2023 Q4 Form 10-K Financial Statement

#000165016424000084 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $1.036B $3.865B $768.0M
YoY Change 34.9% 41.52% 49.16%
Cost Of Revenue $810.0M $3.031B $610.0M
YoY Change 32.79% 36.53% 38.98%
Gross Profit $226.0M $834.0M $158.0M
YoY Change 43.04% 63.21% 107.97%
Gross Profit Margin 21.81% 21.58% 20.57%
Selling, General & Admin $188.0M $763.0M $178.0M
YoY Change 5.62% 24.47% 24.11%
% of Gross Profit 83.19% 91.49% 112.66%
Research & Development $94.00M $358.0M $79.00M
YoY Change 18.99% 26.95% 57.93%
% of Gross Profit 41.59% 42.93% 50.0%
Depreciation & Amortization $10.00M $32.00M $6.000M
YoY Change 66.67% 33.33% 11.46%
% of Gross Profit 4.42% 3.84% 3.8%
Operating Expenses $282.0M $1.121B $257.0M
YoY Change 9.73% 25.25% 32.85%
Operating Profit -$56.00M -$287.0M -$99.00M
YoY Change -43.43% -25.26% -15.73%
Interest Expense $10.00M $37.00M $6.000M
YoY Change 66.67% 236.36% 863.08%
% of Operating Profit
Other Income/Expense, Net $11.00M $6.000M -$5.000M
YoY Change -320.0% 500.0% -104.24%
Pretax Income -$35.00M -$244.0M -$98.00M
YoY Change -64.29% -11.91% -12827.27%
Income Tax $1.000M $2.000M $2.000M
% Of Pretax Income
Net Earnings -$36.00M -$246.0M -$100.0M
YoY Change -64.0% -10.55% -68127.21%
Net Earnings / Revenue -3.47% -6.36% -13.02%
Basic Earnings Per Share -$0.46
Diluted Earnings Per Share -$0.07 -$0.46 -$0.19
COMMON SHARES
Basic Shares Outstanding 532.0M shares
Diluted Shares Outstanding 533.0M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.124B $1.124B $1.021B
YoY Change 10.09% 10.09% -19.35%
Cash & Equivalents $605.0M $605.0M $547.0M
Short-Term Investments $519.0M $519.0M $474.0M
Other Short-Term Assets $259.0M $201.0M $199.0M
YoY Change 30.15% 1.01% 1558.33%
Inventory $118.0M $118.0M $110.0M
Prepaid Expenses $24.00M $27.00M
Receivables $69.00M $69.00M $77.00M
Other Receivables $0.00 $58.00M $0.00
Total Short-Term Assets $1.570B $1.570B $1.407B
YoY Change 11.58% 11.58% -5.25%
LONG-TERM ASSETS
Property, Plant & Equipment $111.0M $111.0M $61.00M
YoY Change 81.97% -19.57% 48.78%
Goodwill $113.0M $107.0M
YoY Change 5.61% 44.59%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $138.0M $138.0M $14.00M
YoY Change 885.71% 72.5% -6.67%
Total Long-Term Assets $388.0M $388.0M $354.0M
YoY Change 9.6% 9.6% 41.6%
TOTAL ASSETS
Total Short-Term Assets $1.570B $1.570B $1.407B
Total Long-Term Assets $388.0M $388.0M $354.0M
Total Assets $1.958B $1.958B $1.761B
YoY Change 11.19% 11.19% 1.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.00M $32.00M $30.00M
YoY Change 6.67% 6.67% -25.0%
Accrued Expenses $592.0M $435.0M $45.00M
YoY Change 1215.56% 38.54% 114.29%
Deferred Revenue $39.00M $39.00M
YoY Change 0.0% -11.36%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $663.0M $663.0M $496.0M
YoY Change 33.67% 33.67% 40.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $101.0M $101.0M $12.00M
YoY Change 741.67% -39.52% -45.45%
Total Long-Term Liabilities $101.0M $101.0M $12.00M
YoY Change 741.67% -39.52% -45.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $663.0M $663.0M $496.0M
Total Long-Term Liabilities $101.0M $101.0M $12.00M
Total Liabilities $764.0M $764.0M $663.0M
YoY Change 15.23% 15.23% 2.95%
SHAREHOLDERS EQUITY
Retained Earnings -$1.623B -$1.377B
YoY Change 17.86% 24.95%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $1.194B $1.194B $1.098B
YoY Change
Total Liabilities & Shareholders Equity $1.958B $1.958B $1.761B
YoY Change 11.19% 11.19% 1.5%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$36.00M -$246.0M -$100.0M
YoY Change -64.0% -10.55% -68127.21%
Depreciation, Depletion And Amortization $10.00M $32.00M $6.000M
YoY Change 66.67% 33.33% 11.46%
Cash From Operating Activities $92.00M $135.0M -$19.00M
YoY Change -584.21% -186.54% -40.57%
INVESTING ACTIVITIES
Capital Expenditures $11.00M $42.00M $10.00M
YoY Change 10.0% 162.5% -467.92%
Acquisitions $9.000M
YoY Change -80.43%
Other Investing Activities $10.00M -$44.00M -$63.00M
YoY Change -115.87% -86.24%
Cash From Investing Activities -$1.000M -$86.00M -$73.00M
YoY Change -98.63% -12.24% -84.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000M $36.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.000M 63.00M 2.000M
YoY Change 150.0% 65.79% -35.19%
NET CHANGE
Cash From Operating Activities 92.00M 135.0M -19.00M
Cash From Investing Activities -1.000M -86.00M -73.00M
Cash From Financing Activities 5.000M 63.00M 2.000M
Net Change In Cash 96.00M 112.0M -90.00M
YoY Change -206.67% -151.85% -81.61%
FREE CASH FLOW
Cash From Operating Activities $92.00M $135.0M -$19.00M
Capital Expenditures $11.00M $42.00M $10.00M
Free Cash Flow $81.00M $93.00M -$29.00M
YoY Change -379.31% -154.07% -0.86%

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CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Certain amounts in prior period financial statements have been reclassified to conform to the current period presentation. None of the reclassifications materially affected previously reported amounts.</span></div>
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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgements and assumptions that can affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from estimates.</span></div><div style="margin-bottom:0.08pt;text-indent:36pt"><span><br/></span></div><div style="margin-bottom:0.08pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Estimates, judgments, and assumptions in these consolidated financial statements include, but are not limited to, those related to revenue recognition, fair values and useful lives of assets acquired and liabilities assumed through business combinations, stock-based compensation expense, warrants, allowance for credit losses, liabilities associated with financial guarantees related to loan purchase activities, incremental borrowing rates applied in valuation of lease liabilities, common stock valuation, as well as the amortization period for deferred contract acquisition costs.</span></div>
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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that subject us to significant concentrations of credit risk primarily consist of cash deposits and cash equivalents, marketable securities, and accounts receivable. We maintain a large portion of our cash deposits and cash equivalents with primarily one financial institution, which, at times, may exceed federally insured limits. We have not incurred any losses associated with this concentration of deposits. Our investment policy provides guidelines and limits regarding investment type, concentration, credit quality, and maturity aimed at maintaining sufficient liquidity to satisfy operating and working capital requirements along with strategic initiatives, preserving capital, and minimizing risk of capital loss while generating returns on our investments.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div>Accounts receivable are typically unsecured. We regularly monitor the creditworthiness of our customers and believe that we have adequately provided for exposure to potential credit losses.
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CY2022 tost Right Of Use Asset Obtained In Exchange For Operating Lease Liability Including Lease Terminations And Modifications
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AuditorName
Ernst & Young LLP
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AuditorLocation
Boston, Massachusetts
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AuditorFirmId
42

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