2023 Q1 Form 10-K Financial Statement

#000089975123000009 Filed on February 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $548.6M $509.8M $2.169B
YoY Change -1.32% 4.53% 21.86%
Cost Of Revenue $453.1M $435.6M $1.809B
YoY Change -3.45% 1.83% 17.24%
Gross Profit $95.56M $74.20M $360.7M
YoY Change 10.18% 23.79% 51.85%
Gross Profit Margin 17.42% 14.56% 16.63%
Selling, General & Admin $34.47M $30.49M $132.8M
YoY Change -4.84% -7.51% 0.77%
% of Gross Profit 36.07% 41.09% 36.81%
Research & Development $3.014M $2.812M $10.40M
YoY Change 3.22% 5.99% 2.93%
% of Gross Profit 3.15% 3.79% 2.88%
Depreciation & Amortization $10.83M $10.46M $42.75M
YoY Change -4.56% -10.15% -10.93%
% of Gross Profit 11.33% 14.1% 11.85%
Operating Expenses $37.49M $33.30M $143.2M
YoY Change -4.24% -6.5% 0.93%
Operating Profit $55.14M $40.90M $205.8M
YoY Change 23.32% 68.15% 141.62%
Interest Expense $6.492M -$14.49M $29.80M
YoY Change -17.9% 191.16% -7.53%
% of Operating Profit 11.77% -35.44% 14.48%
Other Income/Expense, Net $0.00 $645.0K $25.42M
YoY Change -100.0% 214.63% 1118.6%
Pretax Income $47.65M $27.01M $73.36M
YoY Change 43.26% 38.44% -1351.47%
Income Tax $14.20M -$15.96M $23.17M
% Of Pretax Income 29.8% -59.09% 31.58%
Net Earnings $31.84M $42.04M $176.3M
YoY Change 33.09% 52.33% 255.55%
Net Earnings / Revenue 5.8% 8.25% 8.13%
Basic Earnings Per Share $0.51 $2.80
Diluted Earnings Per Share $0.50 $0.66 $2.77
COMMON SHARES
Basic Shares Outstanding 62.87M shares 62.84M shares 63.04M shares
Diluted Shares Outstanding 63.62M shares 63.69M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $164.1M $159.6M $159.6M
YoY Change 67.22% 62.65% 62.65%
Cash & Equivalents $164.1M $159.6M $159.6M
Short-Term Investments
Other Short-Term Assets $91.40M $1.289M $46.89M
YoY Change 14.66% -61.51% 9.22%
Inventory $389.0M $397.2M $397.2M
Prepaid Expenses $22.55M
Receivables $326.0M $266.8M $266.8M
Other Receivables $0.00 $0.00 $39.18M
Total Short-Term Assets $970.5M $909.6M $909.6M
YoY Change 6.47% 11.84% 11.84%
LONG-TERM ASSETS
Property, Plant & Equipment $300.4M $296.6M $305.5M
YoY Change 0.72% -1.5% -5.13%
Goodwill
YoY Change
Intangibles $1.610M
YoY Change 7.48%
Long-Term Investments $6.900M
YoY Change
Other Assets $66.09M $67.86M $66.25M
YoY Change 10.98% 122.5% 49.43%
Total Long-Term Assets $374.3M $375.0M $375.0M
YoY Change 4.61% 449.28% 1.52%
TOTAL ASSETS
Total Short-Term Assets $970.5M $909.6M $909.6M
Total Long-Term Assets $374.3M $375.0M $375.0M
Total Assets $1.345B $1.285B $1.285B
YoY Change 5.95% 8.62% 8.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $276.1M $263.4M $263.4M
YoY Change -8.7% -5.29% -5.29%
Accrued Expenses $3.131M $3.850M $88.87M
YoY Change -36.98% -37.7% -3.0%
Deferred Revenue $9.000M $16.28M
YoY Change 74.84%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $26.29M $33.42M $33.42M
YoY Change -34.82% -4.2% -4.2%
Total Short-Term Liabilities $467.9M $446.2M $446.2M
YoY Change -4.89% -1.03% -1.03%
LONG-TERM LIABILITIES
Long-Term Debt $416.3M $418.2M $418.2M
YoY Change -14.73% -8.35% -8.35%
Other Long-Term Liabilities $36.93M $37.15M $33.70M
YoY Change -14.04% -23.05% -24.08%
Total Long-Term Liabilities $36.93M $37.15M $451.9M
YoY Change -14.04% -23.05% -9.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $467.9M $446.2M $446.2M
Total Long-Term Liabilities $36.93M $37.15M $451.9M
Total Liabilities $921.6M $901.5M $903.4M
YoY Change -9.96% -5.65% -5.24%
SHAREHOLDERS EQUITY
Retained Earnings $122.7M $90.86M
YoY Change -299.46% -206.35%
Common Stock $564.5M $565.5M
YoY Change 0.47% 0.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.53M $23.42M
YoY Change -9.09% 1989.03%
Treasury Stock Shares 3.681M shares
Shareholders Equity $420.8M $381.2M $381.2M
YoY Change
Total Liabilities & Shareholders Equity $1.345B $1.285B $1.285B
YoY Change 5.95% 8.62% 8.62%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $31.84M $42.04M $176.3M
YoY Change 33.09% 52.33% 255.55%
Depreciation, Depletion And Amortization $10.83M $10.46M $42.75M
YoY Change -4.56% -10.15% -10.93%
Cash From Operating Activities $24.09M $58.44M $160.7M
YoY Change -230.08% 348.97% 1398.02%
INVESTING ACTIVITIES
Capital Expenditures $11.70M $14.22M $46.97M
YoY Change 53.18% -197.71% 21.06%
Acquisitions
YoY Change
Other Investing Activities $258.0K $250.0K -$930.0K
YoY Change -97.43% 290.62% -22.69%
Cash From Investing Activities -$11.44M -$13.97M -$36.75M
YoY Change -574.3% -3.58% -2.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$10.45M -3.769M -$61.31M
YoY Change -189.17% -156.5% -539.62%
NET CHANGE
Cash From Operating Activities $24.09M 58.44M $160.7M
Cash From Investing Activities -$11.44M -13.97M -$36.75M
Cash From Financing Activities -$10.45M -3.769M -$61.31M
Net Change In Cash $4.539M 40.70M $61.47M
YoY Change 12508.33% 682.84% -575.51%
FREE CASH FLOW
Cash From Operating Activities $24.09M $58.44M $160.7M
Capital Expenditures $11.70M $14.22M $46.97M
Free Cash Flow $12.39M $44.22M $113.7M
YoY Change -147.37% 60.4% -504.99%

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CY2021 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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CY2020 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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CY2022 us-gaap Use Of Estimates
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Use of estimatesThe policies utilized by the Company in the preparation of the financial statements conform to United States generally accepted accounting principles (US GAAP or GAAP) and require management to make estimates, assumptions, and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual amounts could differ from these estimates and assumptions
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CY2021Q4 us-gaap Deposits Assets Current
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
552992 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.72
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
371960 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
6.32
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
27013 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
9.56
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1205836 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
10.37
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
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1.25 rate
CY2022Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
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8000000 usd
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
6000000 usd
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
7500000 usd
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1300000 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2600000 usd
CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3800000 usd
CY2020 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4013000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
2873000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1846000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
577000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1061000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
237000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
663000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
187000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
44000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
233000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
6349000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
834000 usd
CY2022Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
343000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
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CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
9200000 usd
CY2022 us-gaap Finance Lease Interest Payment On Liability
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200000 usd
CY2022Q4 us-gaap Other Commitment Due In Next Twelve Months
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CY2022 us-gaap Operating Income Loss
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CY2022Q4 us-gaap Other Commitment Due In Second Year
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2032000 usd
CY2022Q4 us-gaap Other Commitment
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CY2022 us-gaap Revenue From Related Parties
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4400000 usd
CY2021 us-gaap Revenue From Related Parties
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2700000 usd
CY2020 us-gaap Revenue From Related Parties
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CY2022Q4 us-gaap Related Party Transaction Due From To Related Party
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CY2021Q4 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
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CY2022 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1800000 usd
CY2021 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2000000 usd
CY2020 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1300000 usd
CY2022 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1100000 usd
CY2021 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1300000 usd
CY2020 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
0 usd
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
85175000 usd
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2022 us-gaap Gains Losses On Extinguishment Of Debt
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CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-16020000 usd
CY2020 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
46974000 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38802000 usd
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21680000 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42747000 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
47991000 usd
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
54655000 usd
CY2022Q4 us-gaap Assets
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1284630000 usd
CY2021Q4 us-gaap Assets
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1182685000 usd
CY2020Q4 us-gaap Assets
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1031884000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2169380000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1780215000 usd
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1259313000 usd
CY2022Q4 us-gaap Noncurrent Assets
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296605000 usd
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
301109000 usd
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
319854000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
176302000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
49586000 usd
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-60388000 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63040000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62100000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60818000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
651000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
585000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63691000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62685000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60818000 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.80
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.99
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.77
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.99
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000 shares

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