2024 Q1 Form 10-Q Financial Statement

#000091209324000009 Filed on February 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $246.0M $254.5M
YoY Change -17.96%
Cost Of Revenue $108.1M $106.5M
YoY Change -15.07%
Gross Profit $137.9M $148.0M
YoY Change -19.91%
Gross Profit Margin 56.06% 58.15%
Selling, General & Admin $98.20M $74.80M
YoY Change -6.73%
% of Gross Profit 71.21% 50.54%
Research & Development $50.00M $49.50M
YoY Change -5.89%
% of Gross Profit 36.26% 33.45%
Depreciation & Amortization $1.500M $1.400M
YoY Change -83.53%
% of Gross Profit 1.09% 0.95%
Operating Expenses $149.8M $125.6M
YoY Change -6.96%
Operating Profit -$11.90M $22.40M
YoY Change -55.02%
Interest Expense $7.700M $7.900M
YoY Change 29.51%
% of Operating Profit 35.27%
Other Income/Expense, Net $4.000M $3.800M
YoY Change 245.45%
Pretax Income -$15.60M $18.30M
YoY Change -59.15%
Income Tax $9.000M $7.600M
% Of Pretax Income 41.53%
Net Earnings -$24.60M $10.70M
YoY Change -67.18%
Net Earnings / Revenue -10.0% 4.2%
Basic Earnings Per Share -$0.11 $0.05
Diluted Earnings Per Share -$0.11 $0.05
COMMON SHARES
Basic Shares Outstanding 222.6M shares 222.4M shares
Diluted Shares Outstanding 223.0M shares 223.5M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $454.3M $543.8M
YoY Change 5.82%
Cash & Equivalents $454.2M $543.7M
Short-Term Investments $100.0K $100.0K
Other Short-Term Assets $69.60M $72.60M
YoY Change 55.79%
Inventory $103.4M $115.1M
Prepaid Expenses $14.00M $14.00M
Receivables $212.0M $208.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $867.6M $965.3M
YoY Change 1.53%
LONG-TERM ASSETS
Property, Plant & Equipment $231.9M $236.5M
YoY Change 2.07%
Goodwill $453.2M $455.2M
YoY Change 17.38%
Intangibles $43.00M $48.20M
YoY Change -1.03%
Long-Term Investments
YoY Change
Other Assets $60.40M $60.60M
YoY Change -3.96%
Total Long-Term Assets $876.4M $890.9M
YoY Change 9.41%
TOTAL ASSETS
Total Short-Term Assets $867.6M $965.3M
Total Long-Term Assets $876.4M $890.9M
Total Assets $1.744B $1.856B
YoY Change 5.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.50M $43.80M
YoY Change -29.35%
Accrued Expenses $35.90M $21.90M
YoY Change -17.98%
Deferred Revenue $61.20M $60.80M
YoY Change -14.85%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $96.30M
YoY Change 41.62%
Total Short-Term Liabilities $227.8M $312.1M
YoY Change -6.33%
LONG-TERM LIABILITIES
Long-Term Debt $634.4M $632.8M
YoY Change 0.0%
Other Long-Term Liabilities $176.7M $183.3M
YoY Change 10.02%
Total Long-Term Liabilities $176.7M $183.3M
YoY Change 10.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $227.8M $312.1M
Total Long-Term Liabilities $176.7M $183.3M
Total Liabilities $404.5M $495.4M
YoY Change -0.88%
SHAREHOLDERS EQUITY
Retained Earnings -$69.61B -$69.59B
YoY Change 0.09%
Common Stock $70.46B $70.45B
YoY Change 0.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $705.1M $728.0M
YoY Change
Total Liabilities & Shareholders Equity $1.744B $1.856B
YoY Change 5.16%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$24.60M $10.70M
YoY Change -67.18%
Depreciation, Depletion And Amortization $1.500M $1.400M
YoY Change -83.53%
Cash From Operating Activities $19.50M $20.40M
YoY Change -23.31%
INVESTING ACTIVITIES
Capital Expenditures $3.200M $5.800M
YoY Change -60.81%
Acquisitions
YoY Change
Other Investing Activities -$3.700M -$1.900M
YoY Change -87.25%
Cash From Investing Activities -$6.900M -$7.700M
YoY Change -74.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -97.00M -2.200M
YoY Change -91.79%
NET CHANGE
Cash From Operating Activities 19.50M 20.40M
Cash From Investing Activities -6.900M -7.700M
Cash From Financing Activities -97.00M -2.200M
Net Change In Cash -84.40M 10.50M
YoY Change -121.97%
FREE CASH FLOW
Cash From Operating Activities $19.50M $20.40M
Capital Expenditures $3.200M $5.800M
Free Cash Flow $16.30M $14.60M
YoY Change 23.73%

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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Fiscal Years</span></div>The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30th. The Company’s fiscal 2024 is a 52-week year ending on June 29, 2024. The Company’s fiscal 2023 was a 52-week year ending on July 1, 2023.
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Reclassification of Prior Period Balances</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications of prior period balances have been made to conform to current presentation. Refer to “Note 9. Goodwill” and “Note 19. Operating Segments and Geographic Information” for further information.</span></div>
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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that effect the reported amount of assets and liabilities at the date of the financial statements, the reported amount of net revenues and expenses and the disclosure of commitments and contingencies during the reporting periods. Estimates are based on historical factors, current circumstances and the experience and judgment of management. Under changed conditions the Company’s reported financial positions or results of operations may be materially impacted when using different estimates and assumptions, particularly with respect to significant accounting policies. If estimates or assumptions differ from actual results, subsequent periods are adjusted to reflect more readily available information.</span></div>
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