2024 Q1 Form 10-K Financial Statement

#000084263324000004 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $227.1M $209.6M $893.6M
YoY Change 5.4% 3.07% 1.1%
Cost Of Revenue $174.4M $164.3M $692.2M
YoY Change 3.95% 4.29% 2.47%
Gross Profit $52.71M $45.27M $201.3M
YoY Change 10.53% -1.11% -3.35%
Gross Profit Margin 23.21% 21.6% 22.53%
Selling, General & Admin $40.27M $25.49M $134.6M
YoY Change 6.82% -21.57% 2.58%
% of Gross Profit 76.4% 56.31% 66.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.980M $13.95M $57.59M
YoY Change 13.93% 5.05% 8.21%
% of Gross Profit 18.93% 30.82% 28.61%
Operating Expenses $40.27M $29.27M $134.6M
YoY Change 6.82% -19.61% 2.58%
Operating Profit $12.44M $16.00M $65.44M
YoY Change 24.52% 70.76% -33.94%
Interest Expense $4.930M -$4.300M $15.92M
YoY Change 33.24% 19.44% 12.83%
% of Operating Profit 39.63% -26.88% 24.33%
Other Income/Expense, Net -$5.250M $1.100M -$14.85M
YoY Change 39.26% -41.18% 30.38%
Pretax Income $7.190M $8.430M $50.59M
YoY Change 15.59% -65.66% -42.29%
Income Tax $2.050M $490.0K $10.23M
% Of Pretax Income 28.51% 5.81% 20.22%
Net Earnings $5.140M $7.940M $40.36M
YoY Change 4.68% -57.86% -39.01%
Net Earnings / Revenue 2.26% 3.79% 4.52%
Basic Earnings Per Share $0.13 $0.97
Diluted Earnings Per Share $0.12 $0.19 $0.97
COMMON SHARES
Basic Shares Outstanding 41.03M shares 41.41M shares 41.44M shares
Diluted Shares Outstanding 41.32M shares 41.69M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.47M $34.89M $34.89M
YoY Change -41.28% -68.87% -68.87%
Cash & Equivalents $30.47M $34.89M $34.89M
Short-Term Investments
Other Short-Term Assets $28.35M $22.01M $22.01M
YoY Change 57.33% 48.32% 48.32%
Inventory $206.3M $192.5M $192.5M
Prepaid Expenses
Receivables $162.7M $148.0M $148.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $427.7M $397.4M $397.4M
YoY Change 9.33% -5.98% -5.98%
LONG-TERM ASSETS
Property, Plant & Equipment $332.1M $330.0M $373.2M
YoY Change 12.49% 18.81% 14.82%
Goodwill $361.3M $363.8M
YoY Change -0.09% 7.05%
Intangibles $175.7M $181.0M
YoY Change -9.8% -3.77%
Long-Term Investments
YoY Change
Other Assets $16.09M $16.05M $26.28M
YoY Change -20.89% -19.71% -10.58%
Total Long-Term Assets $936.8M $944.3M $944.3M
YoY Change 0.93% 7.02% 7.02%
TOTAL ASSETS
Total Short-Term Assets $427.7M $397.4M $397.4M
Total Long-Term Assets $936.8M $944.3M $944.3M
Total Assets $1.364B $1.342B $1.342B
YoY Change 3.42% 2.81% 2.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $82.25M $91.91M $91.91M
YoY Change -4.1% 7.86% 7.86%
Accrued Expenses $66.51M $59.64M $60.54M
YoY Change 23.33% 27.82% 10.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $470.0K $490.0K $490.0K
YoY Change -4.08%
Total Short-Term Liabilities $156.8M $159.5M $159.5M
YoY Change 5.41% 13.77% 13.77%
LONG-TERM LIABILITIES
Long-Term Debt $426.5M $397.4M $397.4M
YoY Change 7.43% 0.67% 0.67%
Other Long-Term Liabilities $45.47M $40.62M $78.60M
YoY Change -22.46% -27.9% -19.26%
Total Long-Term Liabilities $45.47M $40.62M $476.0M
YoY Change -22.46% -27.9% -3.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $156.8M $159.5M $159.5M
Total Long-Term Liabilities $45.47M $40.62M $476.0M
Total Liabilities $691.3M $658.7M $658.7M
YoY Change 3.08% 0.85% 0.85%
SHAREHOLDERS EQUITY
Retained Earnings $7.630M $4.230M
YoY Change -124.44% -111.71%
Common Stock $667.8M $678.1M
YoY Change -2.53% -2.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $673.2M $683.0M $683.0M
YoY Change
Total Liabilities & Shareholders Equity $1.364B $1.342B $1.342B
YoY Change 3.42% 2.81% 2.81%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $5.140M $7.940M $40.36M
YoY Change 4.68% -57.86% -39.01%
Depreciation, Depletion And Amortization $9.980M $13.95M $57.59M
YoY Change 13.93% 5.05% 8.21%
Cash From Operating Activities -$3.690M $30.59M $88.16M
YoY Change -138.08% 17.97% 21.48%
INVESTING ACTIVITIES
Capital Expenditures $13.25M $19.25M $54.19M
YoY Change -10.41% 36.33% 17.91%
Acquisitions $0.00 $77.34M
YoY Change -100.0% 20.66%
Other Investing Activities $110.0K -$3.350M -$80.23M
YoY Change -100.29% -111.71% 783.59%
Cash From Investing Activities -$13.14M -$22.60M -$134.4M
YoY Change -75.0% -255.97% 144.22%
FINANCING ACTIVITIES
Cash Dividend Paid $1.660M $6.700M
YoY Change 0.0% -2.62%
Common Stock Issuance & Retirement, Net $18.78M
YoY Change -49.13%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $12.41M -7.760M -$30.94M
YoY Change -171.65% -10.5% -33.0%
NET CHANGE
Cash From Operating Activities -$3.690M 30.59M $88.16M
Cash From Investing Activities -$13.14M -22.60M -$134.4M
Cash From Financing Activities $12.41M -7.760M -$30.94M
Net Change In Cash -$4.420M 230.0K -$77.20M
YoY Change -92.66% -99.28% 169.46%
FREE CASH FLOW
Cash From Operating Activities -$3.690M $30.59M $88.16M
Capital Expenditures $13.25M $19.25M $54.19M
Free Cash Flow -$16.94M $11.34M $33.97M
YoY Change 232.16% -3.98% 27.66%

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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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2790000 usd
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2023 us-gaap Income Tax Reconciliation Tax Credits Research
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1260000 usd
CY2021 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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-230000 usd
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
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UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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1250000 usd
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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1110000 usd
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140000 usd
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400000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
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830000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
400000 usd
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UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
800000 usd
CY2023 dei Auditor Name
AuditorName
Deloitte & Touche LLP
CY2023 dei Auditor Firm
AuditorFirmId
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
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UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
800000 usd
CY2023 dei Auditor Name
AuditorName
Deloitte & Touche LLP
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