23.62%
Total Long-Term Liabilities $922.8M $203.6M $824.0M
YoY Change -1.42% 23.62% -12.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.105B $1.119B $1.119B
Total Long-Term Liabilities $922.8M $203.6M $824.0M
Total Liabilities $2.028B $1.943B $1.943B
YoY Change 2.08% 0.33% 0.33%
SHAREHOLDERS EQUITY
Retained Earnings $1.772B $1.675B
YoY Change 35.98% 39.5%
Common Stock $901.0M $907.0M
YoY Change 3.59% 2.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $624.9M $622.4M
YoY Change 11.03% 11.08%
Treasury Stock Shares
Shareholders Equity $1.732B $1.672B $1.672B
YoY Change
Total Liabilities & Shareholders Equity $3.760B $3.616B $3.616B
YoY Change 14.59% 15.95% 15.95%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $108.5M $126.9M $518.0M
YoY Change -3.64% 37.64% 72.67%
Depreciation, Depletion And Amortization $14.90M $19.10M $56.40M
YoY Change 23.14% 57.85% 19.49%
Cash From Operating Activities -$33.90M $190.7M $459.3M
YoY Change -472.53% 21.46% 75.84%
INVESTING ACTIVITIES
Capital Expenditures $35.00M $55.60M $127.2M
YoY Change 72.41% 80.52% 16.06%
Acquisitions $23.80M
YoY Change -52.5%
Other Investing Activities -$800.0K -$5.400M -$3.000M
YoY Change 33.33% -590.91% -46.43%
Cash From Investing Activities -$35.80M -$61.00M -$114.4M
YoY Change 20.54% 105.39% -25.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $62.80M
YoY Change -38.01%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 71.20M -127.2M -$287.8M
YoY Change -324.61% 86.51% 424.23%
NET CHANGE
Cash From Operating Activities -33.90M 190.7M $459.3M
Cash From Investing Activities -35.80M -61.00M -$114.4M
Cash From Financing Activities 71.20M -127.2M -$287.8M
Net Change In Cash 1.500M 2.500M $66.60M
YoY Change -103.01% -95.77% 79.03%
FREE CASH FLOW
Cash From Operating Activities -$33.90M $190.7M $459.3M
Capital Expenditures $35.00M $55.60M $127.2M
Free Cash Flow -$68.90M $135.1M $332.1M
YoY Change 515.18% 7.05% 119.06%

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CY2023Q4 tex Debt Instrument Accumulated Amortization Debt And Line Of Credit Issuance Costs
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CY2022Q4 tex Debt Instrument Accumulated Amortization Debt And Line Of Credit Issuance Costs
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CY2022Q4 us-gaap Continuing Involvement With Transferred Financial Assets Principal Amount Outstanding
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CY2023 us-gaap Number Of Reportable Segments
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CY2023 tex Number Of Customers
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CY2023 us-gaap Guarantees Indemnifications And Warranties Policies
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CY2022Q4 us-gaap Standard Product Warranty Accrual
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CY2023 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2023Q4 tex Long Term Debt Less Unamortized Debt Issuance Fees
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Common Stock Shares Issued
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84600000 shares
CY2023Q4 tex Common Stock Shares Unissued And Unsubscribed
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CY2023Q4 us-gaap Treasury Stock Common Shares
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18500000 shares
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2023 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2018Q3 us-gaap Stock Repurchase Program Authorized Amount1
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300000000 usd
CY2022Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000 usd
CY2023 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
The table below presents shares repurchased, inclusive of transactions executed but not settled, by the Company under these programs.<div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:45.906%"><tr><td style="width:1.0%"></td><td style="width:26.607%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:35.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.569%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year Ended December 31,</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Number of Shares Repurchased</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount of Shares Repurchased</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(in millions)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,287,214</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$60.7</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2022</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,862,650</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$96.6</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2021</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28,688</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$1.2</span></td></tr></table></div>
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.15
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.15
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.15
CY2023Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.17
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.17
CY2023Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.17
CY2023Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.17
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.13
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.13
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2022Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.13
CY2022Q4 us-gaap Common Stock Dividends Per Share Cash Paid
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0.13
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
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0.13
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
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0.12
CY2021Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
CY2021Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
CY2021Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12
CY2023Q4 us-gaap Litigation Reserve
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114000000 brl
CY2023Q4 us-gaap Litigation Reserve
LitigationReserve
24000000 usd
CY2023Q4 tex Guarantee Terms Maximum
GuaranteeTermsMaximum
P5Y
CY2023Q4 tex Financing Receivable Allowance For Credit Losses Credit Guarantees
FinancingReceivableAllowanceForCreditLossesCreditGuarantees
5300000 usd
CY2022Q4 tex Financing Receivable Allowance For Credit Losses Credit Guarantees
FinancingReceivableAllowanceForCreditLossesCreditGuarantees
6300000 usd
CY2022Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
133700000 usd
CY2023 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
15400000 usd
CY2023 us-gaap Valuation Allowances And Reserves Adjustments
ValuationAllowancesAndReservesAdjustments
2200000 usd
CY2023 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
19500000 usd
CY2023Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
131800000 usd
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
178200000 usd
CY2022 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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-1600000 usd
CY2022 us-gaap Valuation Allowances And Reserves Adjustments
ValuationAllowancesAndReservesAdjustments
-4900000 usd
CY2022 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
38000000.0 usd
CY2022Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
133700000 usd
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
194900000 usd
CY2021 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
5500000 usd
CY2021 us-gaap Valuation Allowances And Reserves Adjustments
ValuationAllowancesAndReservesAdjustments
-4600000 usd
CY2021 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
17600000 usd
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
178200000 usd

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