2024 Q1 Form 10-K Financial Statement

#000155837024001289 Filed on February 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $174.5M $173.9M $666.4M
YoY Change 13.67% 13.09% 3.14%
Cost Of Revenue $99.07M $95.27M $381.4M
YoY Change 8.28% 4.83% -0.42%
Gross Profit $75.42M $78.66M $285.1M
YoY Change 21.61% 25.01% 8.33%
Gross Profit Margin 43.22% 45.22% 42.77%
Selling, General & Admin $24.70M $23.49M $92.76M
YoY Change 9.16% 12.06% 4.28%
% of Gross Profit 32.75% 29.87% 32.54%
Research & Development $29.64M $29.09M $112.9M
YoY Change 7.55% 10.49% 8.97%
% of Gross Profit 39.3% 36.99% 39.59%
Depreciation & Amortization $6.405M $2.123M $24.97M
YoY Change 2.06% -67.56% -2.65%
% of Gross Profit 8.49% 2.7% 8.76%
Operating Expenses $53.37M $54.47M $215.1M
YoY Change 2.23% 9.98% 6.05%
Operating Profit $22.05M $24.18M $69.94M
YoY Change 124.81% 80.58% 15.99%
Interest Expense $2.619M $0.00 $11.77M
YoY Change -8.9% -100.0% 2.26%
% of Operating Profit 11.88% 0.0% 16.83%
Other Income/Expense, Net $0.00 -$97.09M
YoY Change
Pretax Income $22.75M $24.18M -$28.34M
YoY Change 152.67% 104.35% -155.58%
Income Tax $900.0K $2.546M $2.000M
% Of Pretax Income 3.96% 10.53%
Net Earnings $21.85M $21.64M -$30.37M
YoY Change 150.02% -83.22% -118.19%
Net Earnings / Revenue 12.52% 12.44% -4.56%
Basic Earnings Per Share $0.39 -$0.56
Diluted Earnings Per Share $0.37 $0.36 -$0.56
COMMON SHARES
Basic Shares Outstanding 56.37M 56.34M 53.77M
Diluted Shares Outstanding 60.76M 53.77M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $296.9M $305.4M $305.4M
YoY Change 17.4% 1.0% 1.0%
Cash & Equivalents $174.0M $158.8M $158.8M
Short-Term Investments $122.9M $146.7M $146.7M
Other Short-Term Assets $34.88M $35.81M $35.81M
YoY Change 29.92% 89.95% 89.95%
Inventory $243.3M $237.6M $237.6M
Prepaid Expenses
Receivables $106.5M $103.0M $127.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $715.9M $706.3M $706.3M
YoY Change 11.29% 5.59% 5.59%
LONG-TERM ASSETS
Property, Plant & Equipment $115.3M $118.5M $142.8M
YoY Change 1.83% 10.42% 6.79%
Goodwill $215.0M $215.0M
YoY Change 0.0% 18.15%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.075M $3.117M $121.0M
YoY Change -5.15% -7.09% 1.1%
Total Long-Term Assets $517.8M $522.8M $522.8M
YoY Change -1.18% 13.82% 13.82%
TOTAL ASSETS
Total Short-Term Assets $715.9M $706.3M $706.3M
Total Long-Term Assets $517.8M $522.8M $522.8M
Total Assets $1.234B $1.229B $1.229B
YoY Change 5.69% 8.94% 8.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.01M $42.38M $42.38M
YoY Change -12.85% -18.57% -18.57%
Accrued Expenses $59.26M $57.62M $57.62M
YoY Change -14.72% 2.84% 2.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $26.43M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $234.4M $218.0M $218.0M
YoY Change -12.28% -15.46% -15.46%
LONG-TERM LIABILITIES
Long-Term Debt $248.8M $274.9M $274.9M
YoY Change -2.32% 8.04% 8.04%
Other Long-Term Liabilities $25.20M $25.50M $57.07M
YoY Change 30.23% 723.11% 55.6%
Total Long-Term Liabilities $274.0M $300.4M $332.0M
YoY Change -0.02% 16.64% 14.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $234.4M $218.0M $218.0M
Total Long-Term Liabilities $274.0M $300.4M $332.0M
Total Liabilities $545.8M $556.6M $556.6M
YoY Change -6.17% 1.13% 1.13%
SHAREHOLDERS EQUITY
Retained Earnings -$510.3M -$532.2M
YoY Change 3.5% 6.05%
Common Stock $1.197B $1.203B
YoY Change 11.1% 11.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $687.9M $672.4M $672.4M
YoY Change
Total Liabilities & Shareholders Equity $1.234B $1.229B $1.229B
YoY Change 5.69% 8.94% 8.94%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $21.85M $21.64M -$30.37M
YoY Change 150.02% -83.22% -118.19%
Depreciation, Depletion And Amortization $6.405M $2.123M $24.97M
YoY Change 2.06% -67.56% -2.65%
Cash From Operating Activities $9.361M $29.47M $61.67M
YoY Change -32.74% -10.98% -43.15%
INVESTING ACTIVITIES
Capital Expenditures $5.990M $10.73M $27.93M
YoY Change -13.76% 278.75% 13.52%
Acquisitions $30.37M
YoY Change
Other Investing Activities $26.72M -$15.50M -$25.40M
YoY Change 332.0% -65.47% -42.63%
Cash From Investing Activities $20.73M -$26.13M -$53.33M
YoY Change -2819.82% -45.24% -22.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.84M -1.080M -4.680M
YoY Change -45.92% -400.84% 2.86%
NET CHANGE
Cash From Operating Activities 9.361M 29.47M 61.67M
Cash From Investing Activities 20.73M -26.13M -53.33M
Cash From Financing Activities -14.84M -1.080M -4.680M
Net Change In Cash 15.20M 2.264M 3.648M
YoY Change -206.51% -115.89% -89.58%
FREE CASH FLOW
Cash From Operating Activities $9.361M $29.47M $61.67M
Capital Expenditures $5.990M $10.73M $27.93M
Free Cash Flow $3.371M $18.74M $33.74M
YoY Change -51.65% -38.09% -59.77%

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CY2023 us-gaap Fiscal Period
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">(b) Basis of Presentation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;">The accompanying audited Consolidated Financial Statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). The Company reports interim quarters on a </span><span style="font-size:10pt;">13</span><span style="font-size:10pt;">-week basis ending on the last Sunday of each period, which is determined at the start of each year. The Company’s fourth quarter always ends on the last day of the calendar year, December 31. During 2023 the interim quarters ended on April 2, July 2, and October 1, and during 2022 the interim quarters ended on April 3, July 3, and October 2. The Company reports these interim quarters as March 31, June 30, and September 30 in its interim consolidated financial statements.</span></p>
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">(l) Concentration of Credit Risk</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivative financial instruments used in hedging activities, and accounts receivable. The Company invests in a variety of financial instruments and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. Historically, the Company has not experienced any material credit losses on its investments. </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Company maintains an allowance reserve for potentially uncollectible accounts for estimated losses resulting from the inability of its customers to make required payments. The Company evaluates its allowance for doubtful accounts based on a combination of factors. In circumstances where specific invoices are deemed to be uncollectible, the Company provides a specific allowance for bad debt against the amount due to reduce the net recognized receivable to the amount reasonably expected to be collected. The Company also provides allowances based on its write-off history. Finally, the Company also considers its current expectations of future economic conditions, when estimating its allowance for doubtful accounts. The allowance for doubtful accounts totaled $1.0 million and $0.7 million at December 31, 2023 and 2022 respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;">To further mitigate the Company’s exposure to uncollectable accounts, the Company may request certain customers provide a negotiable irrevocable letter of credit drawn on a reputable financial institution. These irrevocable letters of credit are typically issued to mature between </span><span style="-sec-ix-hidden:Hidden_ttKVebP52EeprmeDh-Pcgw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">zero</span></span><span style="font-size:10pt;"> and </span><span style="font-size:10pt;">90 days</span><span style="font-size:10pt;"> from the date the documentation requirements are met, typically when a system ships or upon receipt of final acceptance from the customer. The Company, at its discretion, may monetize these letters of credit on a non-recourse basis after they become negotiable but before maturity. The fees associated with the monetization are included in “Selling, general, and administrative” in the Consolidated Statements of Operations and were immaterial for the years ended December 31, 2023, 2022, and 2021.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p>
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