2023 Q1 Form 10-K Financial Statement

#000167007623000019 Filed on February 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $848.0M $906.0M $3.326B
YoY Change 40.17% 48.77% 61.46%
Cost Of Revenue $423.0M $459.0M $1.716B
YoY Change 23.32% 44.79% 55.29%
Gross Profit $425.0M $447.0M $1.610B
YoY Change 62.21% 53.08% 68.59%
Gross Profit Margin 50.12% 49.34% 48.41%
Selling, General & Admin $412.0M $366.0M $1.447B
YoY Change 20.12% 11.93% 17.83%
% of Gross Profit 96.94% 81.88% 89.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.00M $9.000M $45.00M
YoY Change -15.38% -10.0% 18.42%
% of Gross Profit 2.59% 2.01% 2.8%
Operating Expenses $449.0M $400.0M $1.645B
YoY Change 11.14% 5.82% 20.34%
Operating Profit -$25.00M $47.00M -$45.00M
YoY Change -83.66% -154.65% -61.54%
Interest Expense $8.000M $5.000M $0.00
YoY Change -200.0% -100.0%
% of Operating Profit 10.64%
Other Income/Expense, Net $8.000M $0.00
YoY Change -200.0% -100.0%
Pretax Income -$17.00M $50.00M -$45.00M
YoY Change -89.44% -158.14% -68.75%
Income Tax -$4.000M $10.00M -$8.000M
% Of Pretax Income 20.0%
Net Earnings -$13.00M $40.00M -$37.00M
YoY Change -89.26% -175.47% -63.73%
Net Earnings / Revenue -1.53% 4.42% -1.11%
Basic Earnings Per Share -$0.06 -$0.17
Diluted Earnings Per Share -$0.06 $0.18 -$0.17
COMMON SHARES
Basic Shares Outstanding 218.1M shares 217.8M shares 217.6M shares
Diluted Shares Outstanding 218.2M shares 217.6M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $790.0M $761.0M $761.0M
YoY Change 8.67% -17.1% -17.1%
Cash & Equivalents $790.0M $761.0M $761.0M
Short-Term Investments
Other Short-Term Assets $99.00M $114.0M $106.0M
YoY Change 106.25% 185.0% 186.49%
Inventory
Prepaid Expenses $27.00M $20.00M
Receivables $96.00M $90.00M $90.00M
Other Receivables $62.00M $63.00M $63.00M
Total Short-Term Assets $1.042B $1.020B $1.020B
YoY Change 18.95% -1.64% -1.64%
LONG-TERM ASSETS
Property, Plant & Equipment $242.0M $226.0M $2.710B
YoY Change 26.7% 21.51% 3.75%
Goodwill
YoY Change
Intangibles $28.00M $28.00M
YoY Change 0.0% -3.45%
Long-Term Investments
YoY Change
Other Assets $302.0M $265.0M $741.0M
YoY Change 20.32% 33.17% 33.03%
Total Long-Term Assets $3.628B $3.479B $3.479B
YoY Change 11.29% 8.79% 8.79%
TOTAL ASSETS
Total Short-Term Assets $1.042B $1.020B $1.020B
Total Long-Term Assets $3.628B $3.479B $3.479B
Total Assets $4.670B $4.499B $4.499B
YoY Change 12.91% 6.23% 6.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.00M $89.00M $89.00M
YoY Change -15.05% 3.49% 3.49%
Accrued Expenses $619.0M $603.0M $603.0M
YoY Change 9.95% 3.61% 3.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $215.0M $157.0M $157.0M
YoY Change 48.28% 23.62% 23.62%
Total Short-Term Liabilities $1.680B $1.555B $1.555B
YoY Change 16.02% 17.27% 17.27%
LONG-TERM LIABILITIES
Long-Term Debt $212.0M $272.0M $272.0M
YoY Change 2.42% -5.23% -5.23%
Other Long-Term Liabilities $106.0M $97.00M $2.163B
YoY Change 49.3% 61.67% 3.39%
Total Long-Term Liabilities $318.0M $369.0M $2.435B
YoY Change 14.39% 6.34% 2.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.680B $1.555B $1.555B
Total Long-Term Liabilities $318.0M $369.0M $2.435B
Total Liabilities $4.182B $3.990B $3.990B
YoY Change 12.21% 7.69% 7.69%
SHAREHOLDERS EQUITY
Retained Earnings $109.0M $122.0M
YoY Change 186.84% -23.27%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $488.0M $509.0M $509.0M
YoY Change
Total Liabilities & Shareholders Equity $4.670B $4.499B $4.499B
YoY Change 12.91% 6.23% 6.23%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$13.00M $40.00M -$37.00M
YoY Change -89.26% -175.47% -63.73%
Depreciation, Depletion And Amortization $11.00M $9.000M $45.00M
YoY Change -15.38% -10.0% 18.42%
Cash From Operating Activities -$25.00M $94.00M -$78.00M
YoY Change -71.26% -21.67% -136.11%
INVESTING ACTIVITIES
Capital Expenditures $11.00M $10.00M $41.00M
YoY Change -257.14% -242.86% -251.85%
Acquisitions
YoY Change
Other Investing Activities $2.000M -$27.00M $2.000M
YoY Change 100.0% -57.81% -50.0%
Cash From Investing Activities $10.00M -$37.00M -$154.0M
YoY Change -130.3% -47.89% 129.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $38.00M $266.0M
YoY Change -76.97% 174.23%
Cash From Financing Activities $44.00M 30.00M $75.00M
YoY Change -161.97% -55.22% -80.82%
NET CHANGE
Cash From Operating Activities -$25.00M 94.00M -$78.00M
Cash From Investing Activities $10.00M -37.00M -$154.0M
Cash From Financing Activities $44.00M 30.00M $75.00M
Net Change In Cash $29.00M 87.00M -$157.0M
YoY Change -115.18% -25.0% -129.07%
FREE CASH FLOW
Cash From Operating Activities -$25.00M $94.00M -$78.00M
Capital Expenditures $11.00M $10.00M $41.00M
Free Cash Flow -$36.00M $84.00M -$119.0M
YoY Change -55.0% -33.86% -148.97%

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CY2021 fron Increase Decrease In Contract With Customer Liability Air Traffic
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CY2021 us-gaap Increase Decrease In Other Operating Liabilities
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<div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A reclassification of previously reported amounts has been made to conform to the current year’s presentation in the Company’s consolidated statements of cash flows. The reclassification relates to the removal of cash flows for derivative instruments, net within the operating section and the reclassification of those cash outflows into supplies and other current assets within the changes in operating assets and liabilities section of the Company’s consolidated statements of cash flows. This reclassification did not impact previously reported amounts on the Company’s audited consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income (loss), or consolidated statements of stockholders’ equity and there was no impact to the total operating, investing or financing cash flows within the consolidated statements of cash flows.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, certain reclassifications of previously reported amounts have been made to conform to the current year presentation in Note 4. Other Current Assets, Note 13. Other Long-Term Liabilities and within the effective income tax rate table in Note 17. Income Taxes. These reclassifications did not impact previously reported amounts on the Company’s audited consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income (loss), consolidated statements of cash flows or consolidated statements of stockholders’ equity.</span></div>
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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.</span></div>
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CY2022Q4 fron Derivative Premium Option Number Of Future Engine Deliveries
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2022Q4 us-gaap Long Term Debt
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CY2021 fron Aircraft Rent Expense
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CY2020 fron Aircraft Rent Expense
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CY2021Q4 fron Aircraft Lease Returns Liability
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CY2022Q4 fron Aircraft Maintenance Deposits Expected To Be Recoverable
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CY2021Q4 fron Aircraft Maintenance Deposits Expected To Be Recoverable
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CY2021Q4 fron Aircraft Maintenance Deposits Expected To Be Recoverable Eligible Maintenance Performed
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CY2022Q4 fron Deposits On Aircraft Maintenance Noncurrent
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CY2021Q4 fron Deposits On Aircraft Maintenance Noncurrent
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CY2022Q4 fron Lessee Operating Lease Maintenance Reserve Payment Due After Year Five
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CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022 us-gaap Defined Contribution Plan Cost Recognized
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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Files In Submission

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