2024 Q1 Form 10-K Financial Statement

#000155837024002728 Filed on March 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $530.6M $453.0M $1.922B
YoY Change 7.69% 12.52% -13.53%
Cost Of Revenue $444.3M $388.0M $1.677B
YoY Change 1.3% 10.86% -3.21%
Gross Profit $86.30M $65.00M $245.2M
YoY Change 59.52% 23.57% -50.0%
Gross Profit Margin 16.26% 14.35% 12.76%
Selling, General & Admin $68.60M $71.10M $277.4M
YoY Change -0.29% 7.89% -8.75%
% of Gross Profit 79.49% 109.38% 113.13%
Research & Development $18.00M
YoY Change 12.5%
% of Gross Profit 7.34%
Depreciation & Amortization $12.50M $13.40M $54.10M
YoY Change -12.59% -5.63% -7.52%
% of Gross Profit 14.48% 20.62% 22.06%
Operating Expenses $68.60M $71.10M $295.4M
YoY Change -0.29% 7.89% -7.69%
Operating Profit $31.50M -$6.100M $34.20M
YoY Change 1160.0% -54.14% -85.71%
Interest Expense $11.30M -$3.300M $28.30M
YoY Change 61.43% -57.69% 1.43%
% of Operating Profit 35.87% 82.75%
Other Income/Expense, Net $700.0K $18.40M $2.700M
YoY Change -36.36% 736.36% -10.0%
Pretax Income $18.00M $6.900M -$19.50M
YoY Change -283.67% -136.7% -111.48%
Income Tax $4.400M -$3.800M -$22.40M
% Of Pretax Income 24.44% -55.07%
Net Earnings $7.800M $3.900M -$12.10M
YoY Change -259.18% -141.49% -113.41%
Net Earnings / Revenue 1.47% 0.86% -0.63%
Basic Earnings Per Share $0.27 -$0.42
Diluted Earnings Per Share $0.27 $0.14 -$0.42
COMMON SHARES
Basic Shares Outstanding 28.29M 28.29M 28.50M
Diluted Shares Outstanding 28.50M 28.50M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $372.7M $463.1M $463.1M
YoY Change -6.61% -16.35% -16.35%
Cash & Equivalents $341.0M $407.0M $407.0M
Short-Term Investments $31.70M $56.10M $56.10M
Other Short-Term Assets $74.90M $75.80M $75.80M
YoY Change -27.0% -33.04% -33.04%
Inventory $504.1M $596.1M $596.1M
Prepaid Expenses
Receivables $344.1M $287.7M $287.7M
Other Receivables $32.70M $17.50M $52.70M
Total Short-Term Assets $1.329B $1.475B $1.475B
YoY Change -9.89% -7.18% -7.18%
LONG-TERM ASSETS
Property, Plant & Equipment $494.4M $517.3M $559.4M
YoY Change -6.36% -1.24% -2.71%
Goodwill $379.7M $379.7M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $114.2M $115.8M $115.8M
YoY Change -0.87% 1.49% 1.49%
Other Assets $175.9M $173.7M $124.2M
YoY Change -1.35% -2.85% 11.59%
Total Long-Term Assets $1.230B $1.262B $1.262B
YoY Change -1.09% 1.24% 1.24%
TOTAL ASSETS
Total Short-Term Assets $1.329B $1.475B $1.475B
Total Long-Term Assets $1.230B $1.262B $1.262B
Total Assets $2.559B $2.737B $2.737B
YoY Change -5.86% -3.48% -3.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $151.4M $228.5M $258.6M
YoY Change -3.32% 14.59% 16.33%
Accrued Expenses $114.2M $220.3M $143.3M
YoY Change 4.77% -9.56% -0.97%
Deferred Revenue $69.10M $88.80M
YoY Change -30.97% -19.78%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $700.0K $700.0K $700.0K
YoY Change -56.25% -61.11% -61.11%
Total Short-Term Liabilities $385.2M $507.1M $507.1M
YoY Change -2.97% 2.9% 2.9%
LONG-TERM LIABILITIES
Long-Term Debt $511.2M $545.8M $545.8M
YoY Change -8.7% -2.13% -2.13%
Other Long-Term Liabilities $125.9M $111.4M $390.8M
YoY Change -15.56% -13.64% -5.74%
Total Long-Term Liabilities $923.8M $968.4M $936.6M
YoY Change -10.51% -6.53% -3.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $385.2M $507.1M $507.1M
Total Long-Term Liabilities $923.8M $968.4M $936.6M
Total Liabilities $1.309B $1.476B $1.801B
YoY Change -8.42% -3.49% -4.04%
SHAREHOLDERS EQUITY
Retained Earnings $466.6M $461.1M
YoY Change -1.79% -4.4%
Common Stock $300.0K $300.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $49.60M $49.60M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $928.2M $935.8M $935.8M
YoY Change
Total Liabilities & Shareholders Equity $2.559B $2.737B $2.737B
YoY Change -5.86% -3.48% -3.48%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $7.800M $3.900M -$12.10M
YoY Change -259.18% -141.49% -113.41%
Depreciation, Depletion And Amortization $12.50M $13.40M $54.10M
YoY Change -12.59% -5.63% -7.52%
Cash From Operating Activities -$48.80M $64.10M $3.900M
YoY Change -61.51% 815.71% -88.83%
INVESTING ACTIVITIES
Capital Expenditures $5.000M $5.800M $48.50M
YoY Change -70.06% -70.41% -28.25%
Acquisitions
YoY Change
Other Investing Activities $24.50M $24.90M -$100.0K
YoY Change -196.84% -135.83% -50.0%
Cash From Investing Activities $19.50M $19.10M -$29.00M
YoY Change -146.43% -121.44% -80.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.900M
YoY Change -27.5%
Debt Paid & Issued, Net $73.20M $29.80M
YoY Change 889.19% -51.94%
Cash From Financing Activities -32.00M -22.70M -75.90M
YoY Change 96.32% -23.05% -33.42%
NET CHANGE
Cash From Operating Activities -48.80M 64.10M 3.900M
Cash From Investing Activities 19.50M 19.10M -29.00M
Cash From Financing Activities -32.00M -22.70M -75.90M
Net Change In Cash -61.30M 60.50M -101.0M
YoY Change -66.88% -154.21% -55.27%
FREE CASH FLOW
Cash From Operating Activities -$48.80M $64.10M $3.900M
Capital Expenditures $5.000M $5.800M $48.50M
Free Cash Flow -$53.80M $58.30M -$44.60M
YoY Change -62.51% -562.7% 36.39%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Management’s estimates.</span> The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (GAAP), requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and disclosures of contingent assets and liabilities at each balance sheet date and the reported amounts of our revenues and expenses during each reporting period. Actual results may differ significantly from previously-estimated amounts under different assumptions or conditions. </p>
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