2022 Q3 Form 10-Q Financial Statement

#000167007622000046 Filed on July 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $906.0M $909.0M $605.0M
YoY Change 43.81% 65.27% 123.25%
Cost Of Revenue $446.0M $468.0M $343.0M
YoY Change 51.7% 72.06% 54.5%
Gross Profit $460.0M $441.0M $262.0M
YoY Change 36.9% 58.63% 434.69%
Gross Profit Margin 50.77% 48.51% 43.31%
Selling, General & Admin $367.0M $371.0M $343.0M
YoY Change 10.88% 16.67% 36.11%
% of Gross Profit 79.78% 84.13% 130.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.000M $15.00M $13.00M
YoY Change -20.0% 50.0% 62.5%
% of Gross Profit 1.74% 3.4% 4.96%
Operating Expenses $416.0M $425.0M $404.0M
YoY Change 13.97% 22.48% 186.52%
Operating Profit $56.00M $7.000M -$153.0M
YoY Change 30.23% -61.11% 66.3%
Interest Expense $2.000M $1.000M -$8.000M
YoY Change -200.0% -125.0% -61.9%
% of Operating Profit 3.57% 14.29%
Other Income/Expense, Net $2.000M $1.000M -$8.000M
YoY Change -200.0% -125.0% -61.9%
Pretax Income $58.00M $8.000M -$161.0M
YoY Change 41.46% -42.86% 42.48%
Income Tax $27.00M -$5.000M -$40.00M
% Of Pretax Income 46.55% -62.5%
Net Earnings $31.00M $13.00M -$121.0M
YoY Change 34.78% -31.58% 32.97%
Net Earnings / Revenue 3.42% 1.43% -20.0%
Basic Earnings Per Share $0.13 $0.06 -$0.56
Diluted Earnings Per Share $0.13 $0.06 -$0.56
COMMON SHARES
Basic Shares Outstanding 217.7M shares 217.6M shares 217.3M shares
Diluted Shares Outstanding 219.9M shares 218.9M shares 217.3M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $674.0M $766.0M $727.0M
YoY Change -15.96% -18.16% 69.46%
Cash & Equivalents $674.0M $766.0M $727.0M
Short-Term Investments
Other Short-Term Assets $99.00M $71.00M $48.00M
YoY Change -53.3% -68.02% -78.48%
Inventory
Prepaid Expenses $25.00M $22.00M $23.00M
Receivables $65.00M $63.00M $60.00M
Other Receivables $62.00M $57.00M $44.00M
Total Short-Term Assets $892.0M $954.0M $876.0M
YoY Change -18.32% -22.19% 21.67%
LONG-TERM ASSETS
Property, Plant & Equipment $213.0M $195.0M $191.0M
YoY Change 13.9% 8.94% 7.91%
Goodwill
YoY Change
Intangibles $28.00M $28.00M $28.00M
YoY Change -3.45% -3.45% -3.45%
Long-Term Investments
YoY Change
Other Assets $258.0M $269.0M $251.0M
YoY Change 56.36% 53.71% 53.05%
Total Long-Term Assets $3.354B $3.291B $3.260B
YoY Change 6.14% 7.48% 10.14%
TOTAL ASSETS
Total Short-Term Assets $892.0M $954.0M $876.0M
Total Long-Term Assets $3.354B $3.291B $3.260B
Total Assets $4.246B $4.245B $4.136B
YoY Change -0.14% -1.0% 12.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.00M $102.0M $93.00M
YoY Change -13.33% 39.73% 17.72%
Accrued Expenses $576.0M $586.0M $563.0M
YoY Change 7.87% 9.33% 10.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $193.0M $161.0M $145.0M
YoY Change 127.06% 82.95% 31.82%
Total Short-Term Liabilities $1.452B $1.550B $1.448B
YoY Change 17.29% 11.43% 18.4%
LONG-TERM LIABILITIES
Long-Term Debt $228.0M $212.0M $207.0M
YoY Change -18.57% -22.91% -14.46%
Other Long-Term Liabilities $92.00M $59.00M $71.00M
YoY Change 48.39% -4.84% 9.23%
Total Long-Term Liabilities $320.0M $271.0M $278.0M
YoY Change -6.43% -19.58% -9.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.452B $1.550B $1.448B
Total Long-Term Liabilities $320.0M $271.0M $278.0M
Total Liabilities $3.778B $3.819B $3.727B
YoY Change 2.77% 2.17% 7.69%
SHAREHOLDERS EQUITY
Retained Earnings $82.00M $51.00M $38.00M
YoY Change -61.32% -73.02% -77.65%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $468.0M $426.0M $409.0M
YoY Change
Total Liabilities & Shareholders Equity $4.246B $4.245B $4.136B
YoY Change -0.14% -1.0% 12.39%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $31.00M $13.00M -$121.0M
YoY Change 34.78% -31.58% 32.97%
Depreciation, Depletion And Amortization $8.000M $15.00M $13.00M
YoY Change -20.0% 50.0% 62.5%
Cash From Operating Activities -$105.0M $20.00M -$87.00M
YoY Change -28.08% -90.57% -390.0%
INVESTING ACTIVITIES
Capital Expenditures -$17.00M -$7.000M -$7.000M
YoY Change 112.5% -22.22% 133.33%
Acquisitions
YoY Change
Other Investing Activities -$43.00M -$17.00M $1.000M
YoY Change -2250.0% -241.67% -50.0%
Cash From Investing Activities -$60.00M -$24.00M -$33.00M
YoY Change 900.0% -900.0% -571.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $165.0M
YoY Change 650.0%
Cash From Financing Activities 73.00M 43.00M -$71.00M
YoY Change 305.56% -85.27% -607.14%
NET CHANGE
Cash From Operating Activities -105.0M 20.00M -$87.00M
Cash From Investing Activities -60.00M -24.00M -$33.00M
Cash From Financing Activities 73.00M 43.00M -$71.00M
Net Change In Cash -92.00M 39.00M -$191.0M
YoY Change -31.34% -92.31% -474.51%
FREE CASH FLOW
Cash From Operating Activities -$105.0M $20.00M -$87.00M
Capital Expenditures -$17.00M -$7.000M -$7.000M
Free Cash Flow -$88.00M $27.00M -$80.00M
YoY Change -36.23% -87.78% -342.42%

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CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
19000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-108000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-72000000 usd
CY2022Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
509000000 usd
CY2022Q2 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
1227000000 usd
CY2022Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
1453000000 usd
CY2022Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
1770000000 usd
CY2022Q2 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
2363000000 usd
CY2022Q2 fron Purchase Obligation To Be Paid After Year Four
PurchaseObligationToBePaidAfterYearFour
6219000000 usd
CY2022Q2 fron Multiemployer Plan Number Of Employee Groups
MultiemployerPlanNumberOfEmployeeGroups
7 employee_group
us-gaap Multiemployer Plan Pension Significant Employees Covered By Collective Bargaining Arrangement To All Entitys Employees Percentage
MultiemployerPlanPensionSignificantEmployeesCoveredByCollectiveBargainingArrangementToAllEntitysEmployeesPercentage
0.87
CY2022Q2 us-gaap Self Insurance Reserve
SelfInsuranceReserve
5000000 usd
CY2021Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
5000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
13000000 usd
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
214337723 shares
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
CY2021Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1000000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13000000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
18000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-108000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-72000000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
217602480 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
217438904 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
206951248 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
13000000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
19000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-108000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-72000000 usd
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 usd
CY2021Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
1000000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
13000000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
18000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-108000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-72000000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
217602480 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
214337723 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
217438904 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
206951248 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1334065 shares
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1548787 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
218936545 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
215886510 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
217438904 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
206951248 shares
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2284417 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2010070 shares

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