2023 Q2 Form 10-Q Financial Statement

#000167007623000053 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $967.0M $848.0M
YoY Change 6.38% 40.17%
Cost Of Revenue $392.0M $423.0M
YoY Change -16.24% 23.32%
Gross Profit $575.0M $425.0M
YoY Change 30.39% 62.21%
Gross Profit Margin 59.46% 50.12%
Selling, General & Admin $431.0M $412.0M
YoY Change 16.17% 20.12%
% of Gross Profit 74.96% 96.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.00M $11.00M
YoY Change -20.0% -15.38%
% of Gross Profit 2.09% 2.59%
Operating Expenses $496.0M $449.0M
YoY Change 16.71% 11.14%
Operating Profit $79.00M -$25.00M
YoY Change 1028.57% -83.66%
Interest Expense $9.000M $8.000M
YoY Change 800.0% -200.0%
% of Operating Profit 11.39%
Other Income/Expense, Net $9.000M $8.000M
YoY Change 800.0% -200.0%
Pretax Income $88.00M -$17.00M
YoY Change 1000.0% -89.44%
Income Tax $17.00M -$4.000M
% Of Pretax Income 19.32%
Net Earnings $71.00M -$13.00M
YoY Change 446.15% -89.26%
Net Earnings / Revenue 7.34% -1.53%
Basic Earnings Per Share $0.32 -$0.06
Diluted Earnings Per Share $0.32 -$0.06
COMMON SHARES
Basic Shares Outstanding 218.5M shares 218.1M shares
Diluted Shares Outstanding 220.4M shares 218.2M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $780.0M $790.0M
YoY Change 1.83% 8.67%
Cash & Equivalents $780.0M $790.0M
Short-Term Investments
Other Short-Term Assets $73.00M $99.00M
YoY Change 2.82% 106.25%
Inventory
Prepaid Expenses $23.00M $27.00M
Receivables $91.00M $96.00M
Other Receivables $65.00M $62.00M
Total Short-Term Assets $1.009B $1.042B
YoY Change 5.77% 18.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.898B $242.0M
YoY Change 1386.15% 26.7%
Goodwill
YoY Change
Intangibles $28.00M $28.00M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $773.0M $302.0M
YoY Change 187.36% 20.32%
Total Long-Term Assets $3.699B $3.628B
YoY Change 12.4% 11.29%
TOTAL ASSETS
Total Short-Term Assets $1.009B $1.042B
Total Long-Term Assets $3.699B $3.628B
Total Assets $4.708B $4.670B
YoY Change 10.91% 12.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $91.00M $79.00M
YoY Change -10.78% -15.05%
Accrued Expenses $628.0M $619.0M
YoY Change 7.17% 9.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $237.0M $215.0M
YoY Change 47.2% 48.28%
Total Short-Term Liabilities $1.645B $1.680B
YoY Change 6.13% 16.02%
LONG-TERM LIABILITIES
Long-Term Debt $193.0M $212.0M
YoY Change -8.96% 2.42%
Other Long-Term Liabilities $2.304B $106.0M
YoY Change 3805.08% 49.3%
Total Long-Term Liabilities $2.497B $318.0M
YoY Change 821.4% 14.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.645B $1.680B
Total Long-Term Liabilities $2.497B $318.0M
Total Liabilities $4.142B $4.182B
YoY Change 8.46% 12.21%
SHAREHOLDERS EQUITY
Retained Earnings $180.0M $109.0M
YoY Change 252.94% 186.84%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $566.0M $488.0M
YoY Change
Total Liabilities & Shareholders Equity $4.708B $4.670B
YoY Change 10.91% 12.91%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $71.00M -$13.00M
YoY Change 446.15% -89.26%
Depreciation, Depletion And Amortization $12.00M $11.00M
YoY Change -20.0% -15.38%
Cash From Operating Activities -$9.000M -$25.00M
YoY Change -145.0% -71.26%
INVESTING ACTIVITIES
Capital Expenditures $12.00M $11.00M
YoY Change -271.43% -257.14%
Acquisitions
YoY Change
Other Investing Activities -$31.00M $2.000M
YoY Change 82.35% 100.0%
Cash From Investing Activities -$43.00M $10.00M
YoY Change 79.17% -130.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $38.00M
YoY Change -76.97%
Cash From Financing Activities 42.00M $44.00M
YoY Change -2.33% -161.97%
NET CHANGE
Cash From Operating Activities -9.000M -$25.00M
Cash From Investing Activities -43.00M $10.00M
Cash From Financing Activities 42.00M $44.00M
Net Change In Cash -10.00M $29.00M
YoY Change -125.64% -115.18%
FREE CASH FLOW
Cash From Operating Activities -$9.000M -$25.00M
Capital Expenditures $12.00M $11.00M
Free Cash Flow -$21.00M -$36.00M
YoY Change -177.78% -55.0%

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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>
CY2023Q1 fron Contract With Customer Liability Air Traffic
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CY2023Q1 fron Leased Aircraft Return Liability Current
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CY2023Q1 fron Long Term Debt Maturity After Year Four
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CY2023Q1 us-gaap Long Term Debt
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CY2022Q1 us-gaap Interest Paid
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2023Q1 fron Aircraft Rent Expense Benefit
AircraftRentExpenseBenefit
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CY2022Q1 fron Aircraft Rent Expense Benefit
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CY2022Q1 fron Supplemental Rent Expense Benefit Non Recoverable
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CY2023Q1 fron Supplemental Rent Expense Lease Return Obligations
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CY2022Q1 fron Supplemental Rent Expense Lease Return Obligations
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CY2023Q1 fron Aircraft Lease Returns Liability
AircraftLeaseReturnsLiability
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CY2022Q4 fron Aircraft Lease Returns Liability
AircraftLeaseReturnsLiability
102000000 usd
CY2023Q1 fron Aircraft Maintenance Deposits Expected To Be Recoverable
AircraftMaintenanceDepositsExpectedToBeRecoverable
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CY2022Q4 fron Aircraft Maintenance Deposits Expected To Be Recoverable
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CY2023Q1 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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105000000 usd
CY2023Q1 fron Lessee Operating Lease Maintenance Reserve Payment Remainder Of Fiscal Year
LesseeOperatingLeaseMaintenanceReservePaymentRemainderOfFiscalYear
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CY2023Q1 fron Lessee Operating Lease Maintenance Reserve Payment Year One
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LesseeOperatingLeaseMaintenanceReservePaymentYearFour
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CY2023Q1 fron Lessee Operating Lease Maintenance Reserve Payment Due After Year Four
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CY2023Q1 fron Number Of Airports
NumberOfAirports
100 airport
CY2023Q1 us-gaap Increase Decrease In Deferred Leasing Fees
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1000000 usd
CY2022Q1 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
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CY2023Q1 us-gaap Operating Lease Cost
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127000000 usd
CY2022Q1 us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Variable Lease Cost
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74000000 usd
CY2022Q1 us-gaap Variable Lease Cost
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CY2023Q1 us-gaap Lease Cost
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201000000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
172000000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
127000000 usd
CY2022Q1 us-gaap Operating Lease Payments
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117000000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q1 us-gaap Common Stock Shares Authorized
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750000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
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750000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
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CY2022Q4 us-gaap Preferred Stock Shares Authorized
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CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
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CY2023Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
1974000000 usd
CY2023Q1 us-gaap Purchase Obligation Due In Second Year
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1767000000 usd
CY2023Q1 us-gaap Purchase Obligation Due In Third Year
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2358000000 usd
CY2023Q1 us-gaap Purchase Obligation Due In Fourth Year
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2448000000 usd
CY2023Q1 fron Purchase Obligation To Be Paid After Year Four
PurchaseObligationToBePaidAfterYearFour
3759000000 usd
CY2023Q1 fron Multiemployer Plan Number Of Employee Groups
MultiemployerPlanNumberOfEmployeeGroups
7 employeegroup
CY2023Q1 us-gaap Multiemployer Plan Pension Significant Employees Covered By Collective Bargaining Arrangement To All Entitys Employees Percentage
MultiemployerPlanPensionSignificantEmployeesCoveredByCollectiveBargainingArrangementToAllEntitysEmployeesPercentage
0.87
CY2022Q4 us-gaap Self Insurance Reserve
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CY2023Q1 us-gaap Self Insurance Reserve
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CY2023Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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217264414 shares
CY2023Q1 us-gaap Earnings Per Share Basic
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-0.06
CY2022Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Net Income Loss
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-13000000 usd
CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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0 usd
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-121000000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
218181386 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
217264414 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
218181386 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
217264414 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
CY2022Q1 us-gaap Restricted Cash
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1000000 usd
CY2023Q1 us-gaap Restricted Cash
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CY2022Q1 us-gaap Business Combination Acquisition Related Costs
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11000000 usd

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