2024 Q2 Form 10-Q Financial Statement

#000139600924000009 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $2.014B $1.546B $1.649B
YoY Change -4.66% -6.26% 7.03%
Cost Of Revenue $1.422B $1.241B $1.347B
YoY Change -7.02% -7.88% 5.9%
Gross Profit $592.2M $304.9M $302.0M
YoY Change 1.53% 0.96% 12.35%
Gross Profit Margin 29.4% 19.73% 18.31%
Selling, General & Admin $134.1M $129.7M $117.3M
YoY Change -3.59% 10.57% -1.43%
% of Gross Profit 22.64% 42.54% 38.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $156.8M $150.9M $148.4M
YoY Change 1.23% 1.68% 5.25%
% of Gross Profit 26.48% 49.49% 49.14%
Operating Expenses $134.1M $129.7M $117.3M
YoY Change -9.94% 10.57% -1.43%
Operating Profit $453.6M $172.9M $187.2M
YoY Change 4.42% -7.64% 27.35%
Interest Expense -$40.20M -$39.10M -$49.00M
YoY Change -13.92% -20.2% 36.49%
% of Operating Profit -8.86% -22.61% -26.18%
Other Income/Expense, Net -$8.700M -$300.0K $1.400M
YoY Change 8600.0% -121.43% -6.67%
Pretax Income $404.7M $133.5M $139.6M
YoY Change 0.1% -4.37% 23.98%
Income Tax $94.40M $28.90M $16.60M
% Of Pretax Income 23.33% 21.65% 11.89%
Net Earnings $308.0M $102.7M $120.7M
YoY Change -0.19% -14.91% 31.48%
Net Earnings / Revenue 15.29% 6.64% 7.32%
Basic Earnings Per Share $2.33 $0.78 $0.91
Diluted Earnings Per Share $2.31 $0.77 $0.90
COMMON SHARES
Basic Shares Outstanding 132.3M shares 132.2M 133.0M
Diluted Shares Outstanding 133.1M shares 133.1M shares 133.7M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.0M $292.4M $139.6M
YoY Change -33.13% 109.46% 13.4%
Cash & Equivalents $111.0M $292.4M $139.6M
Short-Term Investments
Other Short-Term Assets $153.4M $74.20M $91.90M
YoY Change 25.02% -19.26% 5.39%
Inventory $650.3M $647.2M $585.6M
Prepaid Expenses
Receivables $1.061B $886.1M $975.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.977B $1.908B $1.793B
YoY Change -3.29% 6.42% 7.81%
LONG-TERM ASSETS
Property, Plant & Equipment $6.416B $6.209B $6.045B
YoY Change -3.73% 2.72% 5.58%
Goodwill $3.537B $3.532B $3.690B
YoY Change -4.14% -4.28% -0.53%
Intangibles
YoY Change
Long-Term Investments $31.40M $31.40M $31.30M
YoY Change 0.64% 0.32% -14.25%
Other Assets $281.6M $272.7M $269.9M
YoY Change 11.79% 1.04% -8.6%
Total Long-Term Assets $12.24B $12.00B $12.28B
YoY Change -0.41% -2.29% 0.71%
TOTAL ASSETS
Total Short-Term Assets $1.977B $1.908B $1.793B
Total Long-Term Assets $12.24B $12.00B $12.28B
Total Assets $14.22B $13.91B $14.08B
YoY Change -0.82% -1.18% 1.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $326.6M $320.9M $370.3M
YoY Change -18.78% -13.34% -5.08%
Accrued Expenses $47.90M $47.30M $48.60M
YoY Change 1.27% -2.67% -3.19%
Deferred Revenue
YoY Change
Short-Term Debt $95.00M $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $500.0K $500.0K $500.0K
YoY Change -97.56% 0.0% -87.18%
Total Short-Term Liabilities $796.8M $696.2M $756.9M
YoY Change 0.44% -8.02% -15.21%
LONG-TERM LIABILITIES
Long-Term Debt $3.332B $3.331B $3.877B
YoY Change -14.56% -14.09% 0.06%
Other Long-Term Liabilities $697.1M $688.3M $668.6M
YoY Change -48.16% 2.95% -2.97%
Total Long-Term Liabilities $4.029B $4.019B $4.546B
YoY Change -23.17% -11.58% -0.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $796.8M $696.2M $756.9M
Total Long-Term Liabilities $4.029B $4.019B $4.546B
Total Liabilities $6.486B $6.394B $7.066B
YoY Change -9.05% -9.51% -2.7%
SHAREHOLDERS EQUITY
Retained Earnings $4.834B $4.637B $4.174B
YoY Change 10.47% 11.09% 10.21%
Common Stock $2.880B $2.865B $2.966B
YoY Change -3.3% -3.41% 0.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $0.00
Shareholders Equity $7.705B $7.492B $6.987B
YoY Change
Total Liabilities & Shareholders Equity $14.22B $13.91B $14.08B
YoY Change -0.82% -1.18% 1.56%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $308.0M $102.7M $120.7M
YoY Change -0.19% -14.91% 31.48%
Depreciation, Depletion And Amortization $156.8M $150.9M $148.4M
YoY Change 1.23% 1.68% 5.25%
Cash From Operating Activities $201.1M $173.4M $221.3M
YoY Change -29.73% -21.64% 26.03%
INVESTING ACTIVITIES
Capital Expenditures $191.4M $152.8M $193.6M
YoY Change 18.88% -21.07% 20.7%
Acquisitions $12.30M -$500.0K
YoY Change -2560.0% -100.34%
Other Investing Activities -$178.6M $100.0K $0.00
YoY Change -1015.9% -100.0%
Cash From Investing Activities -$370.0M -$163.8M -$61.70M
YoY Change 161.48% 165.48% -79.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $550.4M $550.4M
YoY Change 0.0% 23830.43%
Cash From Financing Activities -19.60M -$658.7M -181.1M
YoY Change -83.18% 263.72% -1084.24%
NET CHANGE
Cash From Operating Activities 201.1M $173.4M 221.3M
Cash From Investing Activities -370.0M -$163.8M -61.70M
Cash From Financing Activities -19.60M -$658.7M -181.1M
Net Change In Cash -188.5M -$649.1M -21.50M
YoY Change -768.44% 2919.07% -80.18%
FREE CASH FLOW
Cash From Operating Activities $201.1M $173.4M $221.3M
Capital Expenditures $191.4M $152.8M $193.6M
Free Cash Flow $9.700M $20.60M $27.70M
YoY Change -92.25% -25.63% 82.24%

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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">RECLASSIFICATIONS</span></div><div style="margin-top:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">As a result of a first quarter 2024 change in our internal management reporting structure, prior period segment information has been revised to conform to our current segment reporting structure. This change had no impact on our prior consolidated results of operations, financial position or cash flows (refer to Note 13 for further information).</span></div>
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CY2023Q4 us-gaap Asset Retirement Obligation
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CY2022Q4 us-gaap Asset Retirement Obligation
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CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
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CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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1.00
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1 vote
CY2024Q1 us-gaap Preferred Stock Shares Authorized
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5000000 shares
CY2024Q1 us-gaap Preferred Stock Shares Issued
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0 shares
CY2023Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
0 shares
CY2024Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
0 shares
CY2023Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
0 shares
CY2024Q1 us-gaap Treasury Stock Shares Retired
TreasuryStockSharesRetired
100000 shares
CY2023 us-gaap Treasury Stock Shares Retired
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1000000.0 shares
CY2023Q1 us-gaap Treasury Stock Shares Retired
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CY2024Q1 us-gaap Treasury Stock Retired Cost Method Amount
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18800000 usd
CY2023 us-gaap Treasury Stock Retired Cost Method Amount
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CY2023Q1 us-gaap Treasury Stock Retired Cost Method Amount
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0.0 usd
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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265.44
CY2023 us-gaap Treasury Stock Acquired Average Cost Per Share
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204.52
CY2023Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2024Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
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7016328 shares
CY2024Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.46
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.43
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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7516600000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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7010700000 usd
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3 segment
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CY2024Q1 us-gaap Gross Profit
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302000000.0 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
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150900000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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300100000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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140000000.0 usd
CY2024Q1 us-gaap Assets
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CY2023Q1 us-gaap Assets
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CY2024Q1 us-gaap Interest Paid Net
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38800000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
23900000 usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2600000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
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-700000 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
18900000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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28000000.0 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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13800000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
11500000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
900000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
600000 usd
CY2023Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2024Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2024Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
303600000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
3531700000 usd
CY2024Q1 us-gaap Goodwill
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3531700000 usd
CY2023 us-gaap Number Of Businesses Acquired
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0 business
CY2024Q1 vmc Number Of Business Divestitures
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0 divestiture
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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false

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