2023 Q1 Form 10-K Financial Statement

#000111133523000009 Filed on February 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $967.0M $1.064B $3.756B
YoY Change 18.22% 35.37% 35.45%
Cost Of Revenue $857.0M $950.0M $3.388B
YoY Change 15.5% 38.28% 34.5%
Gross Profit $110.0M $114.0M $368.0M
YoY Change 44.74% 15.15% 44.88%
Gross Profit Margin 11.38% 10.71% 9.8%
Selling, General & Admin $52.00M $54.00M $188.0M
YoY Change 18.18% 22.73% 7.43%
% of Gross Profit 47.27% 47.37% 51.09%
Research & Development $196.0M
YoY Change 2.62%
% of Gross Profit 53.26%
Depreciation & Amortization $29.00M $29.00M $108.0M
YoY Change 7.41% 11.54% 0.0%
% of Gross Profit 26.36% 25.44% 29.35%
Operating Expenses $52.00M $49.00M $384.0M
YoY Change 18.18% 25.64% 4.92%
Operating Profit $58.00M $65.00M -$16.00M
YoY Change 81.25% 8.33% -85.71%
Interest Expense $5.000M -$7.000M $14.00M
YoY Change 66.67% -450.0% 40.0%
% of Operating Profit 8.62% -10.77%
Other Income/Expense, Net $3.000M
YoY Change -40.0%
Pretax Income $52.00M $56.00M $175.0M
YoY Change 67.74% 21.74% 116.05%
Income Tax $14.00M $21.00M $45.00M
% Of Pretax Income 26.92% 37.5% 25.71%
Net Earnings $34.00M $34.00M $124.0M
YoY Change 54.55% 9.68% 202.44%
Net Earnings / Revenue 3.52% 3.2% 3.3%
Basic Earnings Per Share $1.21 $4.41
Diluted Earnings Per Share $1.18 $1.19 $4.35
COMMON SHARES
Basic Shares Outstanding 28.19M shares 28.14M shares 28.10M shares
Diluted Shares Outstanding 28.70M shares 28.50M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $484.0M $520.0M $520.0M
YoY Change 20.4% 15.04% 15.04%
Cash & Equivalents $484.0M $520.0M $520.0M
Short-Term Investments
Other Short-Term Assets $124.0M $167.0M $60.00M
YoY Change -29.55% 5.7% -14.29%
Inventory $358.0M $348.0M $348.0M
Prepaid Expenses $25.00M $18.00M
Receivables $695.0M $672.0M $672.0M
Other Receivables $60.00M $110.0M $110.0M
Total Short-Term Assets $1.664B $1.710B $1.710B
YoY Change 14.68% 20.08% 20.08%
LONG-TERM ASSETS
Property, Plant & Equipment $365.0M $364.0M $488.0M
YoY Change -2.41% -6.19% -7.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $44.00M $49.00M $49.00M
YoY Change -24.14% -9.26% -9.26%
Other Assets $110.0M $104.0M $68.00M
YoY Change -0.9% -6.31% 0.0%
Total Long-Term Assets $741.0M $740.0M $740.0M
YoY Change -6.44% -8.64% -8.64%
TOTAL ASSETS
Total Short-Term Assets $1.664B $1.710B $1.710B
Total Long-Term Assets $741.0M $740.0M $740.0M
Total Assets $2.405B $2.450B $2.450B
YoY Change 7.22% 9.67% 9.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $605.0M $657.0M $657.0M
YoY Change 12.24% 25.86% 25.86%
Accrued Expenses $140.0M $154.0M $154.0M
YoY Change 21.74% 14.93% 14.93%
Deferred Revenue
YoY Change
Short-Term Debt $3.000M $13.00M $13.00M
YoY Change 225.0% 225.0%
Long-Term Debt Due $18.00M
YoY Change
Total Short-Term Liabilities $964.0M $1.035B $1.035B
YoY Change 13.55% 21.48% 21.48%
LONG-TERM LIABILITIES
Long-Term Debt $331.0M $336.0M $336.0M
YoY Change -5.16% -3.72% -3.72%
Other Long-Term Liabilities $64.00M $64.00M $278.0M
YoY Change -13.51% -14.67% -28.72%
Total Long-Term Liabilities $395.0M $400.0M $614.0M
YoY Change -6.62% -5.66% -16.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $964.0M $1.035B $1.035B
Total Long-Term Liabilities $395.0M $400.0M $614.0M
Total Liabilities $1.359B $1.435B $1.775B
YoY Change 6.84% 12.46% 3.32%
SHAREHOLDERS EQUITY
Retained Earnings $1.822B $1.788B
YoY Change 8.07% 7.45%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.240B $2.253B
YoY Change -0.88% -0.71%
Treasury Stock Shares 26.83M shares
Shareholders Equity $720.0M $675.0M $675.0M
YoY Change
Total Liabilities & Shareholders Equity $2.405B $2.450B $2.450B
YoY Change 7.22% 9.67% 9.67%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $34.00M $34.00M $124.0M
YoY Change 54.55% 9.68% 202.44%
Depreciation, Depletion And Amortization $29.00M $29.00M $108.0M
YoY Change 7.41% 11.54% 0.0%
Cash From Operating Activities -$19.00M $165.0M $167.0M
YoY Change -9.52% 135.71% 187.93%
INVESTING ACTIVITIES
Capital Expenditures $21.00M $27.00M $81.00M
YoY Change -200.0% -268.75% -215.71%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $3.000M $0.00
YoY Change 0.0% 0.0% -100.0%
Cash From Investing Activities -$20.00M -$24.00M -$68.00M
YoY Change -4.76% 84.62% 7.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $350.0M
YoY Change
Cash From Financing Activities -$5.000M -2.000M -$9.000M
YoY Change 25.0% -33.33% -68.97%
NET CHANGE
Cash From Operating Activities -$19.00M 165.0M $167.0M
Cash From Investing Activities -$20.00M -24.00M -$68.00M
Cash From Financing Activities -$5.000M -2.000M -$9.000M
Net Change In Cash -$36.00M 139.0M $68.00M
YoY Change -28.0% 157.41% -251.11%
FREE CASH FLOW
Cash From Operating Activities -$19.00M $165.0M $167.0M
Capital Expenditures $21.00M $27.00M $81.00M
Free Cash Flow -$40.00M $138.0M $86.00M
YoY Change 60.47% -32.81%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates:</span><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 U.S. GAAP requires management to make estimates and assumptions that affect amounts reported herein. Considerable judgment is involved in making these determinations and the use of different estimates or assumptions could result in significantly different results. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those reported herein. Events and changes in circumstances arising after December 31, 2022, including those resulting from the impacts of COVID-19 and related subsequent semiconductor supply shortage, as further described in Note 18, "Commitments and Contingencies", will be reflected in management's estimates for future periods.</span>
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