2024 Q1 Form 10-K Financial Statement

#000003989924000006 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $714.3M $725.9M $2.911B
YoY Change -3.52% -20.86% -11.23%
Cost Of Revenue $430.6M $423.1M $1.719B
YoY Change 0.85% -2.2% 1.51%
Gross Profit $283.7M $302.7M $1.192B
YoY Change -9.48% -37.52% -24.84%
Gross Profit Margin 39.72% 41.7% 40.95%
Selling, General & Admin $102.3M $131.0M $412.0M
YoY Change 3.18% 4.1% -0.61%
% of Gross Profit 36.05% 43.29% 34.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.97M -$25.53M $59.77M
YoY Change -2.31% -184.89% -2.33%
% of Gross Profit 9.86% -8.43% 5.01%
Operating Expenses $102.3M $159.0M $412.0M
YoY Change 3.18% 1.95% -0.61%
Operating Profit $137.6M $143.7M $733.5M
YoY Change -20.74% -56.25% -25.95%
Interest Expense $42.37M -$14.59M $172.9M
YoY Change -1.25% -67.06% -0.64%
% of Operating Profit 30.8% -10.15% 23.57%
Other Income/Expense, Net $113.0M -$26.77M -$127.0M
YoY Change -399.38% -673.69% -19.14%
Pretax Income $250.5M $102.4M $606.5M
YoY Change 84.45% -64.53% -27.23%
Income Tax $61.26M $26.37M $130.2M
% Of Pretax Income 24.45% 25.76% 21.47%
Net Earnings $189.6M $75.64M $476.7M
YoY Change 81.74% -65.38% -24.39%
Net Earnings / Revenue 26.54% 10.42% 16.38%
Basic Earnings Per Share $1.06 $2.29
Diluted Earnings Per Share $1.06 $0.40 $2.28
COMMON SHARES
Basic Shares Outstanding 176.1M shares 197.0M shares 207.6M shares
Diluted Shares Outstanding 178.4K 207.9M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $430.8M $361.0M $361.0M
YoY Change -36.95% -34.56% -34.56%
Cash & Equivalents $430.8M $361.0M $361.0M
Short-Term Investments
Other Short-Term Assets $49.67M $55.54M $55.54M
YoY Change -27.49% -30.76% -30.76%
Inventory
Prepaid Expenses
Receivables $604.5M $624.4M $624.4M
Other Receivables $11.02M $9.299M $9.299M
Total Short-Term Assets $1.096B $1.050B $1.050B
YoY Change -21.72% -19.44% -19.44%
LONG-TERM ASSETS
Property, Plant & Equipment $442.7M $452.2M $525.7M
YoY Change -0.55% -1.07% -1.84%
Goodwill $3.016B $2.980B
YoY Change 1.15% -0.05%
Intangibles $2.350B $2.329B
YoY Change -0.81% -2.21%
Long-Term Investments $16.52M $16.20M $35.72M
YoY Change -2.41% -4.75% -3.88%
Other Assets $22.58M $17.06M $67.92M
YoY Change 4.12% -29.07% -9.68%
Total Long-Term Assets $6.009B $5.950B $5.950B
YoY Change 0.24% -1.25% -1.25%
TOTAL ASSETS
Total Short-Term Assets $1.096B $1.050B $1.050B
Total Long-Term Assets $6.009B $5.950B $5.950B
Total Assets $7.105B $7.000B $7.000B
YoY Change -3.91% -4.49% -4.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $80.00M $115.0M $115.0M
YoY Change -9.41% 50.83% 50.83%
Accrued Expenses $157.2M $182.9M $182.9M
YoY Change 23.8% 5.04% 5.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $434.0M $423.4M $423.4M
YoY Change 14.75% 8.27% 8.27%
LONG-TERM LIABILITIES
Long-Term Debt $3.074B $3.073B $3.073B
YoY Change 0.11% 0.11% 0.11%
Other Long-Term Liabilities $61.04M $57.77M $202.0M
YoY Change -11.6% -17.59% -9.54%
Total Long-Term Liabilities $3.854B $3.853B $3.275B
YoY Change 0.18% 0.11% -0.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $434.0M $423.4M $423.4M
Total Long-Term Liabilities $3.854B $3.853B $3.275B
Total Liabilities $4.288B $4.276B $4.295B
YoY Change 1.48% 0.86% 0.89%
SHAREHOLDERS EQUITY
Retained Earnings $8.248B $8.091B
YoY Change 4.68% 2.45%
Common Stock $352.4M $352.4M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.798B $2.705B $2.705B
YoY Change
Total Liabilities & Shareholders Equity $7.105B $7.000B $7.000B
YoY Change -3.91% -4.49% -4.49%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $189.6M $75.64M $476.7M
YoY Change 81.74% -65.38% -24.39%
Depreciation, Depletion And Amortization $27.97M -$25.53M $59.77M
YoY Change -2.31% -184.89% -2.33%
Cash From Operating Activities $100.4M $178.4M $587.2M
YoY Change -41.09% -15.62% -27.69%
INVESTING ACTIVITIES
Capital Expenditures $4.911M $24.24M $54.69M
YoY Change 72.62% 53.38% 6.55%
Acquisitions $52.80M $1.150M
YoY Change 4491.22%
Other Investing Activities $143.9M -$651.0K $26.71M
YoY Change -113433.86% -202.36% 26340.59%
Cash From Investing Activities $86.22M -$24.89M -$27.99M
YoY Change -2191.8% 64.1% -45.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $652.9M
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -116.9M -345.5M -$749.9M
YoY Change 236.17% 1527.0% 181.68%
NET CHANGE
Cash From Operating Activities 100.4M 178.4M $587.2M
Cash From Investing Activities 86.22M -24.89M -$27.99M
Cash From Financing Activities -116.9M -345.5M -$749.9M
Net Change In Cash 69.73M -192.0M -$190.6M
YoY Change -46.97% -209.69% -138.54%
FREE CASH FLOW
Cash From Operating Activities $100.4M $178.4M $587.2M
Capital Expenditures $4.911M $24.24M $54.69M
Free Cash Flow $95.47M $154.2M $532.6M
YoY Change -43.02% -21.2% -30.0%

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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%">Use of estimates: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">fair value measurements, post-retirement benefit plans, income taxes including deferred tax assets, and contingencies.</span></div>
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Our customers generally submit payments monthly, generally within 60-90 days after the month that the service was provided.
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
477001000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
207594000 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
223652000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
221504000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
207947000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
224486000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
222471000 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.29
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.82
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.15
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.28
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.81
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.14
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24497000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30481000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31515000 usd
CY2023 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
9072000 usd
CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
10744000 usd
CY2022 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
4236000 usd
CY2021 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-1590000 usd
CY2023 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4154000 usd
CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
12106000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30481000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31515000 usd
CY2023 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
9072000 usd
CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
8082000 usd
CY2023 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
15425000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
23433000 usd
CY2023 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1769000 usd
CY2023 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4154000 usd
CY2022 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-16211000 usd
CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
12106000 usd
CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4573000 usd
CY2023 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-5590000 usd
CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
16342000 usd
CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-6163000 usd
CY2023 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-1436000 usd
CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
8082000 usd
CY2023 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
15425000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
19737000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
23433000 usd
CY2023 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1769000 usd
CY2023 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4154000 usd
CY2022 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-16211000 usd
CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
12106000 usd
CY2021 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
19287000 usd
CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4573000 usd
CY2023 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-5590000 usd
CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
16342000 usd
CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-6163000 usd
CY2023 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-1436000 usd
CY2021 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-1590000 usd
CY2023 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4154000 usd
CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
12106000 usd
CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4573000 usd
CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4573000 usd
CY2023 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
3359000 usd
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2021 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
0 usd
CY2022 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
-323000 usd
CY2021 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
-4942000 usd
CY2023 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 usd
CY2022 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 usd
CY2021 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
1095000 usd
CY2023 tgna Contract Termination And Other Costs
ContractTerminationAndOtherCosts
0 usd
CY2022 tgna Contract Termination And Other Costs
ContractTerminationAndOtherCosts
0 usd
CY2021 tgna Contract Termination And Other Costs
ContractTerminationAndOtherCosts
1540000 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
3359000 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
-323000 usd
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
-2307000 usd
CY2023Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
3400000 usd
CY2023 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
0 usd
CY2022 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
-300000 usd
CY2021 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
-4900000 usd
CY2021 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
1100000 usd
CY2021 tgna Contract Termination And Other Costs
ContractTerminationAndOtherCosts
1500000 usd
CY2023 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
3359000 usd
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2021 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
0 usd
CY2022 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
-323000 usd
CY2021 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
-4942000 usd
CY2022 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 usd
CY2021 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
1095000 usd
CY2023 tgna Contract Termination And Other Costs
ContractTerminationAndOtherCosts
0 usd
CY2022 tgna Contract Termination And Other Costs
ContractTerminationAndOtherCosts
0 usd
CY2021 tgna Contract Termination And Other Costs
ContractTerminationAndOtherCosts
1540000 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
3359000 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
-323000 usd
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
-2307000 usd
CY2022 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
-300000 usd
CY2021 tgna Gain Loss On Reimbursement Of Property Plant And Equipment
GainLossOnReimbursementOfPropertyPlantAndEquipment
-4900000 usd
CY2021 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
1100000 usd
CY2021 tgna Contract Termination And Other Costs
ContractTerminationAndOtherCosts
1500000 usd

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